Brookfield Renewable Partners Non Voting Units T.BEP.PR.R

Scotiabank

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Scotiabank energy infrastructure and utilities analyst Robert Hope provided his top picks for income investors,

“We like the Alberta power producers (TransAlta, Capital Power) going into the quarter given the strong pricing environment, and our estimates are well above consensus. On the midstream side, Keyera continues to be a name we like as its businesses continue to benefit from the energy environment and its KAPS project should enter service soon. TC Energy should have a good quarter, and we believe its shares could benefit from asset sale announcements in the coming months. In the utilities, we believe incremental clarity on AltaGas’ global export margins and CEO search could be well-received by the market, though we may have to wait another quarter for this. The renewable power group has seen their valuations exhibit a downward, albeit volatile, trend since last April. That said, we think valuations found a floor in late February, and we continue to see a number of tailwinds for the group that are supportive of higher valuations. Our favourite renewable power names are Boralex, Brookfield Renewable, and Northland Power.”