The company is caught in a multitude of headwinds right now. Rising interest rates and a decline in the sentiment of renewable energy resources are two of the main ones.
Utilities carry an extensive amount of debt on the balance sheet. They need to, as it is a capital intensive business that requires a lot of cash outflows to build infrastructure and get generation online. Northland has debt of $7.2B on a market cap of only around $5.5B.
The company has generally been a pretty consistent cash flow generator but it has struggled since late 2022. That said, I do believe a lot of the company's issues are priced in at this point. It is expected to rebound in the next few years here and if policy rates trend downwards, this will certainly be an added tailwind for the company.
I personally own Brookfield Renewables today and if I had the choice to buy one of the other I would still purchase Brookfield myself. However, I do start to see an attractiveness when it comes to NPI's price right now.