Canadian Utilities (TSE:CU) Share Price Passes Above 200 Day Moving Average - Here's Why

Key Points

• Canadian Utilities Limited's share price has crossed above its 200-day moving average at C$36.48, reaching a high of C$39.55 during trading.
• The company recently increased its quarterly dividend to $0.4577 per share, providing shareholders with a yield of 4.64%.
• Several analysts have upgraded their price targets for Canadian Utilities, with new targets ranging from C$40.00 to C$41.00 and a consensus average target of C$38.83.

Canadian Utilities Limited (TSE:CU - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of C$36.48 and traded as high as C$39.55. Canadian Utilities shares last traded at C$39.49, with a volume of 361,470 shares changing hands.

Analyst Ratings Changes

Several equities research analysts recently commented on CU shares. Royal Bank Of Canada boosted their price target on Canadian Utilities from C$39.00 to C$41.00 and gave the company a "sector perform" rating in a research note on Thursday, May 8th. TD Securities raised Canadian Utilities to a "hold" rating and set a C$40.00 price target for the company in a research note on Friday, June 27th. Five equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Canadian Utilities presently has a consensus rating of "Hold" and a consensus price target of C$38.83.

Canadian Utilities Trading Up 0.4%

The company has a fifty day moving average of C$38.11 and a two-hundred day moving average of C$36.57. The company has a current ratio of 1.63, a quick ratio of 1.30 and a debt-to-equity ratio of 158.34. The stock has a market capitalization of C$7.91 billion, a price-to-earnings ratio of 20.93, a price-to-earnings-growth ratio of 2.38 and a beta of 0.66.

Canadian Utilities Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 1st. Investors of record on Thursday, August 7th will be issued a $0.4577 dividend. This is a positive change from Canadian Utilities's previous quarterly dividend of $0.45. This represents a $1.83 annualized dividend and a yield of 4.7%. Canadian Utilities's payout ratio is 97.79%.

Insiders Place Their Bets

In other news, Senior Officer James Armstrong sold 1,258 shares of the company's stock in a transaction that occurred on Friday, May 9th. The stock was sold at an average price of C$37.98, for a total transaction of C$47,778.84. Following the completion of the transaction, the insider directly owned 136 shares in the company, valued at C$5,165.28. The trade was a 90.24% decrease in their ownership of the stock. In the last three months, insiders sold 1,508 shares of company stock valued at $57,191. 37.58% of the stock is currently owned by insiders.

About Canadian Utilities

Canadian Utilities Limited, together with its subsidiaries, engages in the electricity, natural gas, renewables, pipelines, liquids, and retail energy businesses in Canada, Australia, and internationally. It operates through ATCO Energy Systems, ATCO EnPower, and Corporate & Other segments. The ATCO Energy Systems segment provides regulated electricity transmission and distribution services in northern and central east Alberta, the Yukon, the Northwest Territories, and the Lloydminster area of Saskatchewan; and integrated natural gas transmission and distribution services in Alberta, the Lloydminster area of Saskatchewan, and Western Australia.