Emera (TSE:EMA) Hits New 52-Week High on Analyst Upgrade

Key Points

• Emera shares hit a new 52-week high after Desjardins raised its price target from C$70 to C$74, with the stock trading as high as C$77.80 intraday.
• Several other analysts have also lifted price targets on Emera recently, and the stock now carries a consensus rating of Moderate Buy with an average target of C$74.75.
• The company recently declared a quarterly dividend of C$0.7325 per share, implying an annualized yield of 3.8%, while insiders also disclosed a notable share sale by Richard Janega.

Shares of Emera Incorporated (TSE:EMA - Get Free Report) reached a new 52-week high on Tuesday after Desjardins raised their price target on the stock from C$70.00 to C$74.00. Desjardins currently has a hold rating on the stock. Emera traded as high as C$77.80 and last traded at C$76.38, with a volume of 789544 shares. The stock had previously closed at C$77.18.

EMA has been the topic of a number of other research reports. National Bank Financial upped their target price on shares of Emera from C$69.00 to C$75.00 and gave the company a "sector perform" rating in a research note on Monday, June 1st. Barclays set a C$72.00 price target on shares of Emera and gave the stock an "equal weight" rating in a research note on Tuesday, April 28th. Bank of America lifted their price objective on Emera from C$73.00 to C$74.00 in a report on Wednesday, April 8th. Raymond James Financial upped their price objective on Emera from C$74.50 to C$75.25 and gave the company an "outperform" rating in a research note on Tuesday, April 28th. Finally, TD increased their target price on Emera from C$75.00 to C$77.00 and gave the stock a "buy" rating in a report on Monday, May 11th. Six research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Emera has a consensus rating of "Moderate Buy" and an average price target of C$74.75.

Insider Activity at Emera

In other news, insider Richard Janega sold 16,500 shares of the company's stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of C$74.25, for a total value of C$1,225,125.00. Following the sale, the insider owned 19,642 shares of the company's stock, valued at approximately C$1,458,418.50. This represents a 45.65% decrease in their position. Corporate insiders own 0.09% of the company's stock.

Emera Stock Performance

The stock has a market capitalization of C$23.36 billion, a price-to-earnings ratio of 23.36, a price-to-earnings-growth ratio of 6.20 and a beta of 0.57. The company has a quick ratio of 0.23, a current ratio of 1.07 and a debt-to-equity ratio of 168.83. The stock's 50-day simple moving average is C$73.76 and its 200 day simple moving average is C$71.48.

Emera (TSE:EMA - Get Free Report) last posted its quarterly earnings data on Friday, May 8th. The company reported C$1.37 earnings per share for the quarter. Emera had a net margin of 13.20% and a return on equity of 7.90%. The company had revenue of C$2.81 billion during the quarter. Analysts expect that Emera Incorporated will post 3.1991627 earnings per share for the current fiscal year.

Emera Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Monday, August 17th will be given a dividend of $0.7325 per share. The ex-dividend date is Friday, July 31st. This represents a $2.93 dividend on an annualized basis and a yield of 3.8%. Emera's dividend payout ratio is 89.14%.

Emera Company Profile

Emera TSX/NYSE: EMA is a leading North American provider of energy services headquartered in Halifax, Nova Scotia, with investments in regulated electric and natural gas utilities, and related businesses and assets. The Emera family of companies delivers safe, reliable energy to approximately 2.7 million customers in the United States, Canada and the Caribbean. Our team of 7,800 employees is committed to our purpose of energizing modern life and delivering a cleaner energy future for all. Emera's common and preferred shares are listed and trade on the Toronto Stock Exchange and its common shares are listed and trade on the New York Stock Exchange.

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