Emera (TSE:EMA) Stock Price Expected to Rise, Scotiabank Analyst Says

Key Points

• Scotiabank has raised its target price for Emera (TSE:EMA) from C$70.00 to C$72.00, indicating a potential upside of 7.85% from the company's previous close.
• Despite some downgrades from various analysts, the stock maintains an average rating of "Moderate Buy" and a price target of C$64.50, with six analysts rating it as a Buy.
• Recent insider sales indicate significant unloading of shares, with one director selling 30,600 shares, reflecting a trend of diminished ownership among company executives.

Emera (TSE:EMA - Get Free Report) had its target price lifted by equities researchers at Scotiabank from C$70.00 to C$72.00 in a research note issued on Monday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. Scotiabank's price objective would indicate a potential upside of 7.85% from the company's previous close.

A number of other equities research analysts have also recently commented on EMA. Raymond James Financial raised their price target on Emera from C$66.00 to C$70.00 and gave the company an "outperform" rating in a report on Monday, August 11th. National Bankshares raised their target price on shares of Emera from C$60.00 to C$62.00 and gave the company a "sector perform" rating in a research note on Monday, August 11th. Cibc World Mkts downgraded shares of Emera from a "strong-buy" rating to a "hold" rating in a report on Monday, August 11th. TD Securities lifted their target price on Emera from C$69.00 to C$74.00 and gave the stock a "buy" rating in a report on Monday, August 11th. Finally, CIBC downgraded Emera from an "outperform" rating to a "neutral" rating and lifted their price objective for the stock from C$65.00 to C$68.00 in a research note on Monday, August 11th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of C$64.50.

Emera Price Performance

TSE:EMA traded down C$0.04 during trading hours on Monday, hitting C$66.76. 378,472 shares of the stock traded hands, compared to its average volume of 1,196,241. The company has a market cap of C$19.98 billion, a price-to-earnings ratio of 22.63, a price-to-earnings-growth ratio of 6.20 and a beta of 0.46. Emera has a 1 year low of C$49.06 and a 1 year high of C$67.54. The stock has a 50 day moving average price of C$65.24 and a 200 day moving average price of C$62.57. The company has a quick ratio of 0.23, a current ratio of 0.72 and a debt-to-equity ratio of 150.23.

Insiders Place Their Bets

In other news, Director Archibald Collins sold 30,600 shares of the firm's stock in a transaction on Tuesday, September 9th. The stock was sold at an average price of C$64.95, for a total transaction of C$1,987,470.00. Following the transaction, the director owned 13,045 shares in the company, valued at approximately C$847,272.75. This trade represents a 70.11% decrease in their ownership of the stock. Also, Director Judy Ann Steele sold 18,100 shares of the business's stock in a transaction dated Tuesday, September 9th. The shares were sold at an average price of C$64.90, for a total transaction of C$1,174,690.00. Following the completion of the sale, the director owned 352 shares of the company's stock, valued at approximately C$22,844.80. This represents a 98.09% decrease in their position. Insiders have sold a total of 49,494 shares of company stock worth $3,213,691 in the last three months. Corporate insiders own 0.09% of the company's stock.

Emera Company Profile

Emera is a geographically diverse energy and services company investing in electricity generation, transmission, and distribution as well as gas transmission and utility energy services. Emera has operations throughout North America and the Caribbean countries.

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