EMERA INC. $47

EMERA INC. $47 (Toronto symbol EMA; Income Portfolio, Utilities sector; Shares outstanding: 148.4 million; Market cap: $7.0 billion; Price-to-sales ratio: 2.5; Dividend yield: 4.0%; TSINetwork Rating: Average; www. emera.com) owns 100% of Nova Scotia Power, that province’s main electricity supplier. It also owns power utilities in the U.S. and the Caribbean.

Emera is up 9% since the start of 2016. That’s largely due to its upcoming $10.4-billion U.S. acquisition of Teco Energy (New York symbol TE). This firm supplies electricity and natural gas in Tampa Bay, Florida. It also distributes gas in New Mexico.

The deal will help the company meet its goal of raising its dividend by 8% each year through 2019. The current annual rate of $1.90 yields 4.0%.

Emera is our top Income buy for 2016.

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