EMERA INC. $50

EMERA INC. $50 (Toronto symbol EMA; Income Portfolio, Utilities sector; Shares outstanding: 148.4 million; Market cap: $7.4 billion; Price-to-sales ratio: 2.6; Dividend yield: 4.2%; 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.

The company has completed its $10.4 billion U.S. purchase of Teco Energy. This firm supplies electricity and natural gas in Tampa Bay, Florida. It also distributes gas in New Mexico.

Expected earnings from Teco have let Emera raise its dividend 10.0%; the new annual rate of $2.09 a share yields 4.2%. The company plans to increase the rate 8% each year through 2020.

Emera is our top Income buy for 2016.

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