Updating Canadian Utilities Ltd., Manitoba Telecom Services Inc., Bank of Nova Scotia, and Petro-Canada

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CANADIAN UTILITIES LTD. (Toronto symbols CU $46 (Class A) and CU.X $46 (Class B); Income Portfolio, Utilities sector; Shares outstanding: 125.4 million; Market cap: $5.8 billion; SI Rating: Above average) earned $0.64 a share in the second quarter of 2007, up 16.4% from $0.55 a year earlier. A cooler-than-usual spring in Alberta, which helped spur strong demand and prices for natural gas, offset higher operating costs. Revenue, however, fell slightly to $560.3 million from $563.4 million. Revenue should improve in the second half as electricity demand in Alberta grows. Canadian Utilities is a buy. The more liquid class ‘A’ non-voting shares are the better choice. MANITOBA TELECOM SERVICES INC. $47 (Toronto symbol MBT; Conservative Growth Portfolio, Utilities sector; Shares outstanding: 64.6 million; Market cap: $3.0 billion; SI Rating: Average) continues to benefit from a restructuring and its strategy to expand its fast-growing wireless and Internet operations. It earned $0.79 a share before unusual items in the second quarter, up 16.2% from $0.68…