Topic: How To Invest

Dividend Advisor Hotline – Friday, May 26, 2023

Article Excerpt

EMERA INC., $56.38, Toronto symbol EMA, is a buy. The company owns 100% of Nova Scotia Power, that province’s main electricity supplier. It also owns 100% of Tampa Electric, which provides electricity to more than 765,000 customers. Its other interests include several power plants and natural gas pipelines in the U.S. and the Caribbean. Emera last raised your quarterly dividend with the November 2022 payment. Investors now receive $0.69 a share, up 4.2% from $0.6625. The new annual rate of $2.76 yields a high 4.9%. The company’s revenue in the three months ended March 31, 2023, rose 20.7%, to $2.43 billion from $2.02 billion a year earlier. That topped the consensus forecast of $1.98 billion. If you factor out $217 million in accounting gains from its energy trading business, revenue in the quarter increased $201 million, or 10.0%. That increase is mainly due to higher power and gas rates at its operations in Tampa and New Mexico, as well as favourable foreign currency rates. The…