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Investing.com - BofA Securities initiated coverage on Emera Inc. (NYSE:EMA), a $13.6 billion utility company, with a Buy rating and a $49.00 price target on Monday. According to InvestingPro data, the stock is currently trading near its 52-week high of $46.45.
The coverage initiation follows Emera’s approval to trade on the New York Stock Exchange under the ticker symbol EMA on May 22, 2025.
BofA Securities based its price target on earnings per share estimates of $2.47, $2.49, and $2.61 for 2025, 2026, and 2027, respectively.
The firm noted that its price objective reflects a foreign exchange rate of 1.38 to convert its Canadian ticker price objective to C$67 and EPS estimates of C$3.38, C$3.41, and C$3.57 for the same period.
BofA Securities maintains a Buy rating on both Emera’s Canadian and U.S. listings.
In other recent news, Emera Inc. has announced the dividend rates for its preferred shares, Series A and B. The Series A shares will offer a fixed annual dividend rate of 4.951%, translating to $0.3094 per share quarterly, effective from August 15, 2025, to August 14, 2030. This rate is based on the Government of Canada bond yield plus 1.84%. Meanwhile, the Series B shares will provide a floating dividend rate of 4.542% for the three-month period from August 15 to November 14, 2025, calculated as the three-month Government of Canada treasury bill yield plus 1.84%. Shareholders have the option to convert their shares between Series A and Series B on August 15, 2025, with another opportunity for conversion on August 15, 2030, and every five years thereafter. The conversion rights are contingent upon maintaining a minimum of 1,000,000 shares outstanding for each series.
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