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EMA · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Emera Incorporated (EMA) stock moving?
Emera's latest quarter missed consensus, with adjusted EPS of C$0.85 against C$0.93 expected and sales of C$1.984B against C$2.000B. Management nonetheless signalled 2026 adjusted EPS growth above its 5%-7% target range, kept the same 5%-7% annual target through 2030, and unveiled a C$21.5 billion five-year capital plan supporting 7.5%-8.5% rate base growth. RBC kept its Outperform rating but trimmed its price target to 82 from 84, so the broker view is still positive but slightly less so. The stock traded between 48 and 51.9 over the last 30 days. It rose from about 48 in late October to a high near 51.3 on Nov 4 and has since held around 50.5 to 51, with volume falling to 372,255 on Nov 10 from a spike of 5.7M on Oct 23. Pending ATCO and Canadian Utilities share-exchange deals add growth potential but also approval and execution risk. The 2026 record price action does not show a clear directional break, so the outlook is balanced in the near term and modestly positive over longer horizons.
News behind the analysis
- RBC Capital Maintains Emera at Outperform, Lowers Price TargetRBC Capital kept its Outperform rating on Emera but lowered its price target to 82 from 84.
- Emera Sees 2026 Adjusted EPS Growth Above 5%-7% Target Range; Maintains 5%-7% Annual Adjusted EPS Growth Target Through 2030Emera expects 2026 adjusted EPS growth above its 5%-7% target range and keeps the same annual growth target through 2030.
- Emera Reports Q3 Results and Unveils C$21.5 Billion Five-Year Capital PlanEmera reported third-quarter results and announced a C$21.5 billion five-year capital plan aimed at 7.5%-8.5% rate base growth.
- Emera Q3 Adj. EPS C$0.85 Misses C$0.93 Estimate, Sales C$1.984B Miss C$2.000B EstimateThird-quarter adjusted EPS of C$0.85 and sales of C$1.984B both came in below analyst estimates.
About Emera Incorporated
Emera is a Halifax, Nova Scotia-based energy holding company that owns regulated electric and natural gas utilities serving roughly 2.1 million customers in the US, Canada and the Caribbean. What sets it apart is that most of its earnings now come from Florida, through Tampa Electric and Peoples Gas, even though the company is Canadian and its shares trade on both the TSX and the NYSE.
How it makes money
Most of its profit comes from regulated utilities. These companies earn returns that regulators approve on the money they invest in their networks, called the rate base. The largest pieces are Tampa Electric (electricity in Florida) and Peoples Gas System (natural gas in Florida), with Nova Scotia Power as a smaller part. It also owns stakes in a few Caribbean utilities. A smaller unit, Emera Energy, earns money from wholesale energy marketing and trading. The company has been selling non-core assets: New Mexico Gas and Grand Bahama Power were sold in 2026. Its stated plan is to spend about C$4 billion a year on capital projects and grow adjusted EPS by roughly 5–7% a year through 2030.
What usually moves EMA
- Interest rates and borrowing costs
- Florida rate case decisions and population growth
- Nova Scotia Power regulation and performance
- Capital plan execution and share issuance
- Hurricane and storm costs