Sector Update: Utilities; Fortis Completes UNS Energy Buy, Algonquin Power Reports Earnings


Utility shares were generally higher in mid-afternoon trading, with the S&P/TSX Utilities index up 0.3%.

Fortis (FTS.TO): +0.2%

Algonquin Power & Utilities (AQN.TO): +0.5%

ATCO (ACO-X.TO): +0.1%

TransAlta (TA.TO): +0.2%

Canadian Utilities (CU.TO): +0.03%

In corporate news, Fortis has completed the transaction to acquire all of the outstanding shares of UNS Energy Corporation for an aggregate purchase price of approximately US$4.5 billion, including the assumption of approximately US$2.0 billion of debt.

Meanwhile, Algonquin Power & Utilities reported adjusted net earnings of $16.5 million or $0.07 per share in the second quarter of 2014 compared to $14.9 million or $0.07 per share in the second quarter of 2013. APUC reported adjusted net earnings of $53.3 million or $0.24 per share as compared to $34.5 million or $0.16 per share for the first six months of 2013.

On August 14, 2014 , APUC approved a dividend increase from a total annual dividend of C$0.34 to a total annual dividend of US$0.35, paid quarterly at a rate of US$0.0875 per common share. Based on the Bank of Canada noon U.S. dollar exchange rate as of August 14, 2014, the change in dividend is an equivalent dividend of C$0.382 which represents a near 12.4% annual increase. It said: "The change in the currency of the dividend better aligns APUC's dividend policy with the currency profile of its cash flows, which are predominantly generated in the U.S."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

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