Canadian Utilities reported adjusted third-quarter earnings of $0.43 per share, matching the calendar estimate. Adjusted earnings rose 8% from a year earlier, while IFRS earnings per share fell.
Canadian Utilities Limited (TSX: CU) reported its third-quarter 2026 results before markets opened on November 6. Adjusted earnings were $117 million, or $0.43 per share, up from $108 million, or $0.40 per share, a year earlier. The result matched the $0.43 calendar estimate, so there was no earnings surprise. Growth came mainly from rate-base expansion and inflation indexing. The company is also moving ahead with major regulated infrastructure projects and preparing for its proposed merger with Emera.
Recent earnings trend
Canadian Utilities Limited
CU.TO
CU.TO
Canadian Utilities Limited
WealthAwesomeMarket cap
$14.22B
P/E
372.8x
52W high
$55.92
52W low
$39.38
1W change
+1.44%
Beta
0.54
Analyst Price Targets
Based on analyst covering CU · as of Oct 9, 2026
Wall Street analysts forecast CU stock price to rise 9.2% over the next 12 months.
Consensus
Moderately BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$57.00
+9.2% Upside
Previously C$55.50 on Oct 8, 2026
Current Price
C$52.19
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on CU's historical volatility
30-Day Vol
19.5%
Annualized
90-Day Vol
19.7%
Annualized
Trend (90d)
-3.9%
Annualized drift
90d Mean
C$51.46
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$51.95 | C$48.56 – C$55.57 |
| 60 trading days | C$51.70 | C$47.00 – C$56.88 |
| 90 trading days | C$51.46 | C$45.79 – C$57.84 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 3 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 2 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-12-31 | 2027-02-25 | — | 0.7800 | — |
| 2026-09-30 | 2026-11-06 | 0.4300 | 0.4300 | +0.0% |
| 2026-06-30 | 2026-07-29 | 0.5100 | 0.4800 | +6.3% |
| 2026-03-31 | 2026-05-05 | 0.8900 | 0.8698 | +2.3% |
| 2025-12-31 | 2026-02-26 | 0.7200 | 0.7200 | +0.0% |
| 2025-09-30 | 2025-11-07 | 0.4000 | 0.3900 | +2.6% |
Investor takeaway: CU.TO delivered steady adjusted earnings growth, not a beat. Adjusted EPS rose 7.5% year over year but matched expectations, while IFRS EPS slipped to $0.28 from $0.29. You can follow the results and company updates on the Canadian Utilities stock page. Its regulated investment program and proposed merger with Emera could support growth, but project delivery, approvals and affordability remain key considerations.
Adjusted EPS: $0.43
Adjusted EPS of $0.43 matched the calendar estimate and was up from $0.40 a year earlier. Adjusted earnings increased by $9 million to $117 million, while IFRS EPS fell by one cent to $0.28. The company declared an annualized dividend of $1.85 per Class A and Class B share.
Bull case
Canadian Utilities spent $653 million on capital projects during the quarter. Of that amount, 95% went to regulated utilities in ATCO Energy Systems and ATCO Australia. The Yellowhead Pipeline has received key Alberta Utilities Commission approvals, construction is underway, and customers have contracted for the full project. Management pointed to rate-base growth and inflation indexing as drivers of earnings. The proposed merger with Emera could create a larger utility with broader access to capital and expertise. It still needs regulatory approvals, and the companies expect it to close in the third or fourth quarter of 2027.
Bear case
The quarter did not show improvement across the board. IFRS earnings attributable to equity owners fell to $94 million from $100 million, and IFRS EPS declined to $0.28 from $0.29. Canadian Utilities’ growth plans depend on delivering projects and securing regulatory approvals. The proposed merger also carries approval and execution risks. The company’s concentration in Alberta leaves it exposed to provincial economic and regulatory conditions, while affordability concerns could slow major infrastructure projects.
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