Canadian Utilities matched the calendar EPS estimate at C$0.43. Adjusted earnings rose 8% from a year earlier, supported by rate-base growth.
Canadian Utilities Limited (TSX: CU) reported third-quarter 2026 results before the market opened on November 6. Calendar EPS was C$0.43, matching the C$0.43 estimate. Adjusted earnings rose to C$117 million, or C$0.43 per share, from C$108 million, or C$0.40 per share, a year earlier. IFRS earnings attributable to equity owners fell to C$94 million, or C$0.28 per share, from C$100 million, or C$0.29 per share.
Recent earnings trend
Canadian Utilities Limited
CU.TO
CU.TO
Canadian Utilities Limited
WealthAwesomeMarket cap
$14.17B
P/E
371.6x
Div. yield
3.54%
Div. / share
$1.84
52W high
$55.92
52W low
$39.38
1W change
+1.15%
Beta
0.54
Analyst Price Targets
Based on analyst covering CU · as of Nov 10, 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$56.80
+9.2% Upside
Previously C$57.00 on Oct 9, 2026
Current Price
C$52.02
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
19.4%
Annualized
90-Day Vol
19.6%
Annualized
Trend (90d)
-9.6%
Annualized drift
90d Mean
C$50.27
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$51.43 | C$48.10 – C$54.99 |
| 60 trading days | C$50.85 | C$46.25 – C$55.90 |
| 90 trading days | C$50.27 | C$44.76 – C$56.45 |
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 met the estimate; it did not beat it. Adjusted earnings grew 8% year over year, supported by rate-base growth and inflation indexing, while IFRS earnings declined. Investors will also be watching the company’s regulated investment program and proposed merger with Emera. Both face regulatory and execution milestones.
C$117 million
Canadian Utilities earned C$117 million on an adjusted basis in the third quarter, up C$9 million, or 8%, from Q3 2025. Adjusted EPS increased to C$0.43 from C$0.40. IFRS EPS slipped to C$0.28 from C$0.29.
Bull case
Canadian Utilities invested C$653 million in capital projects during the quarter. Regulated utilities in ATCO Energy Systems and ATCO Australia received 95% of that spending. The Yellowhead Pipeline, a roughly 235-kilometre project estimated to cost C$2.9 billion, has key Alberta Utilities Commission approvals. Construction has started, and customers have contracted for the full project capacity. Management pointed to rate-base growth and inflation indexing as earnings drivers. A merger with Emera could bring greater scale, capital and expertise, but it still needs regulatory approval.
Bear case
IFRS earnings attributable to equity owners fell to C$94 million from C$100 million a year earlier, even as adjusted earnings rose. The proposed merger is expected to close in the third or fourth quarter of 2027, subject to securityholder, court, stock-exchange and regulatory approvals. The investment plans also depend on project execution and regulatory decisions. Affordability concerns could slow or limit approval of major infrastructure projects. The supplied snapshot lists a P/E of 371.6 and a profit margin of 3.05%, but those figures alone don’t explain the quarter’s earnings drivers.
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