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Summary
- Canadian Utilities (TSX:CU) announced on Thursday, April 29, that its adjusted earnings increased to C$ 191 million in the first quarter of fiscal 2021.
- The company said that its higher earnings were driven by growth in the asset base and increased demand for natural gas storage services.
- Canadian Utilities stock climbed by a little more than one per cent on Thursday to close at C$ 34.73.
Canadian Utilities (TSX:CU) announced on Thursday, April 29, that its adjusted earnings increased to C$ 191 million, up from C$ 179 million in Q1 FY20, in the first quarter of fiscal 2021.
The gas and electricity services provider said that its higher earnings were driven by growth in the asset base and increased demand for natural gas storage services.
Following the release of its latest financials, Canadian Utilities stock climbed by a little over one per cent to close at C$ 34.73 on Thursday.
Let's take a closer look at its Q1 FY21 financials and recent stock performance.
Canadian Utilities (TSX:CU) Financials
Canadian Utilities is a diversified global energy company that has about two million customers worldwide. With a market capitalisation of nearly C$ 6.9 billion, the company's debt-to-equity ratio stands at 1.77 and it offers a 7.97 per cent return on equity.
Canadian Utilities distributes a quarterly dividend of C$ 0.44, which grew at the rate of 6.86 per cent in the past three years. It currently registers a dividend yield of 5.065 per cent.
The company achieved a revenue of C$ 907 million in Q1 FY21, up from C$ 885 million in Q1 FY20. The worth of its total assets increased to C$ 20,367 million in the latest quarter.
From C$ 489 million in the first quarter of 2020, its cash flows from operating activities increased to C$ 511 million in Q1 2021.
Canadian Utilities Stock Performance
1-year chart of stock performance of Canadian Utilities (Source: EODHD/Others/Thomson Reuters)
Canadian Utilities stock grew by about 10 per cent in the past three months. The shares are about three per cent down from their 52-week high of C$ 35.9 (April 28, 2020) and 18 per cent up from the 52-week low of C$ 29.3 (May 14, 2020).
Outperforming the S&P/TSX Multi-Utilities & Unregulated Power (Industry) Index, CU stock's year-to-date (YTD) growth stands at 11.7 per cent, three per cent more than the index's growth.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.
