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Canadian (TSX) Utilities Sector Analysis

UpdatedMar 20, 2026
DataAggregated Company Financials
Companies25
  • 7D0.3%
  • 3M11.7%
  • 1Y22.8%
  • YTD9.5%

The Utilities is pretty flat in the last 7 days, but Algonquin Power & Utilities has stood out, gaining 3.4%. As for the the longer term, the industry is up 23% over the past 12 months. Looking forward, earnings are forecast to grow by 6.9% annually.

Sector Valuation and Performance

Has the Canadian Utilities Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 20 Mar 2026CA$197.2bCA$77.0bCA$5.3b22.9x37.3x2.6x
Sun, 15 Feb 2026CA$189.2bCA$76.2bCA$5.8b19.4x32.6x2.5x
Tue, 13 Jan 2026CA$175.2bCA$76.0bCA$5.3b18.2x33.3x2.3x
Thu, 11 Dec 2025CA$173.7bCA$75.9bCA$5.4b17.8x32.5x2.3x
Sat, 08 Nov 2025CA$181.5bCA$75.7bCA$5.3b21.4x34.4x2.4x
Mon, 06 Oct 2025CA$174.0bCA$75.3bCA$5.3b20.7x32.9x2.3x
Wed, 03 Sep 2025CA$166.8bCA$75.1bCA$5.3b20.2x31.5x2.2x
Fri, 01 Aug 2025CA$168.9bCA$74.4bCA$5.6b21.2x30.3x2.3x
Sun, 29 Jun 2025CA$164.3bCA$75.6bCA$5.8b19.7x28.2x2.2x
Tue, 27 May 2025CA$163.2bCA$75.6bCA$5.8b20.2x28.1x2.2x
Thu, 24 Apr 2025CA$159.6bCA$74.4bCA$5.5b20.6x29.1x2.1x
Sat, 22 Mar 2025CA$158.8bCA$74.9bCA$5.5b20.1x29x2.1x
Mon, 17 Feb 2025CA$149.3bCA$75.3bCA$5.2b20.4x28.9x2x
Wed, 15 Jan 2025CA$139.1bCA$75.3bCA$5.3b20.2x26.2x1.8x
Fri, 13 Dec 2024CA$161.2bCA$81.9bCA$3.5b21.1x46x2x
Sun, 10 Nov 2024CA$161.5bCA$81.4bCA$4.0b19.8x40.7x2x
Tue, 08 Oct 2024CA$162.3bCA$80.9bCA$6.9b18.8x23.5x2x
Thu, 05 Sep 2024CA$154.9bCA$80.7bCA$6.9b19.1x22.4x1.9x
Sat, 03 Aug 2024CA$153.2bCA$80.4bCA$7.1b15.4x21.6x1.9x
Mon, 01 Jul 2024CA$145.1bCA$80.0bCA$7.2b13.8x20.1x1.8x
Wed, 29 May 2024CA$152.0bCA$80.0bCA$7.2b14.5x21x1.9x
Fri, 26 Apr 2024CA$136.8bCA$80.9bCA$6.3b13.9x21.8x1.7x
Sun, 24 Mar 2024CA$141.2bCA$80.8bCA$6.3b13.8x22.5x1.7x
Tue, 20 Feb 2024CA$140.8bCA$82.2bCA$6.2b14.4x22.6x1.7x
Thu, 18 Jan 2024CA$147.4bCA$85.5bCA$8.7b14.6x16.9x1.7x
Sat, 16 Dec 2023CA$150.7bCA$85.3bCA$8.7b14.6x17.3x1.8x
Mon, 13 Nov 2023CA$140.8bCA$86.0bCA$8.8b14.1x15.9x1.6x
Wed, 11 Oct 2023CA$138.9bCA$85.1bCA$6.8b14.1x20.5x1.6x
Fri, 08 Sep 2023CA$145.0bCA$85.2bCA$6.8b14.6x21.4x1.7x
Sun, 06 Aug 2023CA$148.6bCA$85.0bCA$7.1b14.1x20.8x1.7x
Tue, 04 Jul 2023CA$156.3bCA$85.2bCA$7.9b14.5x19.7x1.8x
Thu, 01 Jun 2023CA$161.2bCA$85.6bCA$8.0b14.6x20.2x1.9x
Sat, 29 Apr 2023CA$165.4bCA$83.0bCA$7.3b16.2x22.5x2x
Mon, 27 Mar 2023CA$156.9bCA$83.0bCA$7.2b16x21.9x1.9x
Price to Earnings Ratio

21.9x


Total Market Cap: CA$156.9bTotal Earnings: CA$7.2bTotal Revenue: CA$83.0bTotal Market Cap vs Earnings and Revenue0%0%0%
Canadian Utilities Sector Price to Earnings3Y Average 26.2x202420252026
Current Industry PE
  • Investors are optimistic on the Canadian Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 37.3x which is higher than its 3-year average PE of 26.2x.
  • The 3-year average PS ratio of 2.0x is lower than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 9.7% per year over the last three years,
  • Revenues have also declined 2.5% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Canadian Utilities sector?

CA Market-3.23%
Utilities0.25%
Renewable Energy2.98%
Gas Utilities1.27%
Other Utilities0.50%
Electric Utilities-1.42%
Water Utilities-33.33%
Industry PE
  • Investors are most optimistic about the Other Utilities industry which is trading above its 3-year average PE ratio of 23.1x.
    • Analysts are expecting annual earnings growth of 52.0%, which is higher than its past year's earnings decline of 65.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Other Utilities industry, expecting annual earnings growth of 52% over the next 5 years.
  • This is better than its past earnings decline of 65% per year.
  • In contrast, the Renewable Energy industry is expected to see its earnings decline by 17% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
AQN Algonquin Power & UtilitiesCA$8.873.4%
+CA$222.9m		20.8%PE23.9x
CPX Capital PowerCA$63.382.0%
+CA$195.5m		31.0%PE62x
NPI Northland PowerCA$22.103.0%
+CA$170.0m		11.8%PS2.4x
BLX BoralexCA$28.655.0%
+CA$140.8m		-3.9%PE420.6x
ALA AltaGasCA$48.120.9%
+CA$127.8m		25.4%PE20.1x

Latest News

NPI
CA$22.10
Northland Power
7D
3.0%
1Y
11.8%
FTS
CA$77.22
Fortis
7D
-2.5%
1Y
19.3%

FTS: Fairly Valued Outlook Will Rely On Regulated Returns And Funding Conditions

Analysts have nudged the average price target for Fortis higher by roughly CA$1 to about CA$76.43. This reflects a modest adjustment to fair value estimates alongside slightly lower discount rate assumptions, while revenue growth, profit margin and future P/E expectations are being kept essentially unchanged.
CU
CA$47.97
Canadian Utilities
7D
-1.0%
1Y
32.6%

CU: Higher Income And Tight Price Range Will Support A Steady Defensive Profile

The analyst fair value estimate for Canadian Utilities has been raised from CA$47.00 to approximately CA$48.43. This change reflects a series of recent price target increases into the CA$47 to CA$49 range as analysts reassess the stock's outlook.
SPB
CA$6.83
Superior Plus
7D
5.7%
1Y
2.1%

SPB: Execution Setbacks And Lower Guidance Will Pressure Future Share Returns

Analysts have reduced their average price targets on Superior Plus by roughly CA$1 per share, citing weaker growth expectations, recent operational setbacks, and a more cautious stance on execution across both business lines. Analyst Commentary Recent Street research on Superior Plus points to a clear reset in expectations, with several bearish analysts cutting price targets and downgrading ratings after operational issues, guidance changes, and softer growth assumptions across both propane and compressed natural gas operations.
ACO.X
CA$66.88
ATCO
7D
0.7%
1Y
36.1%

ACO.X: Regulated Utilities And Dividend Policy Will Support Steady Returns And Buybacks

Analyst price targets for ATCO have moved higher to CA$67 from CA$65.43, reflecting a cluster of recent target increases from TD Securities, Scotiabank, RBC Capital, BMO Capital and CIBC, with analysts linking their updates to revised fair value estimates and slightly adjusted discount rate and forward P/E assumptions. Analyst Commentary Recent research updates on ATCO cluster around higher fair value estimates and modestly revised valuation inputs, with new price targets ranging from CA$66 to CA$72.
AQN
CA$8.87
Algonquin Power & Utilities
7D
3.4%
1Y
20.8%
NUE
CA$0.14
NU E Power
7D
3.8%
1Y
-65.4%
EMA
CA$71.82
Emera
7D
-0.9%
1Y
22.4%

EMA: Florida Earnings Base Will Balance Nova Scotia Regulatory Uncertainty

Analysts have nudged their average price targets for Emera slightly higher, with recent moves including TD Securities lifting its target to CA$75 from CA$74 and BMO Capital moving to CA$74 from CA$72. Meanwhile, others like BofA and JPMorgan have trimmed or moderated views on valuation and regulatory uncertainty, resulting in only a modest adjustment to the overall analyst price target in our model.
BLX
CA$28.65
Boralex
7D
5.0%
1Y
-3.9%

BLX: Growing Battery Storage Portfolio Will Support Long Term Upside

Analysts have trimmed their price target on Boralex to CA$35 from CA$36, reflecting updated views on fair value, discount rates, revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent research maintains a positive stance on Boralex while trimming the price target to CA$35 from CA$36.
ALA
CA$48.12
AltaGas
7D
0.9%
1Y
25.4%

ALA: Montney Storage And Exports Will Support Balanced Future Return Potential

AltaGas' updated fair value estimate moves to CA$48.91 from CA$47.09, reflecting analysts' higher price targets in the CA$49 to CA$52 range, supported by revised assumptions on the discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Recent Street research has clustered around higher price targets for AltaGas in the CA$49 to CA$52 range, which aligns with the updated fair value estimate of CA$48.91.
CPX
CA$63.38
Capital Power
7D
2.0%
1Y
31.0%

CPX: Future Returns Will Reflect Long Dated Arlington Cash Flows And Uprate Benefits

Analysts have nudged their Capital Power price target up by CA$2 to CA$82. This reflects updated assumptions around discount rates, revenue growth, margins and future P/E that align with recent Street research.
TA
CA$17.04
TransAlta
7D
-2.1%
1Y
21.7%
H
CA$58.96
Hydro One
7D
-0.6%
1Y
20.2%

H: Stable Outlook And Higher P E Assumptions Will Shape Modest Repricing Potential

Our updated fair value estimate for Hydro One edges up by about CA$0.50 per share, reflecting a modest adjustment in projected growth assumptions as analysts lift their price targets into the CA$55 to CA$58 range while largely maintaining neutral to hold style ratings. Analyst Commentary Recent Street research on Hydro One points to a fairly clustered set of views, with several firms lifting their price targets into the mid CA$50s while keeping neutral style ratings.
BITZ.U
US$2.30
Bitzero Holdings
7D
-2.5%
1Y
n/a
RE
CA$0.38
RE Royalties
7D
-9.5%
1Y
-20.0%
SOLR
CA$0.01
Solar Alliance Energy
7D
-33.3%
1Y
-33.3%