Chronicle Journal: Finance

Short Interest Ratio Indicates Bullish Canadian Stocks: $NPI $FSV $CU

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Northland Power still expects strong earnings for H2 2020 despite tough first half

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Northland Power Inc. (TSX: NPI) has a short interest ratio of 2.36 by the end of the latest trading session, which means investors expect a near-term price increase, thus the stock is bullish.

Northland Power was affected by the impact of the coronavirus in the first half of 2020 and that impact was evident in the results of its offshore wind facility. The latter was affected by low wholesale prices in the first half of 2020. However, the company's management team is still optimistic about the company's ability to deliver strong adjusted EBITDA for the remaining half of the year and the overall year 2020. The company predicts that the adjusted EBITDA for the year will range between $1.1 billion and $1.2 billion. They also expect the company to achieve a free cash flow ranging between $1.70 and $2.05 per share in 2020. These estimates are still the same ones that were predicted in February this year.

FirstService might launch a share acquisition program to buy roughly 3.1 million common shares

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FirstService Corp (TSX: FSV) achieved a short interest ratio of 2.82 in the latest trading session, meaning investors are bullish on the stock price in the near-term.

FirstService recently issued a notice to the Toronto Stock Exchange pointing out that it might start buying back 3,100,000 common shares. The company revealed that the timeline for the share purchase might be between August 26, 2020 and August 25, 2021. The shares will be purchased through the NASDAQ stock market, or the alternative Canadian Trading Systems. FirstService plans to buy the shares at the prevailing market price at the time of the acquisition. The daily number of shares that can be purchased will be 16,651 common shares as per the regulatory guidelines.

The company had previously released another notice that it was seeking TSX approval to buy roughly 2.5 million common shares between August 2020 and August 2021.

Canadian Utilities highlights key developments that will be accretive to its future performance

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Canadian Utilities Limited Class A (TSX: CU) had a short interest ratio of 6.49 by the end of the latest trading session, indicating that investors are optimistic about a bear-term price increase, thus a bullish outlook.

Canadian Utilities' recent developments give a glimpse at the company's current trajectory.

  • Canadian Utilities owns a 50 percent stake in a relatively new company called LUMA Energy, LLC. The latter was awarded a contract by Puerto Rico Public-Private Partnerships Authority to modernize and manage roughly 30,000 km of electricity transmission networks in Puerto Rico. The contract will last for 15 years and it started in Q2 2020.
  • The Emission Reductions Alberta's Natural Gas Challenge funded Canadian Utilities' hydrogen blending project based in Fort Saskatchewan, Alberta.
  • The company announced a quarterly dividend of 43.54 cents per share for the company's third quarter ended July 8, 2020.
  • CU Inc, a subsidiary of Canadian Utilities was recently awarded an 'A (high)' long-term corporate credit rating, as well as a solid outlook by Dominion Bond Rating Service.

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