Hydro One Receives a Hold from Scotiabank

By Ryan Adsit

The Utilities sector company, Hydro One (TSX: H), has received a rating update from a Wall Street analyst yesterday. The company received a Hold rating from Scotiabank’s analyst Robert Hope, with a C$21 price target.

According to TipRanks.com, Hope is ranked #1243 out of 4842 analysts.

Currently, the analyst consensus on Hydro One is a Hold with an average price target of C$21.13, representing an 8.7% upside. In a report released yesterday, CIBC also reiterated a Hold rating on the stock with a C$20.50 price target.

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Based on Hydro One’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of C$1.58 billion and net profit of C$227 million. In comparison, last year the company earned revenue of C$1.37 billion and had a net profit of C$121 million.

Hydro One Ltd. engages in the transmission and distribution of electricity. It operates through the following segments: Transmission, Distribution, and Other Business. The Transmission segment owns, operates, and maintains electricity transmission networks. The Distribution segment manages the distribution system through the Hydro One Networks Inc.

The company’s shares closed on Thursday at C$19.43, close to its 52-week low of C$18.93.