EMERA INC EMA
COM · Common Stock · CUSIP 290876101
Publicly traded Canadian multinational energy holding company based in Halifax, Nova Scotia
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($266.3m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $49.46. Options: 6 managers hold calls ($82.9m notional), 5 hold puts ($47.5m).
Trends to Q4 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 2 |
| Q4 2022 | 2 |
| Q1 2023 | 2 |
| Q2 2023 | 2 |
| Q3 2023 | 2 |
| Q4 2023 | 2 |
| Q1 2024 | 3 |
| Q2 2024 | 5 |
| Q3 2024 | 3 |
| Q4 2024 | 3 |
| Q1 2025 | 5 |
| Q2 2025 | 134 |
| Q3 2025 | 166 |
| Q4 2025 | 176 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 1 | 1 |
| Q2 2024 | 2 | 1 |
| Q3 2024 | 0 | 4 |
| Q4 2024 | 0 | 1 |
| Q1 2025 | 2 | 1 |
| Q2 2025 | 129 | 3 |
| Q3 2025 | 100 | 46 |
| Q4 2025 | 87 | 76 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $0 | $0 | — |
| Q2 2025 | $58.7m | $27.5m | 0.47 |
| Q3 2025 | $76.3m | $60.1m | 0.79 |
| Q4 2025 | $82.9m | $47.5m | 0.57 |
Biggest buyers
| ATLAS Infrastructure Partners (UK) Ltd. | Added | +2.2m |
| CANADA PENSION PLAN INVESTMENT BOARD | Added | +2.0m |
| CIBC WORLD MARKET INC. | Added | +1.5m |
| BANK OF MONTREAL /CAN/ | Added | +1.0m |
| Connor, Clark & Lunn Investment Management Ltd. | Added | +474.1k |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +312.2k |
| VANGUARD GROUP INC | Added | +295.6k |
| Public Sector Pension Investment Board | Added | +253.2k |
| BANK OF AMERICA CORP /DE/ | Added | +232.3k |
| BANK OF NOVA SCOTIA | Added | +212.2k |
Biggest sellers
| Clearbridge Investments, LLC | Reduced | -3.1m |
| ROYAL BANK OF CANADA | Reduced | -1.6m |
| JPMORGAN CHASE & CO | Reduced | -1.5m |
| UBS Group AG | Reduced | -1.1m |
| MACKENZIE FINANCIAL CORP | Reduced | -819.0k |
| CIBC Asset Management Inc | Reduced | -717.6k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -643.0k |
| NATIONAL BANK OF CANADA /FI/ | Reduced | -404.8k |
| FIL Ltd | Reduced | -334.7k |
| INTACT INVESTMENT MANAGEMENT INC. | Reduced | -276.2k |
Biggest calls
| TORONTO DOMINION BANK | Added | $37.8m766.5k shares |
| NATIONAL BANK OF CANADA /FI/ | Reduced | $23.4m4.7k shares |
| SIG North Trading, ULC | Added | $17.7m359.6k shares |
| D. E. Shaw & Co., Inc. | Unchanged | $3.7m75.0k shares |
| ROYAL BANK OF CANADA | New | $335.0k6.8k shares |
| SIMPLEX TRADING, LLC | Unchanged | $44.3k900 shares |
Biggest puts
| D. E. Shaw & Co., Inc. | Reduced | $23.4m475.0k shares |
| ROYAL BANK OF CANADA | Added | $21.5m436.0k shares |
| SIG North Trading, ULC | Reduced | $1.7m33.8k shares |
| NATIONAL BANK OF CANADA /FI/ | Reduced | $763.8k155 shares |
| TORONTO DOMINION BANK | Added | $221.8k4.5k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BlackRock, Inc. 13G · institution +1.1 pts · filed 2026-10-27 | 8.0% |
| BANK OF MONTREAL /CAN/ 13G · institution new · filed 2025-08-06 | 5.3% |
Insider purchases and sales in Q4 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| ROYAL BANK OF CANADA 0.17% of their portfolio | 19.8m $973.8m | Reduced -1.6m |
| BANK OF MONTREAL /CAN/ 0.36% of their portfolio | 18.0m $884.9m | Added +1.0m |
| VANGUARD GROUP INC 0.01% of their portfolio | 13.4m $660.3m | Added +295.6k |
| FIL Ltd 0.47% of their portfolio | 12.8m $632.7m | Reduced -334.7k |
| CIBC WORLD MARKET INC. 1.04% of their portfolio | 11.8m $582.2m | Added +1.5m |
| TD Asset Management Inc 0.31% of their portfolio | 7.7m $380.0m | Reduced -18.1k |
| ATLAS Infrastructure Partners (UK) Ltd. 14.51% of their portfolio | 5.9m $289.3m | Added +2.2m |
| SCOTIA CAPITAL INC. 0.92% of their portfolio | 4.6m $227.9m | Added +82.8k |
| MACKENZIE FINANCIAL CORP 0.25% of their portfolio | 4.4m $214.6m | Reduced -819.0k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 4.2m $218.2m | Added +312.2k |
| Legal & General Group Plc 0.04% of their portfolio | 3.8m $189.0m | Reduced -134.4k |
| Clearbridge Investments, LLC 0.15% of their portfolio | 3.8m $186.6m | Reduced -3.1m |
| BANK OF NOVA SCOTIA 0.25% of their portfolio | 3.4m $167.7m | Added +212.2k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 3.4m $166.2m | Added +112.5k |
| NATIONAL BANK OF CANADA /FI/ 0.17% of their portfolio | 3.4m $164.8m | Reduced -404.8k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.09% of their portfolio | 2.9m $141.5m | Added +2.0m |
| TORONTO DOMINION BANK 0.19% of their portfolio | 2.2m $107.8m | Reduced -202.5k |
| TD Waterhouse Canada Inc. 0.61% of their portfolio | 2.0m $98.4m | Added +43.2k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.8m $90.1m | Added +232.3k |
| Connor, Clark & Lunn Investment Management Ltd. 0.21% of their portfolio | 1.6m $78.4m | Added +474.1k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 1.3m $62.9m | Reduced -1.5m |
| MORGAN STANLEY 0.00% of their portfolio | 1.1m $56.3m | Reduced -3.9k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.05% of their portfolio | 1.1m $55.5m | Reduced -8.1k |
| Federation des caisses Desjardins du Quebec 0.20% of their portfolio | 1.0m $51.4m | Reduced -1.4k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.03% of their portfolio | 905.2k $44.6m | Reduced -643.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 876.9k $43.3m | Added +2.1k |
| INTACT INVESTMENT MANAGEMENT INC. 1.24% of their portfolio | 875.9k $43.2m | Reduced -276.2k |
| Invesco Ltd. 0.00% of their portfolio | 841.8k $41.4m | Added +43.6k |
| CIBC Asset Management Inc 0.10% of their portfolio | 827.9k $40.8m | Reduced -717.6k |
| QV Investors Inc. 3.23% of their portfolio | 799.4k $39.4m | Reduced -62.2k |
| Swiss National Bank 0.02% of their portfolio | 793.3k $39.2m | Reduced -64.0k |
| FIRST TRUST ADVISORS LP 0.03% of their portfolio | 778.1k $38.3m | Reduced -63.6k |
| Hillsdale Investment Management Inc. 0.90% of their portfolio | 661.2k $32.6m | Reduced -55.6k |
| Woodbridge Co Ltd 0.08% of their portfolio | 631.6k $31.1m | Unchanged |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 575.0k $28.3m | Reduced -69.8k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 490.7k $24.2m | Reduced -59.5k |
| Addenda Capital Inc. 0.92% of their portfolio | 462.0k $31.2m | Reduced -16.8k |
| MUFG SECURITIES (CANADA), LTD. 0.63% of their portfolio | 457.7k $22.6m | Reduced -37.5k |
| Northwest & Ethical Investments L.P. 0.39% of their portfolio | 355.0k $17.5m | Reduced -42.1k |
| Public Sector Pension Investment Board 0.06% of their portfolio | 343.1k $16.9m | Added +253.2k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 326.2k $16.1m | Added +13.8k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 320.9k $15.8m | Added +3.5k |
| Beutel, Goodman & Co Ltd. 0.09% of their portfolio | 288.4k $14.2m | Reduced -3.9k |
| Harvest Portfolios Group Inc. 0.24% of their portfolio | 275.9k $13.6m | Added +7.0k |
| Aviso Financial Inc. 0.50% of their portfolio | 267.8k $13.2m | Added +7.3k |
| Purpose Unlimited Inc. 0.60% of their portfolio | 264.5k $13.0m | First filing |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 249.5k $12.3m | Added +31.8k |
| GABELLI FUNDS LLC 0.08% of their portfolio | 249.0k $12.3m | Unchanged |
| BARCLAYS PLC 0.00% of their portfolio | 242.7k $12.0m | Added +119.4k |
| Alberta Investment Management Corp 0.07% of their portfolio | 241.8k $11.9m | Added +68.7k |
| LAZARD ASSET MANAGEMENT LLC 0.02% of their portfolio | 233.7k $11.5m | Reduced -3.8k |
| Amundi 0.00% of their portfolio | 220.7k $10.9m | Added +52.0k |
| Cardinal Capital Management, Inc. 0.33% of their portfolio | 217.8k $14.7m | Reduced -945 |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 215.9k $10.6m | Added +2.6k |
| Nuveen, LLC 0.00% of their portfolio | 209.4k $10.3m | Added +1.6k |
| AGF MANAGEMENT LTD 0.04% of their portfolio | 198.2k $10.0m | Added +186.6k |
| CITIGROUP INC 0.01% of their portfolio | 196.1k $9.7m | Reduced -32.1k |
| Guardian Partners Inc. 0.75% of their portfolio | 187.5k $9.4m | Added +10.1k |
| State of Tennessee, Department of Treasury 0.03% of their portfolio | 174.3k $8.7m | Added +25 |
| VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. 0.10% of their portfolio | 166.4k $11.3m | Reduced -4.6k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.04% of their portfolio | 157.4k $7.8m | Reduced -14.8k |
| UBS Group AG 0.00% of their portfolio | 157.2k $7.7m | Reduced -1.1m |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 155.0k $7.6m | Reduced -77.8k |
| APG Asset Management N.V. 0.02% of their portfolio | 151.0k $6.3m | Reduced -31.6k |
| Pictet Asset Management Holding SA 0.01% of their portfolio | 150.8k $7.4m | Added +14.6k |
| NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio | 150.3k $7.4m | Added +7.2k |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 136.5k $6.7m | New |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 131.9k $6.5m | Added +24.2k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 122.4k $6.0m | New |
| NORTHERN TRUST CORP 0.00% of their portfolio | 118.3k $5.8m | Added +64.4k |
| Rathbones Group PLC 0.01% of their portfolio | 117.4k $5.8m | Added +58.7k |
| VAN ECK ASSOCIATES CORP 0.00% of their portfolio | 115.7k $5.7m | Added +7.1k |
| Quantinno Capital Management LP 0.01% of their portfolio | 113.5k $5.6m | Added +48.5k |
| FORSTA AP-FONDEN 0.03% of their portfolio | 113.4k $5.6m | New |
| Lombard Odier Asset Management (Switzerland) SA 0.19% of their portfolio | 92.8k $4.6m | New |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.01% of their portfolio | 92.5k $4.6m | New |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 90.6k $4.5m | Reduced -14.1k |
| Korea Investment CORP 0.01% of their portfolio | 80.4k $4.0m | Reduced -300 |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.01% of their portfolio | 78.8k $3.9m | Reduced -3.2k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 73.7k $3.6m | Added +12.7k |
| 1832 Asset Management L.P. 0.00% of their portfolio | 68.9k $3.4m | Added +2.5k |
| BANK OF NOVA SCOTIA TRUST CO 0.29% of their portfolio | 67.4k $3.3m | Reduced -60 |
| Heronetta Management, L.P. 2.60% of their portfolio | 66.5k $4.5m | Unchanged |
| Qube Research & Technologies Ltd 0.00% of their portfolio | 65.1k $3.2m | Added +13.5k |
| Tacita Capital Inc 1.63% of their portfolio | 57.1k $2.8m | Unchanged |
| Sky Investment Group LLC 0.44% of their portfolio | 54.5k $2.7m | Added +245 |
| Capital World Investors 0.00% of their portfolio | 46.7k $2.3m | Added +9.8k |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.01% of their portfolio | 41.9k $2.1m | Reduced -1.1k |
| TWO SIGMA ADVISERS, LP 0.00% of their portfolio | 38.3k $1.9m | Added +8.5k |
| DekaBank Deutsche Girozentrale 0.00% of their portfolio | 37.1k $1.4m | Unchanged |
| Investment Management Corp of Ontario 0.02% of their portfolio | 36.8k $1.8m | Added +25.8k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 36.8k $1.8m | Reduced -660 |
| PICTON MAHONEY ASSET MANAGEMENT 0.02% of their portfolio | 36.7k $1.8m | Reduced -344 |
| Utah Retirement Systems 0.02% of their portfolio | 33.4k $1.7m | Unchanged |
| NATIXIS 0.01% of their portfolio | 32.6k $1.6m | Added +6.5k |
| Fiera Capital Corp 0.01% of their portfolio | 32.6k $1.6m | Reduced -10.8k |
| USS Investment Management Ltd 0.01% of their portfolio | 30.9k $1.5m | Unchanged |
| Versor Investments LP 0.24% of their portfolio | 30.7k $1.5m | Added +6.4k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 25.1k $1.2m | Added +8.6k |
| FMR LLC 0.00% of their portfolio | 24.4k $1.2m | Reduced -1.9k |