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 ($314.0m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $52.21. Options: 6 managers hold calls ($81.0m notional), 5 hold puts ($46.2m).
Trends to Q1 2026
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 |
| Q1 2026 | 207 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q1 2026 | 116 | 66 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $58.7m | $27.5m | 0.47 |
| Q3 2025 | $76.3m | $60.1m | 0.79 |
| Q4 2025 | $82.9m | $47.5m | 0.57 |
| Q1 2026 | $81.0m | $46.2m | 0.57 |
Biggest buyers
| ATLAS Infrastructure Partners (UK) Ltd. | Added | +3.1m |
| TD Waterhouse Canada Inc. | Added | +2.6m |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO | New | +1.3m |
| Point72 Asset Management, L.P. | New | +1.0m |
| INTACT INVESTMENT MANAGEMENT INC. | Added | +918.6k |
| CIBC WORLD MARKET INC. | Added | +566.1k |
| TORONTO DOMINION BANK | Added | +513.4k |
| BlackRock, Inc. | Added | +357.4k |
| Invesco Ltd. | Added | +334.8k |
| NATIONAL BANK OF CANADA /FI/ | Added | +300.2k |
Biggest sellers
| Clearbridge Investments, LLC | Sold out | -3.8m |
| ROYAL BANK OF CANADA | Reduced | -2.2m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Sold out | -905.2k |
| CANADA PENSION PLAN INVESTMENT BOARD | Reduced | -387.3k |
| MACKENZIE FINANCIAL CORP | Reduced | -276.9k |
| ALLIANCEBERNSTEIN L.P. | Reduced | -187.0k |
| Alberta Investment Management Corp | Reduced | -160.9k |
| Connor, Clark & Lunn Investment Management Ltd. | Reduced | -146.3k |
| CITIGROUP INC | Reduced | -130.0k |
| NORTHERN TRUST CORP | Sold out | -118.3k |
Biggest calls
| TORONTO DOMINION BANK | Reduced | $37.0m714.5k shares |
| SIG North Trading, ULC | Reduced | $17.7m340.8k shares |
| NATIONAL BANK OF CANADA /FI/ | Reduced | $17.2m3.3k shares |
| BANK OF MONTREAL /CAN/ | New | $5.2m100.0k shares |
| D. E. Shaw & Co., Inc. | Unchanged | $3.9m75.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $5.2k100 shares |
Biggest puts
| ROYAL BANK OF CANADA | Unchanged | $22.6m436.0k shares |
| D. E. Shaw & Co., Inc. | Reduced | $20.7m400.0k shares |
| SIG North Trading, ULC | Reduced | $1.4m27.5k shares |
| NATIONAL BANK OF CANADA /FI/ | Added | $870.5k168 shares |
| TORONTO DOMINION BANK | Added | $523.6k10.1k 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 Q1 2026
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 Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| BANK OF MONTREAL /CAN/ 0.38% of their portfolio | 17.9m $925.7m | Reduced -100.3k |
| ROYAL BANK OF CANADA 0.17% of their portfolio | 17.6m $912.9m | Reduced -2.2m |
| FIL Ltd 0.52% of their portfolio | 12.8m $664.1m | Reduced -27.1k |
| CIBC WORLD MARKET INC. 1.13% of their portfolio | 12.4m $641.5m | Added +566.1k |
| ATLAS Infrastructure Partners (UK) Ltd. 16.38% of their portfolio | 9.0m $465.1m | Added +3.1m |
| VANGUARD CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 8.5m $442.7m | First filing |
| TD Asset Management Inc 0.32% of their portfolio | 7.6m $393.8m | Reduced -78.7k |
| SCOTIA CAPITAL INC. 0.99% of their portfolio | 4.7m $240.5m | Added +36.1k |
| TD Waterhouse Canada Inc. 0.70% of their portfolio | 4.6m $235.3m | Added +2.6m |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 4.3m $242.9m | Added +197.2k |
| MACKENZIE FINANCIAL CORP 0.25% of their portfolio | 4.1m $211.7m | Reduced -276.9k |
| Legal & General Group Plc 0.04% of their portfolio | 3.7m $192.1m | Reduced -112.3k |
| NATIONAL BANK OF CANADA /FI/ 0.19% of their portfolio | 3.7m $188.5m | Added +300.2k |
| BANK OF NOVA SCOTIA 0.30% of their portfolio | 3.3m $173.6m | Reduced -54.2k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 3.3m $171.1m | Reduced -76.8k |
| TORONTO DOMINION BANK 0.27% of their portfolio | 2.7m $140.1m | Added +513.4k |
| VANGUARD FIDUCIARY TRUST CO 0.03% of their portfolio | 2.7m $137.4m | First filing |
| CANADA PENSION PLAN INVESTMENT BOARD 0.08% of their portfolio | 2.5m $128.7m | Reduced -387.3k |
| Vanguard Global Advisers, LLC 0.06% of their portfolio | 2.1m $110.0m | First filing |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 1.9m $98.8m | Added +75.3k |
| INTACT INVESTMENT MANAGEMENT INC. 2.65% of their portfolio | 1.8m $93.0m | Added +918.6k |
| Connor, Clark & Lunn Investment Management Ltd. 0.17% of their portfolio | 1.4m $74.9m | Reduced -146.3k |
| MORGAN STANLEY 0.00% of their portfolio | 1.4m $73.5m | Added +273.6k |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 1.01% of their portfolio | 1.3m $97.3m | New |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 1.3m $67.9m | Added +32.1k |
| Invesco Ltd. 0.01% of their portfolio | 1.2m $61.0m | Added +334.8k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.05% of their portfolio | 1.2m $60.2m | Added +38.6k |
| Federation des caisses Desjardins du Quebec 0.19% of their portfolio | 1.0m $52.9m | Reduced -14.4k |
| Point72 Asset Management, L.P. 0.09% of their portfolio | 1.0m $53.1m | New |
| Swiss National Bank 0.03% of their portfolio | 1.0m $52.6m | Added +222.3k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 923.9k $47.7m | Added +47.0k |
| CIBC Asset Management Inc 0.10% of their portfolio | 820.3k $42.4m | Reduced -7.6k |
| QV Investors Inc. 3.27% of their portfolio | 782.9k $40.5m | Reduced -16.5k |
| FIRST TRUST ADVISORS LP 0.03% of their portfolio | 707.7k $36.7m | Reduced -70.4k |
| Hillsdale Investment Management Inc. 0.90% of their portfolio | 640.3k $33.2m | Reduced -20.9k |
| Woodbridge Co Ltd 0.12% of their portfolio | 631.6k $32.8m | Unchanged |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 592.8k $30.7m | Added +17.8k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.02% of their portfolio | 555.1k $28.8m | First filing |
| MUFG SECURITIES (CANADA), LTD. 0.67% of their portfolio | 447.6k $23.2m | Reduced -10.1k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 429.9k $31.0m | Reduced -60.8k |
| Addenda Capital Inc. 0.86% of their portfolio | 421.5k $30.4m | Reduced -40.4k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 371.6k $19.3m | Added +45.5k |
| BlackRock, Inc. 0.00% of their portfolio | 362.9k $18.8m | Added +357.4k |
| UBS Group AG 0.00% of their portfolio | 350.9k $18.2m | Added +193.7k |
| Northwest & Ethical Investments L.P. 0.41% of their portfolio | 346.1k $17.9m | Reduced -8.8k |
| Harvest Portfolios Group Inc. 0.28% of their portfolio | 330.8k $17.1m | Added +55.0k |
| AMERICAN CENTURY COMPANIES INC 0.01% of their portfolio | 327.6k $17.0m | Added +78.0k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 316.2k $16.4m | Reduced -4.7k |
| Purpose Unlimited Inc. 0.64% of their portfolio | 298.0k $15.4m | Added +33.6k |
| Public Sector Pension Investment Board 0.05% of their portfolio | 296.9k $15.4m | Reduced -46.2k |
| Vanguard Investments Australia, Ltd. 0.04% of their portfolio | 294.8k $15.3m | First filing |
| Beutel, Goodman & Co Ltd. 0.10% of their portfolio | 276.0k $14.3m | Reduced -12.4k |
| Aviso Financial Inc. 0.50% of their portfolio | 272.5k $14.1m | Added +4.7k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.08% of their portfolio | 255.9k $13.3m | Added +98.4k |
| Amundi 0.00% of their portfolio | 253.0k $13.1m | Added +32.3k |
| GABELLI FUNDS LLC 0.09% of their portfolio | 249.0k $12.9m | Unchanged |
| AGF MANAGEMENT LTD 0.06% of their portfolio | 241.1k $12.7m | Added +42.8k |
| Cardinal Capital Management, Inc. 0.31% of their portfolio | 221.8k $11.5m | Added +4.0k |
| Nuveen, LLC 0.00% of their portfolio | 211.8k $10.9m | Added +2.4k |
| LAZARD ASSET MANAGEMENT LLC 0.02% of their portfolio | 206.3k $10.7m | Reduced -27.4k |
| Guardian Partners Inc. 0.81% of their portfolio | 186.4k $9.7m | Reduced -1.1k |
| Quantinno Capital Management LP 0.02% of their portfolio | 182.3k $9.4m | Added +68.8k |
| State of Tennessee, Department of Treasury 0.03% of their portfolio | 174.3k $9.0m | Unchanged |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 171.7k $8.9m | Added +35.2k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 169.1k $8.8m | Added +95.5k |
| VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. 0.10% of their portfolio | 162.9k $11.7m | Reduced -3.5k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 161.0k $8.3m | Added +29.2k |
| Zimmer Partners, LP 0.19% of their portfolio | 150.4k $7.8m | New |
| APG Asset Management N.V. 0.02% of their portfolio | 147.9k $6.6m | Reduced -3.1k |
| NEUBERGER BERMAN GROUP LLC 0.01% of their portfolio | 142.4k $7.4m | Reduced -7.9k |
| BARCLAYS PLC 0.00% of their portfolio | 131.8k $6.8m | Reduced -110.9k |
| Pictet Asset Management Holding SA 0.01% of their portfolio | 126.2k $6.5m | Reduced -24.6k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.01% of their portfolio | 125.6k $6.5m | Added +33.1k |
| VAN ECK ASSOCIATES CORP 0.00% of their portfolio | 122.4k $6.3m | Added +6.7k |
| Rathbones Group PLC 0.01% of their portfolio | 117.8k $6.1m | Added +400 |
| Lombard Odier Asset Management (Switzerland) SA 0.22% of their portfolio | 113.0k $5.9m | Added +20.2k |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 106.2k $5.5m | Added +41.1k |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 105.5k $5.4m | Added +14.9k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 104.3k $5.4m | Reduced -50.7k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 95.0k $4.9m | Reduced -27.4k |
| Alberta Investment Management Corp 0.03% of their portfolio | 80.9k $4.2m | Reduced -160.9k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.01% of their portfolio | 80.3k $4.1m | Added +1.4k |
| BANK OF NOVA SCOTIA TRUST CO 0.31% of their portfolio | 69.2k $3.6m | Added +1.8k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.01% of their portfolio | 68.8k $3.6m | New |
| CITIGROUP INC 0.00% of their portfolio | 66.1k $3.4m | Reduced -130.0k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 65.5k $3.4m | Added +49.3k |
| 1832 Asset Management L.P. 0.00% of their portfolio | 64.8k $3.4m | Reduced -4.1k |
| Tacita Capital Inc 1.75% of their portfolio | 57.1k $2.9m | Unchanged |
| Quadrature Capital Ltd 0.03% of their portfolio | 56.1k $2.9m | New |
| Sky Investment Group LLC 0.48% of their portfolio | 54.4k $2.8m | Reduced -150 |
| TWO SIGMA INVESTMENTS, LP 0.00% of their portfolio | 48.5k $2.5m | New |
| JANUS HENDERSON GROUP PLC 0.00% of their portfolio | 47.2k $2.4m | Added +26.1k |
| Capital World Investors 0.00% of their portfolio | 46.7k $2.4m | Unchanged |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 46.2k $2.4m | Added +21.1k |
| Investment Management Corp of Ontario 0.03% of their portfolio | 42.9k $2.2m | Added +6.1k |
| DekaBank Deutsche Girozentrale 0.00% of their portfolio | 37.1k $2.0m | Unchanged |
| NATIXIS 0.01% of their portfolio | 35.0k $1.8m | Added +2.4k |
| Utah Retirement Systems 0.02% of their portfolio | 32.6k $1.7m | Reduced -805 |
| XTX Topco Ltd 0.03% of their portfolio | 32.1k $1.7m | Added +21.3k |
| USS Investment Management Ltd 0.01% of their portfolio | 30.9k $1.6m | Unchanged |