01:28 PM EST, 11/18/2024 (MT Newswires) -- ATCO reported a third quarter adjusted beat while ts utility businesses received updated ROEs in both Alberta and Australia, notes National Bank.

The company closed the $40 million acquisition of NRB, a Canadian manufacturer of modular industrial, educational and residential buildings. ATCO was also awarded a $14 million contract to manufacture and install a 29-unit, two-storey mine dry facility for a mining operation in Western Canada.

ATCO has signed an LOI with Linde Canada to further the development and commercial success of the AH3 hydrogen project.

"Overall, with continued rate base growth and adjusted allowable ROEs implemented at its Australian and Alberta-based utilities, along with continue strength at its S&L and Neltume Ports businesses, our target taps up $1 to $46 and we maintain our SP rating."

Price: 48.25, Change: -0.30, Percent Change: -0.62