San Diego-based Sempra Energy announced plans last week to sell 15 million shares of its common stock priced at $28/share, which is near its 52-week high market price. The dilution will not impact its estimated earnings range for this year, the company said, but in 2004 earnings are expected to drop to $2.60-$2.90/share. Sempra stock closed Friday at $28/share after setting its 52-week high of $30.90 earlier in the week.
Lowers
Articles from Lowers
Sempra Energy Sells Stock, Reaffirms Earnings Range; S&P Lowers Corporate Rating
While its top utility executives were in San Francisco testifying in state regulatory hearings in support of future cost-of-service rate increases, San Diego-based Sempra Energy announced Tuesday it plans to sell 15 million shares of common stock, which has been hovering near its 52-week high market price.
NEB Lowers TransCanada’s Eastern Tolls, Boosts IT Rates
Canada’s National Energy Board (NEB) approved new tolls for TransCanada PipeLines’ Mainline for this year that include slightly lower charges in TransCanada’s Eastern Zone but an increase in the minimum bid floor price for interruptible transportation service to 110% of firm from 80%, to provide an incentive for shippers to sign up for firm capacity.
Aquila Shares Slide After UBS Warburg Analyst Lowers Rating to ‘Reduce’
Aquila shares slipped 5% on Friday to $2.69 after UBS Warburg analyst Ronald J. Barone lowered his rating on the company to “Reduce 1” from “Neutral 2.” Barone warned investors that the company has sacrificed its future earnings potential despite its efforts to avoid a liquidity crisis so far this year through asset sales, debt refinancings and exiting the energy trading business.
Aquila Shares Slide After UBS Warburg Analyst Lowers Rating to ‘Reduce’
Aquila shares slipped 5% on Friday to $2.69 after UBS Warburg analyst Ronald J. Barone lowered his rating on the company to “Reduce 1” from “Neutral 2.” Barone warned investors that the company has sacrificed its future earnings potential despite its efforts to avoid a liquidity crisis so far this year through asset sales, debt refinancings and exiting the energy trading business.
ConEdison Lowers ’03 Earnings Guidance on Share Offering
New York City-based Consolidated Edison lowered its 2003 earnings guidance last week by 8 cents/share to a range of $2.82 to $2.97 a share in response to adjustments made because of a proposed public offering of 8.7 million common shares, which is expected to raise $345 million. The company’s previous forecast of 2003 earnings was $2.90 to $3.05/share.
ConEdison Lowers ’03 Earnings Guidance on Share Offering
New York City-based Consolidated Edison lowered its 2003 earnings guidance on Monday by 8 cents/share to a range of $2.82 to $2.97 a share in response to adjustments made because of a proposed public offering of 8.7 million common shares, which is expected to raise $345 million. The company’s previous forecast of 2003 earnings was $2.90 to $3.05/share.
NW Natural Lowers 1Q Guidance on Warm Weather Patterns
The El Nino weather pattern, said NW Natural, which affected the western United States in December 2002, continued in early 2003, “such that January weather in NW Natural’s service area was 15% warmer than average.” Overall, first quarter temperatures were 8% warmer than average and 12% warmer than in the first quarter of 2002.
Wisconsin Public Service Corp. Lowers Gas Rates
WPS Resources Corp. subsidiary, Wisconsin Public Service Corp. (WPS), said Friday that the Public Service Commission of Wisconsin has approved a new 3.5% increase in the utility’s electric rates and a 0.3% decrease in natural gas rates. The new rates begin March 21, 2003.
Despite Higher Reserve Value, Consol Energy Lowers Guidance
With natural gas prices up, Pittsburgh-based Consol Energy Inc. recalculated its future net cash flows of proved coalbed methane gas (CBM) reserves, estimating a current value of $1.09 billion before taxes, and assuming a 10% discount rate, as of Dec.31, 2002. The value is nearly two-and-one-half times 2001’s reserve value of $432 million.