Southwest Gas Corp. said it expects its first quarter operating results to fall short of the consensus street estimate by one-third. The utility company attributed the lower results to warmer-than-normal weather in its two primary operating areas. Nevada experienced its warmest January on record and Arizona saw its second warmest. Unseasonably warm temperatures continued through March. Southwest expects to release its earnings for the first quarter near the end of April.
Street
Articles from Street
Kinder Morgan Beats 2002 Consensus, But 4Q Earnings Slip 15%
Kinder Morgan Inc. (KMI) Wednesday touted its business model and record 2002 earnings, which beat consensus Wall Street estimates. However, the company reported a 15% drop (10 cents/share) in fourth quarter net income due to special charges primarily related to a reduction in the carrying value of its power generation assets. Full-year 2002 KMI net income was up 35% to $302.7 million or $2.45/share.
Energy Merchants Fall with Market; Record Trading in El Paso
Monday was a no good, very bad day across Wall Street, and as usual, the energy industry went along for the ride. For the energy merchants, however, it was more like getting hit by a truck.
Mirant Faces Informal Inquiry by SEC into Accounting, Trading Activities
Energy trading leader Mirant Corp.’s stock was pelted on Wall Street last week after it disclosed that the Atlanta district office of the Securities and Exchange Commission (SEC) had opened an informal inquiry into the company’s accounting and trading activities. The stock of the Atlanta-based company was trading at about $3.10 a share mid-day Friday, down from the closing price of $3.49 for the prior week.
Mirant Faces Informal Inquiry by SEC into Accounting, Trading Activities
Energy trading leader Mirant Corp.’s stock was pelted on Wall Street Monday after it disclosed that the Atlanta district office of the Securities and Exchange Commission (SEC) had opened an informal inquiry into the company’s accounting and trading activities. The stock of the Atlanta-based company fell 56 cents, or 16%, to close at $2.93 a share.
Utilities Move Up, Buoyed by Surging Market
It was a volatile day on Wall Street for the utility and energy merchant sector Wednesday, opening with a heavy sell-off by frazzled investors, with calm finally restored by noon, as the intrepid stepped in to buy what they hope become good bargains. The Dow Jones Industrial Average, which soared 488 points, carried with it nearly the entire energy marketplace, with few exceptions. Only two utilities, National Fuel Gas Co., off just over 1%, and Delta Natural Gas, down 4%, lost ground.
Utilities Move Up, Buoyed by Surging Market
It was a volatile day on Wall Street for the utility and energy merchant sector Wednesday, opening with a heavy sell-off by frazzled investors, with calm finally restored by noon, as the intrepid stepped in to buy what they hope become good bargains. The Dow Jones Industrial Average, which soared 488 points, carried with it nearly the entire energy marketplace, with few exceptions. Only two utilities, National Fuel Gas Co., off just over 1%, and Delta Natural Gas, down 4%, lost ground.
Challenges, Skepticism Face Puget Energy Despite Record 2Q Results
Significant balance sheet challenges kept at least one Wall Street rating agency restrained in its outlook following Bellevue, WA-based Puget Energy’s report of record second quarter earnings last Thursday. Puget’s second quarter results showed $29.4 million, or 34 cents/common share, in net income, compared to second quarter results last year of $17.4 million, or 20 cents/share.
Stocks Hit New Lows; Rating Agency Actions May ‘Destroy’ Traders, Analysts Say
Key energy stocks suffered a rout again on Wall Street in the opening days of July, with Williams descending briefly below $5, Dynegy Inc. bouncing around under $7 a share, and analysts predicting that more of the same was ahead. One analyst said she feared the credit rating agencies’ constant downgrading of the creditworthiness of energy traders, which has pushed stocks to record depths, could end up shattering the companies completely.
Raymond James Isn’t Buying Recent Signals of Demand Deterioration
Analysts at Raymond James said they aren’t buying the recent talk on Wall Street of gas demand deterioration. Although lighter storage injections suggest demand is down due to higher gas prices, analysts should remember that prices for competing fuels are even higher, they said.