Tristan R. Brown
Tristan R. Brown
Fri, Aug. 5, 11:45 AM
- CenterPoint Energy (CNP -2.5%) says it will no longer pursue forming a REIT structure for its utility business, deciding that the potential to create long-term shareholder value via a REIT is "very limited and does not justify exposure to the associated risks."
- In reporting smaller than expected Q2 earnings, CNP says its natural gas business was hurt by a mild winter that reduced gas demand, and results were weighed down by its Enable Midstream Partners (ENBL +2.5%) joint venture, which also posted below consensus Q2 earnings.
- Fellow ENBL partner OGE Energy (OGE -0.9%) said yesterday that CNP is offering to sell its ENBL stake to OGE.
- CNP also reaffirms guidance FY 2016 EPS guidance of $1.12-$1.20 vs. $1.15 analyst consensus estimate.
Mon, Feb. 1, 8:59 AM
- CenterPoint Energy (NYSE:CNP) says it is considering strategic options for its investment in Enable Midstream Partners (NYSE:ENBL), including a sale or a spinoff.
- CNP owns a 50% GP interest and a 55.4% LP interest in ENBL, which it jointly controls with OGE Energy (NYSE:OGE).
- CNP also guides FY 2016 earnings above analyst consensus, seeing EPS of $1.12-$1.20 vs. $1.10 consensus, which includes a target of 4%-6% EPS growth from existing businesses and investments; also reaffirms 2015 EPS $1.05-$1.10 vs. $1.07 consensus.
- On Friday, CNP announced a $363M investment in ENBL's preferred securities.
- CNP +2.1% premarket.
Nov. 26, 2013, 1:47 PM
- Enable Midstream, an MLP jointly owned by CenterPoint (CNP -5.6%), OGE Energy (OGE -6.1%), and private ArcLight Capital, has filed for a $500M IPO under the symbol ENBL. The long-expected offering is set to take place in Q1 2014; Morgan Stanley, Barclays, and Goldman are underwriting. (PR) (S-1)
- Enable had revenue of $2.296B (+23% Y/Y) over the first nine months of 2013, and net income of $336M (down from $539M in the year-ago period).
- Distributable cash flow for the period was $414M, down 13% Y/Y. As of Sep. 30, the MLP had $2.295B in debt on its balance sheet.
Jun. 14, 2013, 12:45 PM
OGE Energy (OGE +1.3%) gains after Jefferies ups the shares to Buy and raises its price target from $74 to $76. Jefferies says that at the current price level there are two free options for higher than expected earnings: The first involves higher environmental spending related to a court decision expected sometime this summer, and the second is additional growth projects at the recently announced MLP.| Jun. 14, 2013, 12:45 PM
May 22, 2013, 2:58 PM
OGE Energy's (OGE -1.7%) power systems "suffered a lot of damage" from the Oklahoma tornado, CEO Peter Delaney says, and some of the 500K customers currently without power "won't have any infrastructure remaining to take any power." Delaney predicts ~$20M in damage to OGE's systems.| May 22, 2013, 2:58 PM
Mar. 15, 2013, 2:59 PM
CenterPoint (CNP +7.8%) and OGE Energy (OGE +10%) both hit multiyear highs on plans to combine pipeline and related assets into an MLP, providing a source of capital as they take advantage of oil and gas demand. The deal could pave the way for other utilities to follow suit; Tudor Pickering sees Sempra Energy (SRE), Dominion Resources (D) and NiSource (NI) as candidates to form similar partnerships.| Mar. 15, 2013, 2:59 PM | 1 Comment
Mar. 15, 2013, 9:15 AM
Dec. 20, 2011, 2:20 PM