Tue, Sep. 1, 2:38 PM
- CenterPoint Energy (CNP -3%) is reiterated with a Buy rating and $25 price target at Argus, which believes CNP’s fundamentals remain strong based on a growing rate base through an expanding infrastructure improvement program and projected benefits from its Enable Midstream Partners joint venture.
- CNP enjoys across-the-board operating efficiencies and, assuming economic conditions continue to improve, Argus expects it to invest its cash in non-regulated energy-related assets that have the potential for higher long-term returns, and says the company also benefits from positive relations with state and federal regulators.
- Argus thinks CNP has the potential to generate total returns for shareholders of 8%-9% annually over the next 4-5 years.
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.
Nov. 6, 2013, 2:38 PM
- CenterPoint Energy (CNP +2.7%) shares enjoy afternoon strength as CEO David McClanahan says he won't rule out alternatives vs. a midstream MLP IPO.
- "We are moving ahead full speed" on the IPO, McClanahan said in today's earnings call, "but that doesn’t rule out any other alternatives. If there is another way to get public and create more shareholder value, we will consider that."
- Shares had been little changed after Q3 earnings beat estimates but revenue fell far short of expectations.
Mar. 15, 2013, 2:59 PMCenterPoint (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
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