Mon, Aug. 10, 7:15 PM
- Macquarie analyst Andrew Weisel makes a bullish case for utilities such as Edison International (NYSE:EIX), American Water Works (NYSE:AWK) and Aqua America (NYSE:WTR), noting that regulated utilities have boosted dividends by a median of 6.4% over the past year despite ambitious capex plans, and valuations look attractive.
- Weisel prefers growth over yield, emphasizing that utilities with a top-quartile long-term growth outlook consistently outperform those with top-quartile dividend yields; he forecasts the fastest growth for EIX, AWK and WTR, and the slowest for Duke Energy (NYSE:DUK), PPL Corp. (NYSE:PPL) and Teco Energy (NYSE:TE).
- ETFs: XLU, UTG, IDU, VPU, GUT, BUI, FUTY, RYU, UPW, FXU, SDP
Wed, Aug. 5, 5:43 PM
Thu, Jul. 30, 7:44 AM
Wed, Jul. 29, 9:09 AM
Thu, Jul. 16, 3:55 PM
- TECO Energy (TE +17.8%) says it is exploring strategic alternatives, as it responds to a spike in the stock ~90 minutes ago caused by a SparkSpread report suggesting the company might be up for sale.
- TE says it will not make any further statements unless and until it actually enters into a definitive sale agreement.
- Shares are now active after being halted off and on since ~2:30 ET.
Mon, Jun. 8, 10:39 AM
- TECO Energy (TE -0.2%) says it entered into a non-binding letter of intent with an undisclosed new buyer at an undisclosed price for the sale of all of its interest in coal subsidiary.
- TE last year agreed to sell TECO Coal to Kentucky-based Cambrian Coal, but the deal fell through because Cambrian could not satisfy the conditions it needed to close by June 5; the sale price initially was set at $170M, but the price later dropped to $140M.
- TE expects the sale to allow it to focus exclusively on its regulated utilities, Tampa Electric, Peoples Gas and New Mexico Gas.
Wed, Apr. 29, 9:11 AM
Tue, Apr. 28, 4:29 PM
Tue, Feb. 10, 11:58 AM
- TECO Energy (TE +0.3%) is upgraded to Buy from Neutral with a $22 price target, up from $19, at UBS, which says the 7% drop since the Q4 earnings report and reduction in the base price for TECO Coal is overdone.
- Following the divestiture of the coal business, TE should trade at a premium given its favorable jurisdictions and lack of rate cases on the horizon, the firm believes.
- UBS also thinks TE's above-average growth rate and size makes it a potential M&A target, "with slower-growth large-cap utilities looking to use their premium currencies."
Mon, Feb. 9, 7:08 AM
Sun, Feb. 8, 5:30 PM
Fri, Feb. 6, 5:06 PM
- Teco Energy (NYSE:TE) tumbled 3.2% today after announcing re-worked terms of the sale of its TECO Coal to Cambrian Coal, knocking $30M off the original purchase price.
- The amended agreement calls for Cambrian to pay a total of up to $140M, $80M in cash at the closing and a future contingent consideration of $60M if certain coal benchmark prices are met over the next five years.
- The initial deal struck in October called for TE to receive $170M, but coal market conditions have deteriorated since then.
Wed, Feb. 4, 10:35 AM
Dec. 24, 2014, 9:42 AM
- TECO Energy (TE +1.2%) says it has agreed to extend the closing date for the sale of its coal mining business by nearly two months.
- TE said in October that it had agreed to sell TECO Coal and its subsidiaries to Cambrian Coal for $170M.
- TE says the extension allows it to exit the coal business in a timely manner while still receiving fair value for the unit.
Oct. 31, 2014, 7:34 AM
Oct. 30, 2014, 5:30 PM
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