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DUK

Duke Energy

$77.06

0.49 (0.64%)

17:40
10/10/16
10/10
17:40
10/10/16
17:40

Duke Energy to sell international businesses to I Squared Capital for $1.2B

Duke Energy announced it has reached an agreement to sell its international businesses in Peru, Chile, Ecuador, Guatemala, El Salvador and Argentina to I Squared Capital for approximately $1.2B enterprise value. This represents the full remainder of the Latin American businesses Duke Energy is exiting. The after-tax proceeds from the transaction are expected to be used to reduce Duke Energy holding company debt. Earlier, China Three Gorges Corporation agreed to acquire Duke Energy's 2,090-megawatt business in Brazil for $1.2B enterprise value. The company began the process of exiting its International Energy business segment in February 2016. The Duke Energy businesses I Squared Capital will acquire in Peru, Chile, Ecuador, Guatemala, El Salvador and Argentina include hydroelectric and natural gas generation plants, transmission infrastructure and natural gas processing facilities, totaling 2,300 MW. The I Squared Capital transaction requires Argentina antitrust approval, however the approval is not a condition of closing. As planned, Duke Energy's 25 percent equity investment in National Methanol Company, a Saudi Arabian regional producer of methanol and methyl tertiary butyl ether, a gasoline additive, is not included in either the I Squared Capital or the China Three Gorges Corporation sale.

  • 04

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  • 07

    Nov

DUK Duke Energy
$77.06

0.49 (0.64%)

02/19/16
02/19/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on the today's top five analyst downgrades with this list compiled by The Fly: 1. Best Buy (BBY) downgraded to Neutral at Goldman by analyst Matthew Frassler, who said that the strength in TV sales will be offset by a "sluggish" wireless market. 2. UPL Petroleum (UPL) double downgraded to Sell at KLR Group by analyst John Gerdes, who said the company's debt capitalization is no longer viable. 3. Trinity Industries (TRN) downgraded to Underweight at BB&T by analyst Thomas Albrecht, who expects a decline at the company's earnings outlook. Albrecht estimates tangible book value at $19.35 could attract some value investors, but does not see any catalysts to change the earnings outlook. 4. EP Energy (EPE) downgraded to Hold and Neutral at Topeka and UBS, respectively, with analysts citing balance sheet concerns and mixed Q4 results. Topeka analyst Gabriele Sorbara added that she does not see any near-term catalysts for an improvement in its leverage or outspend position as management may have missed its opportunity to sell/JV assets or issue equity. 5. Duke Energy (DUK) downgraded to Neutral at JPMorgan by analyst Christopher Turnure, who cited the company's "disappointing" core business outlook. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/19/16
WOLF
02/19/16
DOWNGRADE
WOLF
Underperform
Duke Energy downgraded to Underperform from Peer Perform at Wolfe Research
02/22/16
UBSW
02/22/16
NO CHANGE
Target $82
UBSW
Buy
Duke Energy price target raised to $82 from $76 at UBS
UBS raised its price target on Duke Energy to $82 from $76 citing the planned sale of its Latin American assets as well as accretion from the acquisition of Piedmont and a higher multiple than peers due to a lower risk profile. UBS reiterated its Buy rating on Duke Energy shares.
04/06/16
ARGS
04/06/16
DOWNGRADE
ARGS
Hold
Duke Energy downgraded to Hold from Buy at Argus
Argus downgraded Duke Energy to Hold based primarily on valuation.

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