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ES

Eversource

$59.85

-0.06 (-0.10%)

, CTWS

Connecticut Water

$64.54

-0.01 (-0.02%)

17:14
04/19/18
04/19
17:14
04/19/18
17:14

Eversource offers to acquire Connecticut Water for $63.50 per share

Eversource Energy (ES) announced that on April 5 it made a proposal to acquire all the outstanding shares of Connecticut Water Service (CTWS) for $63.50 per share in cash and/or in Eversource common shares at the election of Connecticut Water shareholders. Eversource believes its proposal is a superior alternative to the all-stock transaction proposed in SJW Group's (SJW) agreement announced March 15 to acquire Connecticut Water. Eversource's proposal represents a 21% premium to Connecticut Water's closing share price on March 14, the day prior to the SJW announcement. Eversource's proposal also represents a premium of 22% to Connecticut Water's 20-day volume-weighted average price as of March 14. Eversource has attempted to engage privately with Connecticut Water for some time. The company expressed its interest in pursuing an acquisition of Connecticut Water in 2017. On April 5, 2018, Eversource verbally communicated its intent to submit a proposal to David Benoit, the CEO of Connecticut Water, and delivered a written proposal the same day. On April 17, Eversource sent a follow-up communication to Connecticut Water expressing its continued interest in pursuing an acquisition.

ES

Eversource

$59.85

-0.06 (-0.10%)

CTWS

Connecticut Water

$64.54

-0.01 (-0.02%)

SJW

SJW Corp.

$56.09

0.62 (1.12%)

  • 26

    Apr

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    May

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    May

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    May

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    May

ES Eversource
$59.85

-0.06 (-0.10%)

02/13/18
02/13/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Weatherford (WFT) downgraded to Equal Weight from Overweight at Barclays with analyst J. David Anderson saying there is only so much new CEO Mark McCollum can do given the company's $7.1B of net debt and the "low hanging cost opportunities already picked" in the third year of a "turnaround." 2. BP (BP) downgraded to Equal Weight from Overweight at Morgan Stanley. 3. Eversource (ES) downgraded to Equal Weight from Overweight at Morgan Stanley with analyst Stephen Byrd citing a New Hampshire state committee denial of the company's Northern Pass Transmission project. 4. AvalonBay (AVB) downgraded to Neutral on relative market growth at BofA/Merrill with analyst Juan Sanabria saying AvalonBay's core has been disappointing versus peers and sees risks around developments in the current supply environment, specifically in New York City. 5. Validus (VR) downgraded to Neutral from Buy at Buckingham. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/26/18
WELS
02/26/18
NO CHANGE
Target $65
WELS
Outperform
Eversource price target lowered to $65 from $72 at Wells Fargo
Wells Fargo analyst Neil Kalton lowered his price target for Eversource to $65 from $72 to reflect a combination of the lower EPS outlook and lower peer group multiples. The analyst reiterates an Outperform rating on the shares.
03/08/18
EVER
03/08/18
INITIATION
Target $62
EVER
Outperform
Eversource initiated with an Outperform at Evercore ISI
Evercore ISI analyst Greg Gordon initiated Eversource with an Outperform and $62 price target.
04/02/18
UBSW
04/02/18
UPGRADE
Target $65
UBSW
Buy
Eversource upgraded to Buy from Neutral at UBS
UBS analyst Daniel Ford upgraded Eversource to Buy and raised his price target for the shares to $65 from $63. The analyst sees the current valuation as a "reasonable entry point" for investors seeking to own a "high quality, pure play" T&D utility.
CTWS Connecticut Water
$64.54

-0.01 (-0.02%)

03/08/18
UBSW
03/08/18
INITIATION
Target $53
UBSW
Neutral
Connecticut Water initiated with a Neutral at UBS
UBS analyst Daniel Ford started Connecticut Water with a Neutral rating and $53 price target.
SJW SJW Corp.
$56.09

0.62 (1.12%)

07/28/17
JANY
07/28/17
UPGRADE
JANY
Buy
SJW Corp. upgraded to Buy from Neutral at Janney Capital
07/28/17
07/28/17
UPGRADE
Target $59

Buy
SJW Corp. upgraded to Buy on improving outlook at Janney Capital
As previously reported, Janney Capital analyst Michael Gaugler upgraded SJW Corp. to Buy from Neutral after he increased his 2017 and 2018 forecasts on the heels of the company's better than expected Q2 report. The analyst, who cites benefits from rate cases and drought impacts that are "largely in the rear view mirror," raised his fair value estimate on SJW shares to $59 from $50.

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RRC

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Ralph Lauren

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FBP

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SNHY

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MTW

Manitowoc

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CAT

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