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CNP

CenterPoint Energy

$24.79

0.04 (0.16%)

09:05
11/26/19
11/26
09:05
11/26/19
09:05

Wells downgrades CenterPoint Energy to Market Perform on higher equity needs

As previously reported, Wells Fargo analyst Sarah Akers downgraded CenterPoint Energy to Market Perform from Outperform as she now now assumes the company will need $2.5B in equity funding in reaction to negative developments including, most recently, the Public Utilities Commission of Texas' cost of capital decision. Although she notes that CenterPoint shares have already meaningfully underperformed since the PUCT's decision, she does not expect outperformance absent a reconsideration by the PUCT or non-core asset sales that ease the equity needs, Akers tells investors. She set a $26 price target on CenterPoint shares.

CNP CenterPoint Energy
$24.79

0.04 (0.16%)

11/18/19
GSCO
11/18/19
DOWNGRADE
GSCO
Buy
CenterPoint Energy downgraded to Buy from Conviction Buy at Goldman Sachs
Goldman Sachs analyst Insoo Kim downgraded CenterPoint Energy to Buy from Conviction Buy, stating that he no longer expects the stock's multiple to expand in the near-term following the adverse oral decision issued by the Public Utilities Commission of Texas on November 14. CenterPoint may need to issue up to $1B of equity given the rate case outcome and pending outcome of CEHE recapitalization talks estimates Kim. However, the analyst believe the current relative discount to Diversified Utilities more than reflects the negative regulatory impact. Kim lowered his price target on CenterPoint shares to $29 from $33.
11/21/19
LEHM
11/21/19
DOWNGRADE
Target $26
LEHM
Equal Weight
CenterPoint Energy downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Eric Beaumont downgraded CenterPoint Energy to Equal Weight from Overweight with a $26 price target.
11/21/19
LEHM
11/21/19
NO CHANGE
LEHM
Barclays makes seven rating changes in North America Power & Utilities
Following company updates from Q3 reports and the Edison Electric Institute Financial Forum Conference, combined with regulatory actions and relative performance, Barclays analyst Eric Beaumont updated adjusted his ratings and estimates in the North America Power & Utilities space. The analyst upgraded Duke Energy (DUK), Pinnacle West (PNW) and Alliant Energy (LNT) to Overweight from Equal Weight. Duke and Pinnacle West have "underperformed meaningfully based on idiosyncratic issues," says the analyst, who sees "compelling relative upside" in the stocks. Further, Alliant needs less equity than assumed and has improved regulatory treatment, adds Beaumont. The analyst also upgraded PNM Resources (PNM) to Equal Weight from Underweight following the stock's underperformance. Further, he downgraded both CenterPoint Energy (CNP) and PSEG (PEG) to Equal Weight from Overweight. CenterPoint appears to be headed towards a "significantly adverse" regulatory outcome for Houston Electric, and PSEG's Q3 disclosures resulted in lower earnings at PEGP Power, contends Beaumont. The analyst also downgraded Consolidated Edison (ED) to Underweight from Equal Weight. HE says the company received a fair order in the CECONY rate case, but will be challenged to hit the high end of the performance range.
11/25/19
WELS
11/25/19
DOWNGRADE
Target $26
WELS
Market Perform
CenterPoint Energy downgraded to Market Perform from Outperform at Wells Fargo
Wells Fargo analyst Sarah Akers downgraded CenterPoint Energy to Market Perform from Outperform with a $26 price target.

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