PG&E call volume above normal and directionally bullish » 15:4509/2509/25/20
Bullish option flow…
Bullish option flow detected in PG&E with 31,467 calls trading, 1.1x expected, and implied vol increasing over 1 point to 49.30%. 10/2 weekly 10 calls and Oct-20 9 puts are the most active options, with total volume in those strikes near 10,100 contracts. The Put/Call Ratio is 0.42. Earnings are expected on November 5th.
Fly Intel: Top analyst downgrades » 09:5909/2509/25/20
UTI, WRE, AGR, VLTAF
Catch up on today's…
Catch up on today's top analyst downgrades with this list compiled by The Fly: 1. Universal Technical (UTI) downgraded to Hold from Buy at Argus with analyst David Coleman sawing with the coronavirus pandemic forcing the company to suspend in-person classes in mid-March, management has suspended guidance and the earnings outlook is "not very clear," said the firm, which lowered its EPS estimates for both this year and next. 2. Washington REIT (WRE) downgraded to Equalweight from Overweight at Capital One. 3. Avangrid (AGR) downgraded to Underperform from Neutral at BofA with analyst Julien Dumoulin-Smith saying the stock has remained "resilient" despite the "persistent" sell-off in utilities and given the "sharp discount" of regional peers such as Con Edison (ED). 4. Voltalia (VLTAF) downgraded to Neutral from Buy at Oddo BHF. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Cruise Line upgrades among today's top calls on Wall Street » 09:4409/2509/25/20
CCL, NCLH, ED, AGR, CPE, Z, RDFN, FITB, RCL
Check out today's top…
Avangrid cut to Underperform at BofA amid resilient valuation, Utilities selloff » 08:3409/2509/25/20
BofA analyst Julien…
BofA analyst Julien Dumoulin-Smith downgraded Avangrid (AGR) to Underperform from Neutral with a price target of $46, down from $47. The stock has remained "resilient" despite the "persistent" sell-off in utilities and given the "sharp discount" of regional peers such as Con Edison (ED), the analyst tells investors in a research note. The backdrop for Avangrid heading into its November Analyst Day looks cautious, but continued "healthy" consensus earnings EPS expectations suggest "clear risks" across all future years heading into the event, Dumoulin-Smith states.
Avangrid downgraded to Underperform from Neutral at BofA » 08:2509/2509/25/20
BofA analyst Julien…
BofA analyst Julien Dumoulin-Smith downgraded Avangrid to Underperform from Neutral.
Edison International price target lowered to $63 from $67 at Mizuho » 06:3709/2509/25/20
Mizuho analyst Paul…
Mizuho analyst Paul Fremont lowered the firm's price target on Edison International to $63 from $67 and keeps a Buy rating on the shares. The analys reaffirmed earnings estimates following Edison's announcement of $878M of additional wildfire write-offs. Mizuho estimates already include after tax write-offs of $1.19B, Fremont tells investors in a research note.
Hess Midstream Partners initiated with an Equal Weight at Morgan Stanley » 06:2709/2509/25/20
Morgan Stanley analyst…
Morgan Stanley analyst Devin McDermott initiated coverage of Hess Midstream Partners with an Equal Weight rating and $18 price target. The analyst sees the company as a "differentiated and very high quality G&P as a result of several thoughtful structuring decisions", but also believes that its value is largely reflected in the stock. McDermott also cites the Bakken outlook for Hess Midstream that likely implies more limited future rig activity.
ONEOK call volume above normal and directionally bullish » 13:4509/2409/24/20
Bullish option flow…
Bullish option flow detected in ONEOK with 1,914 calls trading, 1.2x expected, and implied vol increasing over 23 points to 76.54%. 10/2 weekly 24 calls and Oct-20 30 calls are the most active options, with total volume in those strikes near 270 contracts. The Put/Call Ratio is 0.58. Earnings are expected on October 27th.
Entergy commits to achieving net-zero carbon emissions by 2050 » 10:0309/2409/24/20
Entergy announced it is…
Entergy announced it is accelerating its climate action goals with a commitment to achieving net-zero carbon emissions by 2050. The company also reaffirmed its continued commitments to grid reliability and affordability for customers. Key actions by Entergy include: Ongoing integration of renewable energy resources, storage, and innovative applications of conventional generation into the company's long-term generation portfolio transformation. Also, continuing investment in existing zero-carbon nuclear power and in modern, efficient natural gas generating units, while retiring our coal and older, less efficient gas-powered units. Evaluating and enhancing the company's portfolio transformation with emerging technologies, such as distributed resources, alternative fuels likes renewable natural gas and green hydrogen, carbon capture and sequestration, and advanced nuclear. Collaborating with customers, key suppliers and industry partners to advance the technologies and strategies necessary to reduce carbon emissions. Continuing to engage with partners and gain experience enhancing natural systems such as wetlands and forests that absorb carbon. Working across and between sectors, such as transportation and industry, on beneficial electrification and net-emission reduction initiatives. Additionally, new agreements with Invenergy for renewable energy development and Mitsubishi Power for fuel supply emissions reduction solutions are advancing the company's sustainability objectives. Entergy and Invenergy have agreed to co-develop renewable energy facilities in the Gulf South region. Entergy's collaboration with Mitsubishi Power propels the technologies and expertise to co-fire hydrogen produced from renewable energy. Initial actions include demonstrating the technology, producing hydrogen from renewables or nuclear power and exploring hydrogen storage options. A longer-term strategy includes investing in the infrastructure necessary to create regional opportunities for hydrogen technologies.
American Water awarded $771.35M Defense Logistics Agency contract » 17:2509/2309/23/20
American Water has been…
American Water has been awarded a $771.35M fixed-price with economic-price-adjustment contract for the ownership, operation and maintenance of the water and wastewater utility systems at Joint Base Lewis-McChord, Washington. This was a competitive acquisition with 11 responses received. This is a 50-year contract with no option periods. Locations of performance are Washington and New Jersey, with a September 30, 2071, performance completion date. Using military service is Army. Type of appropriation is FY20 through FY71 Army operations and maintenance funds. The contracting activity is the Defense Logistics Agency Energy.