| Over a week ago | ||||
Reports Q1 revenue… Reports Q1 revenue $615.04M, may not compare to consensus $853M. "Our energy infrastructure investments provide value to our shareowners and support New Jersey's clean energy goals. New Jersey Natural Gas continues to strengthen its system, enhance reliability and reduce emissions as we add customers who want clean, affordable natural gas. We recently announced that NJR will voluntarily reduce its operational emissions in New Jersey by 50% by 2030 as we continue to lead the way on sustainability," said Steve Westhoven, President and CEO of New Jersey Resources. "With the acquisition of the Leaf River Energy Center in October and Adelphia Gateway in January, we expanded our midstream portfolio and became the operator of NJR's first FERC regulated assets." | ||||
| Over a month ago | ||||
Guggenheim changes eight ratings, names Exelon best idea in 2020 Utility outlook »
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Guggenheim analyst… Guggenheim analyst Shahriar Pourreza noted that many of the traditional regulated utilities seen as bond proxies were relative outperformers in 2019 and he expects the same dynamics to carry into 2020, but with a "continued bend" towards cyclical energy/power levered names, which he predicts will be top quartile performers. In issuing his 2020 outlook for the Utility sector, Pourreza initiated coverage of Ameren (AEE) with a Buy rating and started coverage of Chesapeake Utilities (CPK), Hawaiian Electric (HE), NorthWestern (NWE) and ONE Gas (OGS), all with Neutral ratings. He also upgraded PPL Corp. (PPL) and Allete (ALE), each to Buy from Neutral, while downgrading Portland General Electric (POR), Spire (SR), Avista (AVA), American Electric (AEP), Consolidated Edison (ED) and New Jersey Resources (NJR) all to Sell from Neutral. Pourreza named Exelon (EXC) as his Best Idea in 2020 as he believes the market has "an unwarranted discount" and assigns a low single digit value to ExGen, which does not factor in upside from potential legislation in Illinois or Pennsylvania or the recently-ordered PJM capacity market reforms. In addition to the near-term catalysts, he also cites Exelon's valuation. | ||||
Guggenheim analyst… Guggenheim analyst Shahriar Pourreza downgraded New Jersey Resources (NJR) to Sell from Neutral to reflect a refreshed sector call as well as relative and absolute valuation levels. The analyst believes South Jersey Industries (SJI) remains the more attractive portfolio holding from a relative perspective and believes the valuation "disconnect" between the two companies is "irrational." | ||||
According to S&P… According to S&P Global; "PennEast Pipeline asked the Federal Energy Regulatory Commission for a two-year extension to put its federally approved 1.1 Bcf/d natural gas pipeline project in service after difficulties in obtaining permits and right of way in New Jersey and Pennsylvania.PennEast, backed by affiliates of Enbridge (ENB), Southern Company (SO), New Jersey Resources (NJR), South Jersey Industries (SJI)and UGI (UGI), sought a new deadline of January 19, 2022, in a request Monday. FERC issued Natural Gas Act certificates for the pipeline project January 19, 2018, and required the developer to put the pipeline in service by January 19." Reference Link | ||||
The deal priced at… The deal priced at midpoint of target $40.75-$41.75 range. Wells Fargo and JPMorgan are acting as joint book running managers for the offering. | ||||
UP AFTER EARNINGS:… UP AFTER EARNINGS: SeaChange (SEAC) up 15.5%... Verint Systems (VRNT) up 14.5%... Tillys (TLYS) up 13.9%... Progyny (PGNY) up 5.9%... Comtech Telecom (CMTL) up 4.8%... Five Below (FIVE) up 4.8%... Slack (WORK) up 2.5%... Sportsman's Warehouse (SPWH) up 2.3%. ALSO HIGHER: Aurinia Pharma (AUPH) up 123.5% after disclosing its AURORA Phase 3 trial met its primary endpoint... Synopsys (SNPS) down 1.9%. DOWN AFTER EARNINGS: At Home Group (HOME) down 40.2%... Elastic (ESTC) down 13.7%... Descartes Systems (DSGX) down 8.4%. ALSO LOWER: Millendo Therapeutics (MLND) down 18.8% after equity offering... Ardelyx (ARDX) down 9.8% after equity offering... Omeros (OMER) down 8.2% after equity offering... New Jersey Resources (NJR) down 3.9% after equity offering... Everi Holdings (EVRI) down 3.0% after equity offering. Movers as of 18:30ET. | |
New Jersey Resources… New Jersey Resources Corporation announced it has commenced an underwritten public offering of $235M of shares of its common stock. The company intends to use the net proceeds from the offering, and the net proceeds, if any, received upon the settlement of the forward sale agreements, to repay a portion of the borrowings under the bridge credit facility put in place to finance its October 2019 Leaf River Energy Center acquisition and for general corporate purposes. Wells Fargo Securities and J.P. Morgan Securities are acting as joint book-running managers of the offering and as representatives of the underwriters of the offering. | |
| Over a quarter ago | ||||
Reports Q4 revenue… Reports Q4 revenue $479.08M, may not compare to one estimate $689M. "New Jersey Resources delivered solid results for fiscal 2019 and our continued investments in energy infrastructure positions us to deliver consistent results for our shareowners," said Steve Westhoven, President and CEO of New Jersey Resources. "We are committed to meeting our customers needs' and rewarding the confidence of our shareowners, as illustrated by our 6.8 percent dividend increase." | ||||