|Over a week ago|
The Federal Energy Regulatory Commission (FERC) to hold a virtual meeting » 09:3306/1806/18/20
FERC discusses various…
FERC discusses various items including ER19-1943-002: NorthWestern Corporation at a Virtual Commission Meeting being held on June 18 at 10 am. Webcast Link
|Over a month ago|
NorthWestern downgraded to Neutral from Buy at Sidoti » 08:2606/0806/08/20
Sidoti analyst Brian…
Sidoti analyst Brian Russo downgraded NorthWestern to Neutral from Buy with a $67 price target.
NorthWestern to issue RFP for renewably energy projects in Montana » 16:0105/0105/01/20
NorthWestern Corporation d/b/a NorthWestern Energy has issued a Community Renewable Energy Projects Request for Proposals to seek additional small renewable generation owned or developed by Montana residents or Montana companies. NorthWestern will run this RFP with an extended timeline to prepare and submit proposals in response to the current COVID-19 pandemic and its impact on the renewable development community. The Community Renewable Energy Project requirement was established as part of the Montana Renewable Portfolio to promote the development of small renewable projects by in-state owners. NorthWestern estimates its CREP need to be between 25 and 30 MW of additional installed capacity. This RFP preferentially seeks proposals with targeted Commercial Operation Dates of 2021, although projects with later CODs are welcome and will be considered.
NorthWestern expecting impact from COVID-19 on financial results » 18:0304/2204/22/20
The company states:…
The company states: "This is a rapidly evolving situation that could lead to extended disruption of economic activity. We have not experienced major declines in customer usage across our business related to COVID-19. Nonetheless, as a result of the spread of COVID-19 in our service territories, business curtailments, 'shelter in place' or stay at home' orders and travel restrictions, we anticipate impacts to our 2020 financial results. In addition, while we have not experienced significant supply chain issues, so far, we continue to closely manage and monitor developments in our supply chain. There may also be material delays in scheduling proceedings and hearings, and in obtaining orders from federal and state courts and regulatory agencies; these delays could negatively affect us financially. An extended slowdown of the United States' economic growth, demand for commodities and/or material changes in governmental policy could result in lower economic growth and lower demand for electricity and natural gas as well as the ability of various customers, contractors, suppliers and other business partners to fulfill their obligations, which could have a material adverse effect on our results of operations, financial condition and prospects. If the situation leads to an extended disruption of economic activity in our service territories, we would expect to be negatively impacted by lower sales volumes, increased operating expenses due primarily to an increase in uncollectible accounts, and higher interest expense offset in part by cost control. At this time, we cannot predict the ultimate impact of COVID-19 on our results of operations, financial condition and prospects. The likelihood these events would materially impact our future financial results will increase the longer business curtailments, 'shelter in place' or 'stay at home' orders and travel restrictions remain in place. We remain on track for our approximately $400 million capital investment as disclosed in our annual report on Form 10-K. However, the progression of and global response to the COVID-19 outbreak increases the risk of delays in construction activities and equipment deliveries related to our capital projects, including potential delays in obtaining permits from government agencies, resulting in a potential deferral of capital expenditures. Given the rapid and evolving nature of the COVID-19 matter, the extent of any such impacts is uncertain."
NorthWestern reports Q1 EPS $1.00, consensus $1.24 » 18:0104/2204/22/20
Reports Q1 revenue…
Reports Q1 revenue $335.3M, consensus $382.6M.
NorthWestern upgraded to Equal Weight from Underweight at Barclays » 04:4804/2104/21/20
Barclays analyst Eric…
Barclays analyst Eric Beaumont upgraded NorthWestern to Equal Weight from Underweight with a $66 price target.
NorthWestern upgraded to Neutral from Underperform at Credit Suisse » 05:5704/2004/20/20
Credit Suisse analyst…
Credit Suisse analyst Michael Weinstein upgraded NorthWestern to Neutral from Underperform with a price target of $64, down from $77. The analyst, who lowered the company's estimates to reflect the COVID-19 pandemic, cites valuation for the upgrade to Neutral.
|Over a quarter ago|
NorthWestern upgraded to Buy from Neutral at Sidoti » 08:2904/0704/07/20
Sidoti analyst Brian…
Sidoti analyst Brian Russo upgraded NorthWestern to Buy from Neutral with a $68 price target.
NorthWestern says 'no significant supply chain issues, so far' » 07:0504/0604/06/20
The company said,…
The company said, "NorthWestern Corporation d/b/a NorthWestern Energy is one of many companies providing essential services during this national emergency related to the COVID-19 pandemic. We have implemented a comprehensive set of actions to help our customers, communities, and employees, all while maintaining our commitment to reliable service and continuing to monitor and adapt our financial business plan for the evolving COVID-19 challenges. In addition to announcing an incremental $300,000 in charitable contributions and aid specifically to assist the communities we serve, we have taken extra precautions for our employees who work in the field and for employees who continue to work in our facilities, and we have implemented work from home policies where appropriate. We do not anticipate any employee layoffs and are continuing to hire for critical positions to maintain our high level of reliability and customer service. We continue to implement strong physical and cyber-security measures to ensure that our systems remain functional in order to both serve our operational needs with a remote workforce and keep them running to ensure uninterrupted service to our customers. We currently cannot estimate the potential impact to our financial position, results of operations and cash flows. We have informed both our retail customers and state regulators that disconnections for non-payment will be temporarily suspended. Our level of service to our 734,800 customers remains uninterrupted. This is a rapidly evolving situation that could lead to extended disruption of economic activity. As of today, the most significant impact to NorthWestern Energy's sales volumes has been related to mild weather and we have not experienced major declines across our business related to COVID-19. Nonetheless, as a result of the spread of COVID-19 in our service territories and shelter in place restrictions, we may experience impacts to our financial results going forward. We expect to provide an update in our quarterly report on Form 10-Q and on our first quarter earnings webcast and call. We remain on track for our approximately $400 million capital plan with little disruption at this time. There are no significant supply chain issues, so far. We will continue to closely manage and monitor developments in our supply chain. During this time, we continue to maintain adequate liquidity to operate our business and fund our ongoing capital program. Our $400 million revolving credit facility, which expires December 12, 2021, contains an accordion feature that allows NorthWestern Energy to increase our liquidity another $25 million under certain conditions. We also have a $25 million credit facility that provides swing-line borrowing capability, which expires March 27, 2022. As a precautionary measure in order to increase our cash position and preserve financial flexibility in light of current uncertainty in the markets resulting from the COVID-19 outbreak, we recently entered into a $100 million 364-day term loan with two of our relationship banks. This facility will allow us to temporarily increase our targeted minimum liquidity threshold to $200 million, up from our long-standing $100 million level. In addition, we continue to monitor the capital markets and expect to issue at least $150 million of long-term debt during 2020 to fund our currently disclosed capital investment program and increase revolver availability. As previously disclosed, we were considering an equity issuance in late 2020 or early 2021 to maintain and protect our current credit ratings. Our current plans may delay our anticipated equity issuance into 2021. In addition, we sponsor two pension plans, which were approximately 83% funded on a GAAP basis at December 31, 2019. NorthWestern follows a de-risked glide-path for its pension plan assets with nearly 60% and 80% of the portfolio invested in long-dated bonds for our Montana and South Dakota plans, respectively. As a result, plan investments have been less impacted and the GAAP funding status of these plans has remained near the December 31st funded status throughout the ongoing market volatility. Based on our January 1, 2020 valuation, we do not anticipate any incremental funding requirements (or expense) for 2020."
NorthWestern price target raised to $77 from $72 at Credit Suisse » 07:1702/1802/18/20
Credit Suisse analyst…
Credit Suisse analyst Michael Weinstein raised his price target for NorthWestern to $77 from $72 after the company affirmed its guidance and to reflect higher 2021 peer electric and gas P/E multiples. The analyst has an Underperform rating on the shares.