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Allete sees 2020 adjusted EPS $3.25-$3.45, consensus $3.36 06:3708/0508/05/20
Allete reports Q2 EPS 39c with items, consensus 67c » 06:3608/0508/05/20
Q2 EPS included a 16c…
Q2 EPS included a 16c charge for the recent Minnesota Power rate case resolution. Reports Q2 revenue $243.2 M, consensus $290.75M. "Although results for the quarter reflect obvious negative economic impacts of the COVID-19 pandemic, on a year to date comparison, our financial results are similar to those in 2019, excluding the Q2 rate case resolution impact," said CFO Bob Adams.
Portland General Electric price target lowered to $41 from $48 at Mizuho » 06:5308/0308/03/20
Mizuho analyst Paul…
Mizuho analyst Paul Fremont lowered the firm's price target on Portland General Electric to $41 from $48 and keeps a Neutral rating on the shares following the company's results to reflect current multiples.
PG&E price target raised to $14.50 from $13.50 at Mizuho » 06:2708/0308/03/20
Mizuho analyst Paul…
Mizuho analyst Paul Fremont raised the firm's price target on PG&E to $14.50 from $13.50 and reiterates a Buy rating on the shares. The company's "sizeable" spending increase coupled with greater commitment on the part of California to control future wildfire events should begin the "long process" of reducing fire risk going forward, Fremont tells investors in a research note.
Portland General Electric backs FY20 EPS view of $2.20-$2.50, consensus $2.39 » 05:5107/3107/31/20
Portland General Electric…
Portland General Electric said in its Q2 earnings release, "PGE is reaffirming its 2020 earnings guidance of $2.20 to $2.50 per diluted share. This guidance is based on the following assumptions: Revised annual retail deliveries from a decrease of 1% to 2%, weather adjusted, to flat energy deliveries, weather adjusted, year over year. This upward revision reflects stronger residential and industrial demand offset by a decline in commercial deliveries; Net variable power costs for the year ending December 31, 2020 to be below the power cost adjustment mechanism baseline, but within the established deadband range; Average hydro conditions for the year; Wind generation based on five years of historical levels or forecast studies when historical data is not available; Normal thermal plant operations; Operating and maintenance expense between $570 million and $590 million, which includes a full-year forecasted bad debt expense of $15 million due to moratoriums on collection activities and customer disconnects; and Depreciation and amortization expense between $410 million and $430 million."
Portland General Electric reports Q2 EPS 43c, consensus 33c » 05:4907/3107/31/20
Reports Q2 revenue $469M,…
Reports Q2 revenue $469M, consensus $455.84M. "We achieved solid second quarter financial results, driven by a combination of favorable hydro and wind conditions and lower operating expenses," said Maria Pope, PGE president and CEO. "As an essential service provider, we will continue working to keep costs low to support economic recovery and the communities we serve in this unprecedented time."
PG&E sees FY21 core EPS 95c-$1.05, consensus $1.66 » 08:3907/3007/30/20
PG&E said in its Q2…
PG&E said in its Q2 earnings release, "PG&E Corporation is initiating 2021 GAAP earnings guidance in the range of $0.17 to $0.29 per share, which includes non-core items. PG&E is providing 2021 non-core items guidance of approximately $1.7 billion after-tax for a net securitization inception charge, amortization of wildfire insurance fund contributions, bankruptcy and legal costs, and investigation remedies and delayed cost recovery, partially offset by the 2011 GT&S capital audit. On a non-GAAP basis, the guidance range for projected 2021 core earnings is $0.95 to $1.05 per share. Factors driving non-GAAP core earnings include net below the line and spend above authorized of up to $100 million after tax and unrecoverable interest expense of $275 million to $325 million after tax. Guidance is based on various assumptions and forecasts, including those relating to authorized revenues, future expenses, capital expenditures, rate base, equity issuances, the potential Net Operating Loss (NOL) securitization, and certain other factors."
PG&E sees FY20 core EPS $1.60-$1.63, consensus $2.04 08:3807/3007/30/20
PG&E reports Q2 core EPS $1.03, consensus 88c » 08:3707/3007/30/20
Reports Q2 revenue…
Reports Q2 revenue $4.53B, consensus $4.11B. "With our Chapter 11 cases now behind us, we're on track to become a stronger company," said Bill Smith, Interim CEO, PG&E Corporation. "Our focus now will be building on the many changes we put in place during the bankruptcy, which set the foundation for this new era at PG&E. Our mandate is to rebuild the trust of our customers and stakeholders while delivering safety performance and operational excellence across our business. We'll do that by making targeted investments in our systems and achieving positive local results day in and day out."
Portland General Electric raises annual dividend by 5.8% to 40.75 per share » 05:4107/3007/30/20
Portland General Electric…
Portland General Electric said in a release, "On July 29, 2020, the board of Portland General Electric approved an increase in the annual dividend of 5.8%, or nine cents per share, declaring a quarterly common stock dividend of 40.75 cents per share. Last quarter, the dividend remained consistent with previous quarters, reflecting uncertainties related to the onset of the COVID-19 pandemic. At that time, the board pledged to reevaluate the dividend quarterly. The quarterly dividend is payable on or before October 15, to shareholders of record at the close of business on September 25."