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Fly News Breaks for January 8, 2020
Jan 8, 2020 | 10:15 EDT
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Apache (APA) upgraded to Buy from Hold at Stifel with analyst Michael Scialla saying the discovery of oil in offshore Suriname and condensate in two main intervals confirms two of seven play types the company expects to test on its 1.4 million-acre Block 58. 2. Occidental Petroleum (OXY) upgraded to Buy from Neutral at Mizuho with analyst Paul Sankey saying he believes the "worst is behind the company" and sees an "increasing line of sight" for sustainable dividend growth in 2022 and beyond. 3. PPL Corp. (PPL) upgraded to Buy from Neutral at Guggenheim. 4. CommScope (COMM) upgraded to Buy from Neutral at BofA with analyst Tal Liani saying he sees the risk/reward skewed to the upside. 5. Ciena (CIEN) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Meta Marshall saying she sees the company having multiple levers it can pull to achieve 20% earnings growth. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
News For COMM;PPL;OXY;APA;CIEN From the Last 2 Days
May 23, 2022 | 12:08 EDT
The Rhode Island Superior Court today cleared the way for PPL Corporation (PPL) to acquire The Narragansett Electric Company from National Grid USA (NGG) following a settlement agreement between PPL and the Rhode Island attorney general's office. The Superior Court issued orders dismissing the attorney general's appeal of an earlier order from the Rhode Island Division of Public Utilities and Carriers approving the acquisition and lifting the court's stay of the approval order. The orders, which followed joint motions by the parties to the appeal, now enable PPL and National Grid to close promptly on the transaction. As part of PPL's settlement agreement with the attorney general, PPL has agreed to: Provide $50 million in bill credits to Narragansett Electric customers, both gas and electric. Seek Rhode Island Public Utility Commission approval to forgive more than $43 million in arrearages for low-income and protected customers. Forgo the potential recovery of transition costs associated with the acquisition and integration of Narragansett Electric, which PPL had already capped in its prior commitments. Write off and not seek recovery of more than $20 million in current regulatory assets on Narragansett Electric's books. The regulatory assets are related to information technology and cyber costs incurred by National Grid that will not be used by PPL following the transition period. In addition to the above commitments, PPL will not seek any base rate increases for at least three years after the transaction closes and until there has been at least 12 months of operating experience under PPL leadership following termination of the transition services agreements with National Grid. PPL also has agreed to additional actions that reinforce the company's strong commitment to grid modernization and decarbonization. PPL will prepare and submit an Act on Climate Report within one year of the acquisition to the RIPUC and attorney general's office. The report will provide input to the Rhode Island Executive Climate Change Coordinating Council as the council develops plans to implement the state's Act on Climate. PPL will also make a $2.5 million contribution to the Rhode Island Commerce Corporation's Renewable Energy Fund and make available an additional $2.5 million to the attorney general's office to use, if the office deems necessary, to evaluate Narragansett Electric's Act on Climate Report or participate in any future RIPUC proceeding that might be conducted to assess the future of the gas distribution business. PPL said it expects to complete the acquisition this week and will announce the completion upon close. Upon closing, PPL will also announce the date and time of an investor day, during which PPL will provide details of its overall strategy, its clean energy transition strategy, its investment plans, as well as its plans to achieve competitive long-term earnings per share and dividend growth while maintaining one of the strongest balance sheets in the U.S. utility sector.