07.05.2020 16:04:01
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Stock Alert: CenterPoint Energy Increases 15%
(RTTNews) - Shares of CenterPoint Energy Inc. (CNP), a public utility holding company, are gaining more than 15 percent or $2.45 in Thursday's morning trade at $18.43 after its earnings for the first quarter zoomed past analysts' estimates and the company announced it will receive a $1.4 billion equity investment.
Thursday, CenterPoint Energy reported net loss for the first quarter of $1.23 billion or $2.44 per share, compared to net income of $140 million or $0.28 per share in the year-ago period. However, excluding certain items, earnings were $0.65, compared to $0.46 per share a year ago.
Revenue declined to $2.17 billion from $2.23 billion in the year-ago period.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share on revenues of $2.97 billion. Analysts' estimates typically exclude special items.
For fiscal 2020, CenterPoint Energy reiterated its outlook for utility earnings per share in a range of $1.10 to $1.20. In addition, CenterPoint announced a $1.4 billion equity investment from a mix of new and current investors, and the creation of a new Business Review and Evaluation Committee of the Board. As a result of the investment, CenterPoint Energy no longer anticipates additional equity needs through 2022.
The new Committee will provide advice and recommendations to the board on potential value-maximizing strategic business actions and alternatives for the company by October this year.
The stock has traded in a range of $11.58 to $30.71 in the past 52 weeks.
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