UBS Maintains a 'Neutral' on Progress Energy (PGN); Merger with Duke Energy (DUK) Almost There
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Price: $60.82 --0%
Rating Summary:
1 Buy, 8 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 21
Rating Summary:
1 Buy, 8 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 19 | New: 21
Trade PGN Now!
UBS maintains a 'Neutral' on Progress Energy (NYSE: PGN) price target of $60.50 (from $58.50).
Analyst, Jim von Riesemann, said the merger between Progress and Duke (NYSE: DUK) is getting closer to complete, with the Federal Energy Regulatory Commission (FERC) recently giving its approval. The companies have a few other hurdles to overcome (such as ruling from North and South Carolina). However, Riesemann expects the deal to be completed around July 1.
The UBS analyst also said, "PGN will receive 2.6125 shares of DUK for every share held. Just prior to completing the transaction, DUK will implement a 1:3 reverse split (resulting in a new exchange ratio of 0.87083). PGN’s current dividend of $2.48/share will be increased by approximately 5.3% to bring it inline with DUK’s current dividend of $1.00/share per annum."
For an analyst ratings summary and ratings history on Progress Energy click here. For more ratings news on Progress Energy click here.
Shares of Progress Energy closed at $58.13 yesterday, with a 52 week range of $42.05-$58.14.
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Analyst, Jim von Riesemann, said the merger between Progress and Duke (NYSE: DUK) is getting closer to complete, with the Federal Energy Regulatory Commission (FERC) recently giving its approval. The companies have a few other hurdles to overcome (such as ruling from North and South Carolina). However, Riesemann expects the deal to be completed around July 1.
The UBS analyst also said, "PGN will receive 2.6125 shares of DUK for every share held. Just prior to completing the transaction, DUK will implement a 1:3 reverse split (resulting in a new exchange ratio of 0.87083). PGN’s current dividend of $2.48/share will be increased by approximately 5.3% to bring it inline with DUK’s current dividend of $1.00/share per annum."
For an analyst ratings summary and ratings history on Progress Energy click here. For more ratings news on Progress Energy click here.
Shares of Progress Energy closed at $58.13 yesterday, with a 52 week range of $42.05-$58.14.
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