Jefferies Lowers Price Target on CenterPoint Energy (CNP) To Reflect New Estimates
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Price: $40.63 -0.49%
Rating Summary:
14 Buy, 15 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
14 Buy, 15 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Jefferies is reaffirming its Hold rating on shares of CenterPoint Energy (NYSE: CNP) and is lowering its price target from $21 to $20.50 following the release of its Q3 results.
The company reported Q3 earnings of $0.38 per share, well above the firm's and Street's estimates of $0.28 and $0.29. Management also noted that full year 2011 earnings should be end up being above its previous guidance range of $1.04-$1.14.
The highlights the upside was driven by strong operating income at the electric transmission and distribution utility as it increased $35 million in the quarter. The company's Field Services segment revenue also grew $21 million year over year to $61 million.
Management announced plans to use the proceeds from the $1.695 billion of securitzation bonds to invest in the business and to acquire similar assets.
To go inline with managements performance and upcoming plans, Jefferies is reducing its FY11-FY14 EPS estimates from $1.15, $1.22, $1.34 and $1.44 to $1.14, $1.17, $1.27, and $1.38.
For more ratings news on CenterPoint Energy click here and for the rating history of CenterPoint Energy click here.
Shares of CenterPoint Energy closed at $20.31 yesterday.
The company reported Q3 earnings of $0.38 per share, well above the firm's and Street's estimates of $0.28 and $0.29. Management also noted that full year 2011 earnings should be end up being above its previous guidance range of $1.04-$1.14.
The highlights the upside was driven by strong operating income at the electric transmission and distribution utility as it increased $35 million in the quarter. The company's Field Services segment revenue also grew $21 million year over year to $61 million.
Management announced plans to use the proceeds from the $1.695 billion of securitzation bonds to invest in the business and to acquire similar assets.
To go inline with managements performance and upcoming plans, Jefferies is reducing its FY11-FY14 EPS estimates from $1.15, $1.22, $1.34 and $1.44 to $1.14, $1.17, $1.27, and $1.38.
For more ratings news on CenterPoint Energy click here and for the rating history of CenterPoint Energy click here.
Shares of CenterPoint Energy closed at $20.31 yesterday.
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