Earnings cast a pall
As a guest you can read up to 3 full articles before a subscription is required.
You can read a further 2 articles for free.
Pall Corp.’s 3QFY2012 adjusted earnings per share from continuing operations of $0.61 fell short of analysts’ estimates.
- Wedbush Securities reduced its target price for Pall from $64 to $60, but said in a research note the company’s fundamentals are healthy.
- Layne Christensen also reported negative news in 1QFY2013, as low natural gas prices contributed to a sluggish performance for Layne Energy. For the quarter, Layne’s EPS was down 72 percent, primarily attributable to its suffering water infrastructure business.
- Aqua America’s stock is riding high. Shares hit a 52-week high on June 6 – a 13-percent jump from the beginning of the calendar year. Successful rate case results in Pennsylvania, Texas and Virginia this summer could boost Aqua even further.
- SJW Corp. received another ringing endorsement from a major analyst firm, as Janney Montgomery Scott initiated coverage of the company with a “Buy” rating. Brean Murray upgraded its rating of SJW from “Hold” to “Buy” back in February.
- An administrative law judge at the California Public Utilities Commission has affirmed a proposed settlement between the CPUC’s Division of Ratepayer Advocates and the major IOUs establishing an ROE of 9.99%. It was feared the judge would rule in favor of a one-percentage-point reduction in the ROE.
- The CPUC approved an annual revenue increase of approximately $28.5 million for California American Water. This is refreshing news for American Water after its recent rate case in New Jersey fell well below expectations.
- American wasn’t so lucky in Indiana, however, as the state’s regulatory commission approved a rate increase just shy of $2 million per year at an ROE of 9.7%. American initially requested $20.2 million per year at an ROE of 11.5%.
- The high ROEs enjoyed by investor-owned water utilities in Texas may be in jeopardy in 2013 if the state legislature succeeds in transferring regulatory authority from the TCEQ to the Public Utility Commission of Texas.