May 21, 2025 06:06 AM GMT Elia | Europe In-Line 1Q25 Trading Update Elia will report 1H25 results on 2nd June. See our recent notes on Elia: Elia: More to Run – Moving to Analyst Top Pick (6 May 2025) Elia: Equity Overhang Resolved, Back to Fundamentals (9 Apr 2025) Reaction to earnings Unchanged In-line Largely unchanged Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Key Takeaways Guidance by division: Elia provided FY25 divisional guidance for the first ti ...

Market Overview - Concerns about a potential bear market have eased, with the S&P 500 index rallying and currently up 1% for the year [1] Company Performance NRG Energy - NRG Energy is the top-performing stock on the S&P 500, up 76% this year, driven by the acquisition of natural gas generation facilities from LS Power, which will double its generating capacity [4] - The company reported Q1 earnings with revenue of $8.6 billion, a 16% year-over-year increase, and net income of $750 million, up 47% [5] - Shares trade at around 25 times trailing earnings, considered expensive for an energy stock, but may be a good long-term investment due to rising energy demands from AI [6] Palantir Technologies - Palantir Technologies is up 71% this year, benefiting from strong growth in its AI-driven data analytics business [7] - The company reported Q1 earnings with revenue of $883.9 million, a 39% year-over-year increase, and projects full-year revenue of around $3.9 billion [8] - Despite strong growth, the stock trades at 560 times trailing profits, raising concerns about potential overvaluation and the possibility of a correction [9] Uber Technologies - Uber Technologies has increased by 52% this year, with Q1 gross bookings rising by 14% and revenue totaling $11.5 billion [10][11] - The operating profit surged from $172 million a year ago to $1.2 billion, indicating strong financial performance [11] - The stock trades at 16 times trailing earnings, and despite its recent rise, it may still present investment opportunities due to its flexible business model and growth potential [12]

Core Viewpoint - Southwest Gas Holdings, Inc. is conducting a secondary public offering of 9,000,000 shares of Centuri Holdings, Inc. at a price of $17.50 per share, with an additional option for underwriters to purchase 1,350,000 shares [1][2] Group 1: Offering Details - The offering is expected to close on May 22, 2025, subject to customary closing conditions [1] - Icahn Partners and Icahn Partners Master Fund LP will purchase $50 million in shares of Centuri's common stock in a concurrent private placement at the same price per share as the public offering [2] - The shares are being offered under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission [4] Group 2: Underwriters and Management - J.P. Morgan, UBS Investment Bank, and Wells Fargo Securities are acting as joint lead book-running managers for the offering [3] - BofA Securities and Moelis & Company are serving as book-running managers, with additional co-managers including Baird, KeyBanc Capital Markets, and others [3] Group 3: Company Background - Southwest Gas Holdings, Inc. operates through its subsidiary Southwest Gas Corporation, providing natural gas services to over 2 million customers in Arizona, Nevada, and California [6] - Centuri Holdings, Inc. partners with regulated utilities to build and maintain energy networks across the U.S. and Canada [7]

Core Viewpoint - Southern Company has announced the pricing of $1.45 billion in Convertible Senior Notes, reflecting an increase of $200 million from the previously announced offering size, with an expected closing date of May 23, 2025 [1][4]. Group 1: Offering Details - The Convertible Notes have a 3.25% interest rate, payable semiannually, and will mature on June 15, 2028 [2][3]. - The initial conversion rate is set at 8.8077 shares per $1,000 principal amount, equating to a conversion price of approximately $113.54 per share, representing a 25% premium over the last reported sale price [2][3]. - An option for initial purchasers to buy an additional $200 million in Convertible Notes is available within 13 days of issuance [1]. Group 2: Use of Proceeds - Southern Company estimates net proceeds of approximately $1.44 billion, or $1.63 billion if the additional option is fully exercised, which will primarily be used to repurchase existing Convertible Notes and for general corporate purposes [4]. - Approximately $1.25 billion of the net proceeds will be allocated to repurchase about $781.6 million of Series 2023A Convertible Notes and $328.1 million of Series 2024A Convertible Notes [4]. Group 3: Repurchase Transactions - The company has entered into privately negotiated transactions to repurchase portions of the Existing Convertible Notes, with terms dependent on various market factors [5]. - There is an expectation that holders of the Existing Convertible Notes may engage in derivative transactions or stock trades to hedge their exposure related to these repurchase transactions [6][7].

Core Viewpoint - Southwest Gas Holdings, Inc. is initiating a secondary public offering of 9,000,000 shares of Centuri Holdings, Inc. common stock, with an option for underwriters to purchase an additional 1,350,000 shares [1][2] Group 1: Offering Details - The offering includes 9,000,000 existing shares of Centuri's common stock, with a potential additional purchase option for underwriters [1] - Icahn Partners and Icahn Partners Master Fund LP will concurrently purchase $50 million in shares from Southwest Gas Holdings at the offering price [2] - The shares are being offered under an effective shelf registration statement filed with the SEC, and a preliminary prospectus supplement will be available [3] Group 2: Company Background - Southwest Gas Holdings operates through its subsidiary, Southwest Gas Corporation, providing natural gas services to over 2 million customers in Arizona, Nevada, and California [5] - Centuri Holdings, Inc. is a utility infrastructure services company that collaborates with regulated utilities to maintain energy networks across the U.S. and Canada [6]

COLUMBUS, Ohio, May 20, 2025 /PRNewswire/ -- American Electric Power (Nasdaq: AEP) has named Douglas A. Cannon president of AEP Transmission, effective June 11. Cannon will report to Bill Fehrman, AEP president and chief executive officer.In this role, he will lead all aspects of AEP's transmission business, including planning, projects, engineering, operations and growth. Cannon currently serves as the president and chief executive officer of NV Energy and is responsible for all aspects of service to its 1 ...

Company Overview - Cadiz, Inc. is a California water solutions company founded in 1983, focused on providing access to clean, reliable, and affordable water through a combination of water supply, storage, pipeline, and treatment solutions [3] - The company manages 45,000 acres of land in California and has a water supply capacity of 2.5 million acre-feet, along with 220 miles of pipeline assets [3] - Cadiz utilizes the most cost-effective water treatment filtration technology in the industry to address the impacts of climate change on clean water access [3] Recent Events - Cadiz, Inc. will participate in the B. Riley Securities 25th Annual Investor Conference on May 21-22, 2025, at the Ritz-Carlton, Marina Del Rey, California [1] - Management will engage in one-on-one meetings with investors throughout the day on May 21 [1] - An updated investor presentation will be available on the company's investor website following the conference [2]

Andrew Walters Image of Andrew F. Walters SAN JOSE, Calif., May 20, 2025 (GLOBE NEWSWIRE) -- H2O America (NASDAQ:HTO) announces the appointment of Andrew F. Walters, Chief Financial Officer of H2O America, to its Board of Directors, effective July 1, 2025. Walters will serve as a director, bringing a wealth of expertise, strategic leadership, and focus on an employee-first culture to the role. Following Walters’ appointment, the board will consist of ten directors. "I am honored to join the board of H2O ...

The Southern Company (SO) , via one of its affiliates, Georgia Power Company, recently announced a proposed settlement with the Georgia Public Service Commission (PSC) Public Interest Advocacy Staff. The agreement recommends extending the current alternate rate plan through Dec. 31, 2028, maintaining rate stability for Georgia Power customers for three additional years.This settlement is still pending approval from the Georgia PSC, with a final decision expected by July 1, 2025. If rejected, Georgia Power m ...

Monroy, 46, joined the company in 2003 and has most recently served as Vice President of PNM Regulatory. He has an extensive background in accounting and finance, having previously served as the company's Vice President and Corporate Controller from 2020 until 2023, as well numerous leadership positions with the company's accounting, revenue and budget functions. Monroy graduated from New Mexico State University with a bachelor's degree in accounting and is a Certified Public Accountant in the State of New ...