Aggressive Income Feature
Enel SpA: Bringing Renewable Energy to Emerging Markets
By
Roger S. Conrad on
Mar. 10, 2019
It’s been nearly a dozen years since Italy’s Enel SpA (Italy: ENEL, OTC: ENLAY) acquired a majority stake in Spain’s Endesa SA (Spain: ELE)—and immediately became the largest holder of electricity assets in South America as well. That was thanks to a much earlier merger between Endesa and the former Enersis of Chile, which had built a collection of assets across several countries most importantly Brazil.
NTT: Tomorrow’s Telecom for a 20th Century Price
By
Roger S. Conrad on
Feb. 11, 2019
When the Japanese government called for a big cut in wireless rates last year, NTT DoCoMo (Tokyo: 9437, OTC: DCMYY) was first to respond. Investors immediately assumed the worst, selling off its shares as well as those of its parent and 56.52 percent owner Nippon Telegraph & Telephone (Tokyo: 9432, OTC: NTTYY).
AGL Energy: Staying the Course to Long-Term Dominance
By
Roger S. Conrad on
Jan. 14, 2019
Utilities that go to war with regulators should normally be avoided. The exception this year is Australia’s dominant electric company AGL Energy (ASX: AGL, OTC: AGLXY).
The country holds national elections this year. By every poll, the opposition Labor Party is headed for a potentially big win. And in response, the ruling Liberal/National Party coalition has turned to utility bashing to score political points.
ONEOK Inc: High Growth Midstream in the Sweet Spot
By
Roger S. Conrad on
Dec. 10, 2018
In little more than a decade, shale-drilling technology has converted the US to a net exporter of energy. And frac water recycling, more efficient proppants and use of information technology continue to drive down costs, increasing industry staying power.
Atlantica Yield: Delivering on Dividends and Growth
By
Roger S. Conrad on
Nov. 11, 2018
The essential element of every successful yieldco is a deep-pocketed and motivated sponsor. Atlantica Yield (NYSE: AY) definitely has one in Algonquin Power & Utilities (TSX: AQN, NYSE: AQN), the financially strong North American utility that’s also a seasoned contract power project developer.
Another Chance to Buy MDU Resources
By
Roger S. Conrad on
Oct. 9, 2018
Earlier this year, Aggressive Holding MDU Resources (NYSE: MDU) briefly slipped under our buy target: An overblown response to concern about company guidance, coupled with a general selloff in utilities and energy stocks. Unwarranted concerns about interest rates are a likely catalyst for the stock’s slide since early September.
New Holding with a Fresh Start
By
Roger S. Conrad on
Sep. 9, 2018
Behind every successful yieldco is a deep-pocketed and motivated sponsor. Now NRG Yield (NYSE: NYLD) has one in privately held Global Infrastructure Partners (GIP).
On August 31, GIP closed its acquisition of NRG Energy’s (NYSE: NRG) ownership interest in the yieldco, changing its name to Clearway Energy Inc. Beginning September 17, 2018, the NYSE symbol for the shares will automatically switch to CWEN. NYLD “A” shares will trade as CWEN.A.
Return to Dividend Growth on Track
By
Roger S. Conrad on
Aug. 11, 2018
Back in February, Hannon Armstrong Sustainable Infrastructure (NYSE: HASI) announced it wouldn’t raise its dividend this year. We didn’t like the freeze but agreed with management’s desire to instead build coverage and fund growth, while absorbing the expense of converting then-hefty variable rate debt to fixed rates.
Telefonica: Deep Value Returning to Growth
By
Roger S. Conrad on
Jul. 3, 2018
Shares of Aggressive Holding Telefonica SA (Spain: TEF, NYSE: TEF) have been hit this year by a weakened Euro/US dollar exchange rate and concern about the health of emerging markets. The company garners roughly half its revenue from South America, including Brazil.
De-Risked Kinder Morgan Is Ripe for Purchase
By
Roger S. Conrad on
Jun. 11, 2018
Successful big pipeline projects move the profit meter in the energy midstream business. But when they go wrong, they can quickly diminish a developer’s growth and financial health.
That was the growing risk to Kinder Morgan Inc (NYSE: KMI) before it sold its Trans Mountain pipeline and expansion project to the Canadian government. Now management has CAD6.4 billion in saved capital expenditures as well as CAD4.5 billion in sales proceeds to invest in a wide range of potential projects. And that’s in addition to $12.7 billion of backlog already in development, targeted to produce $1.7 billion of additional EBITDA by 2021.
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