Unitil Unveils $1.2B Capex Plan, Record Earnings, and 5.6% Dividend Hike
UTL is trading near its 52-week low of $44.608 (12% above the low).
Summary
Unitil presented at the AGA Financial Forum, detailing record net income of $50.2 million and adjusted EPS of $3.16, alongside a 5.6% dividend increase to $1.90. The company also confirmed the closing of the Bangor Natural Gas and Maine Natural Gas acquisitions. Most significantly, Unitil outlined a substantial $1.2 billion five-year capital investment plan, which is expected to support 6.5%-8.5% rate base growth and 5%-7% long-term EPS growth. This comprehensive update provides new, forward-looking financial details beyond the Q1 earnings reported on May 4th. The $1.2 billion capital plan is highly material, representing over 130% of the company's current market capitalization, signaling significant future investment and potential for sustained growth. Investors will closely watch the execution of this capital plan and the outcomes of the ongoing rate cases in New Hampshire and Maine.
At the time of this announcement, UTL was trading at $50.16 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $902.4M. The 52-week trading range was $44.61 to $55.34. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Wiseek News.