AGL Resources Inc

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  • uploads///EPS Forecast
    Company & Industry Overviews

    Will High Leverage and Coal Dependence Affect Southern Company?

    Southern Company (SO) is one of the leading utility companies (XLU) in the US. The company has a history of stable performance.

    By Pearl Adams
  • uploads///GAS SO downside
    Miscellaneous

    What’s the Downside if the AGL Resources Deal Breaks?

    AGL Resources (GAS) could sue Southern Company and demand specific performance. In other words, GAS could have a judge force SO to do the deal.

    By Brent Nyitray, CFA, MBA
  • uploads///FF
    Macroeconomic Analysis

    SPY Rose as Federal Reserve’s Rate Hike Met Market Expectations

    Except for the energy sector and the material sector, all the component sectors of SPY rose on the release of the FOMC statement about its rate hike decision.

    By Renee Blakely
  • uploads///GAS SO comps
    Miscellaneous

    AGL Resources: Could Southern Co Be Stopped by a Bidding War?

    There have been several precedents similar to the AGL Resources deal. In this transaction, Southern Company is paying about 2.7x trailing 12-month revenues and 10x trailing 12-month EBITDA.

    By Brent Nyitray, CFA, MBA
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    Company & Industry Overviews

    Why Does Duke Energy Concentrate on Regulated Operations?

    Duke Energy carries out its operations in three business segments. The segments are regulated utilities, international energy, and commercial power.

    By Vineet Kulkarni
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    Earnings Report

    Utilities Get Off to a Good Start this Year, Gained in January

    After a lackluster performance in 2015, utilities have started off better this year. Conservative investors have turned back to safe-haven utilities after considering the volatility in global markets.

    By Vineet Kulkarni
  • Energy & Utilities

    Must-know: Are natural gas vehicles the future of US transport?

    While the main advantages of natural gas as a transportation fuel would be the low cost and clean-burning qualities—environmental concerns are leading the way to switching to eco-friendly cars—the increasing distribution infrastructure could actually accelerate this trend.

    By Alex Chamberlin
  • Energy & Utilities

    Must-know: Gas versus gasoline

    Natural gas consumption has increased by only 16% from 2004–2013. According to the U.S. Energy Information Administration (or EIA) Annual Energy Outlook 2014, natural gas consumption will grow 23% from 2012–2040—25.6 trillion cubic feet (or Tcf) in 2012 to 31.6 Tcf in 2040.

    By Alex Chamberlin
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    Company & Industry Overviews

    Why Texas and Florida Could Add the Majority of Gas Capacities through 2018

    According to the EIA, 18.7 gigawatts of new natural gas capacity will come into service in the next three years in the Mid-Atlantic, Florida, and Texas.

    By Vineet Kulkarni
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    Earnings Report

    Duke Energy: Will the Latin American Arm Be a Drag Again in 1Q16?

    Duke Energy (DUK) estimates that its regulatory return on equity could meet or exceed its 2015 levels of nearly 10% in all its operational states.

    By Vineet Kulkarni
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    Earnings Report

    Weather, Kemper Plant Turn a Thorn for Southern Company in 1Q16

    Higher temperatures during 1Q16 marred Southern Company’s (SO) top line, which was partially offset by lower operating and maintenance expenses.

    By Vineet Kulkarni
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    Earnings Report

    Southern Company Is Set to Report Its 1Q16 Results on April 27

    Southern Company (SO), one of the biggest utilities in North America, is set to report its 1Q16 earnings on April 27, 2016.

    By Vineet Kulkarni
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    Earnings Report

    Southern Company: Market Performance and Dividend Expectations

    With AGL Resources’ (GAS) acquisition, Southern Company’s regulated revenues are expected to increase.

    By Vineet Kulkarni
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    Company & Industry Overviews

    SO Is Well-Situated for Higher Dividends in the Near Future

    Southern Company has a strong dividend payment history, and it has reported more than 67 years of consecutive quarterly payments of dividends.

    By Vineet Kulkarni
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    Earnings Report

    Analyzing Southern Company’s Debt Profile and Spending Plan

    As of September 30, 2015, Southern Company had a total debt of $27 billion, against equity of $20.6 billion.

    By Vineet Kulkarni
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    Earnings Report

    Southern Company Likely to Meet Fiscal 2015 Guidance

    Southern Company (SO) is set to report its quarterly earnings for the period ended December 31, 2015, on February 3, 2016.

    By Vineet Kulkarni
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    Company & Industry Overviews

    Southern Company: Analyzing Trends in Cash Flow from Operations

    Despite a near-zero demand growth in the electric business, Southern Company (SO) has maintained fair growth in its cash flow from operations.

    By Vineet Kulkarni
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    Company & Industry Overviews

    SO Will Be the Second-Largest Utility with AGL Resources

    After its acquisition of AGL Resources, SO is expected to serve nine-million customers collectively, making it the second-largest utility by customer base.

    By Vineet Kulkarni
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    Company & Industry Overviews

    Southern Company Focuses on Expanding Its Generation Assets

    Southern Company is planning to spend approximately $13 billion in the next two years as part of its expansion strategy.

    By Vineet Kulkarni
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    Company & Industry Overviews

    Understanding Dominion Resources’ Corporate Structure

    Dominion Resources engages in all stages of the energy value chain, including power generation, transmission, and distribution.

    By Vineet Kulkarni
  • uploads///cnp pbv
    Earnings Report

    CenterPoint Energy’s Performance against Its Peers and ETFs

    CenterPoint Energy is ahead of most of its ETFs based on PBV ratio. The PBV ratios of CenterPoint Energy, RYU, FXU, and SPHD are 1.8x, 1.5x, 1.4x, and 2.2x, respectively.

    By Gabriel Kane
  • uploads///Part  SOAGL
    Miscellaneous

    How Is Southern Company Bracing for the Clean Power Plan?

    On August 24, 2015, Southern Company (SO) agreed to acquire AGL Resources (GAS) for $8 billion in cash. The deal is valued at $12 billion.

    By Mike Sonnenberg
  • uploads///Stock Performance
    Company & Industry Overviews

    Why Southern Company’s Stock Fell 15% in 1H15

    In 1Q15, Southern Company’s (SO) stock fell 10% mainly due to concerns that the Fed will increase the interest rates. The stock also fell by 6.10% in 2Q15.

    By Pearl Adams
  • uploads///PArt
    Miscellaneous

    Second Building Block: It’s All About Natural Gas

    The shale gas boom since the mid-2000s made natural gas a formidable competing fuel for coal. It accounted for over half of the electricity generation in the US.

    By Mike Sonnenberg
  • uploads///Chart
    Macroeconomic Analysis

    How Has DVY’s Portfolio Performed?

    The top five holdings of the iShares Select Dividend ETF (DVY) represent 13% of its total portfolio.

    By Ivan Kading
  • uploads///GAS SO geograpy
    Miscellaneous

    Parsing the AGL-Southern Material Adverse Effect Clause: Part 2

    Be careful with the disproportionate effect clause in the AGL-Southern merger agreement. If a terrorist organization blows up an AGL gas pipeline, that would be an MAE.

    By Brent Nyitray, CFA, MBA
  • uploads///GAS SO quick facts
    Miscellaneous

    Parsing the AGL-Southern Material Adverse Effect Clause: Part 3

    The MAE clause lays out the conditions under which Southern Company (SO) can back out of its deal with AGL Resources (AGL). For example, an unusually warm winter or cool summer that depresses demand is not an MAE.

    By Brent Nyitray, CFA, MBA
  • uploads///GAS SO combined company
    Miscellaneous

    Parsing the AGL-Southern Material Adverse Effect Clause: Part 1

    In the merger deal between AGL Resources (GAS) and The Southern Company (SO), the MAE clause lays out the circumstances under which Southern can back out of its deal with AGL Resources.

    By Brent Nyitray, CFA, MBA
  • uploads///GAS SO SO basics
    Miscellaneous

    The Southern Company, an Electric Utility Holding Company

    The Southern Company (SO) is a utility holding company that holds all the outstanding stock of Alabama Power, Georgia Power, Gulf Power, Mississippi Power, and Southern Power Company.

    By Brent Nyitray, CFA, MBA
  • uploads///GAS SO summary
    Miscellaneous

    Is the AGL Resources Deal with Southern Company Worth Your Time?

    With the merger between AGL Resources (GAS) and Southern Company (SO), you’re getting about an 8.8% annualized yield. That’s probably a reflection of the turmoil in the equity markets.

    By Brent Nyitray, CFA, MBA
  • uploads///GAS SO transaction overview
    Miscellaneous

    AGL Resources Purchase: Conditions Southern Company Must Meet

    If a bidder happens to come in and top the Southern Company bid, AGL Resources will owe Southern Company a breakup fee of $201 million.

    By Brent Nyitray, CFA, MBA
  • uploads///GAS SO GAS basics
    Miscellaneous

    AGL Resources: Natural Gas Is Its Core Business

    AGL Resources (GAS) is an energy company that’s primarily involved in the distribution of natural gas. It launched two joint ventures last fall.

    By Brent Nyitray, CFA, MBA
  • uploads///GAS SO geograpy
    Miscellaneous

    Why Southern Company Is Buying AGL Resources

    By purchasing AGL Resources (GAS), Southern will get access to some important pipelines, especially some that come from the Marcellus Shale region.

    By Brent Nyitray, CFA, MBA
  • uploads///P MidCo
    Macroeconomic Analysis

    Mid-April Midstream Movers: BreitBurn Energy and AGL Resources

    For our analysis of midstream movers, we’ve selected only midstream companies with market capitalizations of over $1 billion and 30-day average daily volumes over 500,000 shares.

    By Manas Chowgule, CFA
  • uploads///Asset Map
    Company & Industry Overviews

    An overview of Spectra Energy

    Spectra Energy is a Texas-based midstream energy company that deals in natural gas gathering and processing, transmission and storage, and distribution.

    By Alex Chamberlin
  • Energy & Utilities

    AGL Resources and Atmos Energy’s operations and financials

    In 2013, revenues increased by ~18% after spiking up by ~68% in 2012—the most remarkable improvement in the company’s segment results came from the residential sales in which sales nearly doubled in 2012.

    By Alex Chamberlin
  • Energy & Utilities

    Overview: Clean Energy Fuels Corp’s operations and financials

    As of December 31, 2013, CLNE served ~779 fleet customers operating ~35,240 natural gas vehicles—it also owns and operates 471 natural gas fueling stations.

    By Alex Chamberlin
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