In 2015, many utilities reported negative sales growth due to unfavorable weather in the US. Eversource posted a nearly 11% revenue fall compared to 2014.
ITC (ITC) was trading at ~$33 per share before the press reported it was in talks for a sale. If the deal breaks, will ITC’s share price return to its former level?
Fortis (FRTSF) is buying ITC (ITC) in the largest Canadian purchase of a US utility. Fortis intends to sell a 19% stake in order to help finance the transaction.
On February 9, 2016, Fortis and ITC announced a merger. Fortis is buying ITC in a $6.6 billion deal. Including debt, the deal’s value is $11.2 billion.
The ALPS Kotak India Growth Fund (INDAX) intends to invest at least 80% of its net assets directly or indirectly in equity and equity linked securities of Indian companies.
Of the 41 utilities stocks we track, 30 gained during the week ended July 17. A positive Greek deal cheered markets globally, and dovish comments by the Fed pushed mid-to-long-term bond yields down.
