Pennon Group PLC Depositary Receipt (PEGRY)
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Pennon bags upgrade as RBC flags return of water sector certainty
Pennon Group PLC has been granted an upgrade by RBC analysts on signs of growing regulatory certainty and stronger earnings across the sector ahead. Return on retained earnings was forecast to average 8% to 9% among listed names over the coming AMP8 regulatory period from 2025 and 2030, analysts said in a note.
Pennon taps shareholders for £490m as water bills go up
South West Water owner Pennon Group PLC (LSE:PNN, OTC:PEGRY) is tapping shareholders for £490 million in additional cash while at the same time raising bills and promising to pay out more in dividends. Pennon also said it had agreed to a new five-year price regime laid down by regulator Ofwat last year that will see £3.2 billion invested in infrastructure to improve South West's dire record on sewage spillages.
Water shares celebrate as Ofwat eases back on price controls
Shares in the listed water companies were among the few risers on a tough day for London's blue chips as investors decided they had got off lightly in Ofwat's final price and investment determinations for the next five years. Pennon Group PLC (LSE:PNN, OTC:PEGRY), the owner of South West Water, was up 3.3%, Severn Trent by 1.8% and United Utilities by 1.1%.
Water companies expect easing of prices and returns from Ofwat
UK water companies will hear from the industry regulator next Thursday, 19 December, what level of pricing and returns they will be allowed for the next five years. Investors will first look for the levels of allowed returns, with Ofwat's draft determination in July proposing an allowed cost of debt of 2.8%, an allowed cost of equity of 4.8%, and an overall weighted average cost of capital (WACC) of 3.7%.
South West Water owner Pennon owner up 4% despite deep loss
FTSE 250-listed water firm Pennon Group PLC (LSE:PNN, OTC:PEGRY), which owns Devon and Cornwall supplier South West Water, is up 4% despite detailing an £18.6 million underlying loss before tax in the six months to 30 September. The loss is in sharp contrast to the £9.1 million underlying profit penned in last year's interim.
United Utilities higher after upgrade; Pennon rating cut
Shares in United Utilities Group PLC (LSE:UU.) were higher after RBC Capital shifted its preference in the UK water sector, upgrading the stock to “outperform”.
Pennon sets aside £16mln for Brixham water incident
South West Water-owner Pennon Group PLC (LSE:PNN, OTC:PEGRY) has set aside £16 million to address the cryptosporidium water quality incident that occurred in Brixham over the summer. The funds are intended to cover enhanced customer compensation, the provision of bottled water over an eight-week period and a series of interventions aimed at resolving the issue.
Pennon next in firing line over sewage discharges, suggests UBS
Pennon Group PLC's (LSE:PNN, OTC:PEGRY) trading statement will be overshadowed by the ongoing row over sewage discharges. “The storm overflow investigation on Thames Water/Yorkshire Water/Northumbrian Water has been released in August, and we think the outcome for Pennon could be the next,” said UBS.
Severn Trent, Pennon and other water utilities surge as government offers olive branch
Shares in water companies on the FTSE 350 rose on Thursday as bosses from the industry assembled to hear a friendlier than expected speech from new environment minister Steve Reed. Leaked headlines overnight revealed the government is proposing new laws to combat pollution that could see directors banned from receiving bonuses and even sent to prison.
Pennon warns non-payers are rising after Brixham incident
Pennon Group PLC (LSE:PNN, OTC:PEGRY) has warned it is seeing a rise in bill strikes or customers refusing to pay due to anger at levels of sewage dumping and river and sea pollution. The South West Water owner said in a bond prospectus that while it was not having a material impact on profits yet, it had noted a growing number of people withholding payments.
Thames Water teeters as debt downgrade to 'junk' by rating agency Moody's
Thames Water's credit rating has been double-downgraded by credit agency Moody's to 'junk' status, which raises the prospect of that the water company could breach the terms of its operating licence. With a £16.5 billion debt mountain to service, the move piles further pressure on the utility company, which was one of the four water firms cited yesterday by the UK Environment Agency for being responsible for over 90% of serious pollution incidents in the past year, Moody's lowered its rating two notches to Ba2, which is below investment grade, due to the water company's “weakening liquidity position” and the potential for debt covenants to be breached.
Pennon Group CFO steps down in wake of U.K. water company's contamination scandal
Pennon Group on Thursday said its chief financial officer, Steve Buck, will be stepping down after less than eight months in his position at the troubled British water company that in May apologized for infecting dozens of its customers with parasites.
