|Bid||73.38 x 0|
|Ask||73.40 x 0|
|Day's range||71.58 - 73.56|
|52-week range||63.99 - 156.65|
|Beta (3Y monthly)||0.26|
|PE ratio (TTM)||N/A|
|Earnings date||30 Jul 2019|
|Forward dividend & yield||0.10 (13.88%)|
|1y target est||153.87|
Energy group Centrica and Stadtwerke Muenchen (SWM) Group have launched the sale of Spirit Energy, one of the North Sea's biggest oil and gas producers, according to a document sent to prospective buyers seen by Reuters. Spirit Energy currently produces around 130,000 barrels of oil equivalent per day (boed) which is set to taper off to around 100,000 boed by 2025, although it also comes with 270 million boe in so-called 2P reserves, the document showed. Such yet-to-be-exploited barrels can be attractive to some of the private-equity backed firms that have bought aging North Sea assets from oil majors in recent years, looking for future growth ahead of a potential stock market listing or sale.
This FTSE 100's dividend stock's yield might look attractive, but the shares could fall further and a dividend cut looks to be on the horizon, says Rupert Hargreaves
The UK's Competition and Markets Authority (CMA) said on Thursday it would investigate whether OVO Energy's 500 million pound ($646 million) deal to buy power company SSE's retail arm will lessen competition in the sector. The deal if approved would create the country's second- largest energy supplier with around 5 million household customers, behind Centrica's British Gas. "We have long believed that a dedicated, focused and independent retailer will ultimately best serve customers, employees and other stakeholders," Alistair Phillips-Davies, SSE chief executive, said via email.
(Bloomberg) -- Centrica Plc has picked Goldman Sachs Group Inc. to advise on the potential sale of its controlling stake in exploration and production unit Spirit Energy, people familiar with the matter said.A deal could value the business at more than $2 billion, one of the people said, asking not to be identified because the information is private.Centrica is pursuing a sale of its stake in Spirit as the U.K. utility seeks to recover from a tumultous five-year period under CEO Iain Conn where it lost more than two-thirds of its value and shed millions of customers. It owns 69% of Spirit, while the remaining stake is owned by Bayerngas Norge’s former shareholders, according to the company’s website.Spirit was formed in 2017 after Centrica and Bayerngas Norge AS combined their upstream oil and gas units. The unit produces about 50 million barrels of oil equivalent a year and has an estimated 600 million barrels of resources and reserves across the U.K., Norway, the Netherlands and Denmark. Accounting firm KPMG is also working with Centrica on audit work for the transaction, according to one of the people. Representatives for Centrica and Goldman Sachs declined to comment, while a spokesman for Spirit said the company will “support the sales process as appropriate.” A representative for KPMG didn’t immediately respond to a request for comment.\--With assistance from Laura Hurst.To contact the reporters on this story: Dinesh Nair in London at firstname.lastname@example.org;Kelly Gilblom in London at email@example.comTo contact the editors responsible for this story: Ben Scent at firstname.lastname@example.org, ;James Herron at email@example.com, Rakteem KatakeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A British employers' group criticised on Monday what it said would be the "beyond eye-watering" cost of the opposition Labour Party's plans to return utilities, train companies and the Royal Mail to public ownership. The Labour Party has moved sharply to the left under its leader Jeremy Corbyn, and although it lags the ruling Conservatives in opinion polls, Brexit turmoil and the likelihood of an early election could see it take power. The Confederation of British Industry said Labour's plans would have an upfront cost of 196 billion pounds ($249 billion), assuming Labour paid the full market value of companies involved - similar to a 176 billion-pound estimate made last year by the pro-privatisation Centre for Policy Studies think tank.
A sharp recovery in London's FTSE 100 led by oil majors BP and Shell on Friday was not enough to stop the index from recording its worst weekly performance in nearly a year amid fears of an economic slowdown and risk of recession. The UK-oriented FTSE 250 climbed 0.7%, led by gains in power generator Drax after sources told Reuters the European Commission was set to approve Britain's roughly one billion pound power backup plan.
Profits from supplying gas and electricity at Britain’s big six energy firms sank by a combined 35 percent last year as they continued to lose customers to smaller rivals, a report by energy market regulator Ofgem said on Thursday. Britain’s so-called 'Big Six' energy suppliers - Centrica's British Gas, E.ON, SSE, EDF's EDF Energy, Innogy's npower and Iberdrola's Scottish Power - have faced competition from more than 60 smaller firms, often offering cheaper prices. In its annual state of the market report, Ofgem said the six companies had lost around 1.3 million customers and they served just above 70% of domestic customers as of June this year, down from around 75% in June last year.
LONDON, Sept. 17, 2019 /PRNewswire/ -- The public sector could unlock more than £375m in cost savings every year by adopting modern energy technology, according to new research released by Centrica Business Solutions today. The saving, which amounts to over £5.6bn over a typical 15 year energy contract, is identified in a new study that aims to assess the economic opportunity of the healthcare, universities and defence estate adopting green technology such as solar panels and combined heat and power units. The Powering Britain's Public Sector report found that if just half of public sector organisations within these three sectors updated their energy infrastructure, they would reduce emissions by eight per cent and save 660,000 tonnes of carbon each year - the equivalent of taking over 435,000 cars off the road.
Dalmore, Equitix and GLIL Infrastructure are looking to acquire about 20% of the business, the report said. EDF Energy and Centrica would sell 10% of the EDF Generation business, Sky reported, adding that JP Morgan has been tasked with finding investors to acquire more shares of the French state-owned utility and Centrica's remaining stake.
Relative newcomer OVO Energy is set to become one of Britain's Big Six energy suppliers after striking a 500 million pound ($622.65 million) deal to buy SSE's retail arm, announced on Friday. The 10-year old independent company has flourished in a market which has seen more than ten small energy suppliers collapse over the past year, hurt by fierce competition and a regulator-imposed cap on prices. "Our focus was always to deliver cheaper, greener, simpler energy and provide good service for customers," OVO Chief Executive and founder Stephen Fitzpatrick said in an interview.
Marks & Spencer shares fell on Monday on expectations the 135-year old retailer will be relegated from London's FTSE 100 index blue-chip stock market for the first time and a "sell" rating from Goldman Sachs. Removal from the blue chip index in its quarterly review would be another blow for Archie Norman, who became M&S chairman two years ago to work alongside Steve Rowe, who was named CEO in 2016 and has been with the company for three decades.
North Sea oil and gas producer Siccar Point is wooing potential buyers of its assets with just under 600 million barrels of oil equivalent (boe) of discovered resources and a $2 billion tax incentive in Britain, a sale document showed. Siccar Point, headed by a former Centrica executive and backed by private equity firm Blue Water Energy and Blackstone, sees its output reaching about 80,000 boe per day (boed) by about 2027, the sale document showed. Siccar Point closed the acquisition of OMV's British North Sea portfolio for $870 million in 2017.
Spirit Energy's remaining shareholders are looking to join majority owner Centrica in exiting the North Sea oil and gas business worth more than 1.5 billion pounds, four financial sources said. Centrica , which also owns Britain's largest energy supplier British Gas, said in July it was preparing to sell its 69% stake in Spirit Energy to focus on consumer energy services as part of its move away from fossil fuels. The UK utility will now also run the sale on behalf of the other owners, led by Bayerngas GmbH and Munich's municipal utilities company Stadtwerke München, as these make a u-turn on their interest in oil and gas exploration and production, one of the sources said.