Hi Sam. I'd like to throw out EGAS, a gas utility on a pullback here with the announcement of a public offering. Haven't seen a price yet.
Monthly dividend payer. Book value $9+. Stock under $11. Current yield 4.9%.
"Energy, Inc. Announces Filing of Registration Statement for Public Offering of Common Stock
5:08p ET June 29, 2010 (PR NewsWire)
Energy, Inc. (NYSE Amex: EGAS) (the "Company"), a natural gas utility company serving approximately 62,000 customers in six states, announced today that is has filed a registration statement on Form S-1 with the Securities and Exchange Commission relating to the public offering of up to 2,500,000 shares of its common stock, of which 1,500,000 shares will be sold by the Company and up to 1,000,000 shares will be sold by Energy, Inc.'s Chairman of the Board and Chief Executive Officer, Richard M. Osborne. The Company also intends to grant the underwriters a 30-day option to purchase up to an additional 375,000 shares of common stock to cover over-allotments, if any.
The Company intends to use the net proceeds from the shares sold by the Company to expand its distribution systems as well as for working capital and general corporate purposes. The Company will not receive any proceeds from the sale of shares by Mr. Osborne."
Last I saw Osborne owned 2.5 million shares.
Mentioned in this Seeking Alpha article:
seekingalpha.com
Looks to me like their recent acquisitions have gone well:
Energy, Inc. Reports 86.6% Increase in Net Income for First Quarter of 2010
6:55a ET May 17, 2010 (PR NewsWire)
Energy, Inc. (NYSE Amex: EGAS), a natural gas utility company serving approximately 62,000 customers in six states, today reported financial results for the first quarter ended March 31, 2010. Reported results include the acquisitions of the parent companies of Orwell Natural Gas Company and Northeast Ohio Natural Gas Corp. (NEO), and Brainard Gas Corp., as well as Great Plains Land Development, LTD. (GPL), which Energy, Inc. completed on January 5, 2010.
First Quarter 2010 Consolidated Financial Results
Consolidated net income for the first quarter was $3.7 million, or $0.61 per diluted share, compared with net income of $2.0 million, or $0.46 per diluted share, for the same period in 2009. Earnings growth was driven by strengthened operating performance and customer additions in the Company's utilities in Maine and North Carolina combined with the acquisition of the Ohio utilities. Net income improved to 10.5% of operating revenues in the 2010 first quarter from 6.3% in the same period the prior year.
Operating income was $6.3 million for the 2010 first quarter, up $2.8 million, or 78%. Approximately $2.3 million of the increase was related to the Ohio utilities acquisition.
Richard M. Osborne, Energy, Inc.'s chairman and chief executive officer, commented, "The results reflect our success at generating improved returns in our organic operations, expanding our customer base and the completion of the acquisition of the Ohio utilities. We believe we can continue to expand our earnings power and grow our customer base by focusing on earning fair returns in our utility operations, allocating our capital where we can capture the best returns and continuing to selectively acquire utilities that would benefit from our operational strength." |
