Tag Archives: TECO Energy
Three Journal entries in one day! I hope I’m not giving you eyestrain. The reason for this final message: today’s downbeat earnings report from TECO Energy (NYSE: TE), one of our model portfolio utilities. Until now, it looked as if TE’s recovery plan was progressing more or less on schedule.
TECO Energy (NYSE: TE) has taken the knife to its dividend, as I speculated might happen in the March 28 Journal. The new rate will amount to 76 cents per share annually, down almost half from the old rate of $1.42.
After the close yesterday, TECO Energy (NYSE: TE) announced it has received $33 million of cash from the sale of its power-generating assets in the Czech Republic. This is another small milestone in the Florida utility’s efforts to shore up its finances by raising cash and cutting capital expenditures. Apparently, TE has several more such transactions in the works.
Shares of TECO Energy (NYSE: TE) fell to a new 52-week low today on word that Moody’s is reviewing the Florida utility’s credit rating with an eye to a possible downgrade. My guess is that Moody’s won’t take TE’s ratings down more than a single notch (from Baa2 at present).