|Bid||2,615.00 x 0|
|Ask||2,617.00 x 0|
|Day's Range||2,593.00 - 2,625.00|
|52 Week Range||1,891.00 - 2,642.00|
|Beta (5Y Monthly)||0.38|
|PE Ratio (TTM)||20.93|
|Forward Dividend & Yield||0.96 (3.73%)|
|Ex-Dividend Date||Nov 28, 2019|
|1y Target Est||N/A|
Moody's Investors Service (Moody's) has today downgraded to Baa1 from A3 the issuer rating of Severn Trent Water Limited (Severn Trent Water) as well as the senior unsecured debt ratings of Severn Trent Water Utilities Finance Plc, whose issuance is guaranteed by Severn Trent Water.
Moody's Investors Service (Moody's) has today placed on review for downgrade the A3 issuer rating of Severn Trent Water Limited, the A3 senior unsecured debt ratings of Severn Trent Water Utilities Finance Plc, whose issuance is guaranteed by Severn Trent Water, and the Baa1 issuer and senior unsecured debt ratings of Severn Trent Plc. The P-2 short-term ratings are unaffected. The determination includes a significant cut in allowed returns which, in conjunction with challenging performance targets, will weigh on Severn Trent Water's credit quality. Today's rating actions take into account (1) Severn Trent Water's exposure to a significant cut in allowed wholesale returns to ca.
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Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Severn Trent Plc and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
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The company said it would appoint Ian Marchant as executive chairman while it looked for a new CEO. "It was felt this was the right time for new leadership to take on the operational and delivery challenges for the next regulatory period (2020-25)," a spokesman for Thames Water said in an emailed statement. Robertson, who was appointed in September 2016, was previously chief executive at telecoms services companies Truphone and BT Openreach.
British utility stocks are trading at a growing discount to euro zone peers as investors fear the country's deepening political crisis could trigger a general election that ushers in renationalisation of the industry, worth $76 billion (£59.9 billion). The opposition Labour Party has said it wants to nationalise energy and water infrastructure if it can oust Prime Minister Theresa May's Conservatives from power, reversing decades of pro-privatisation policies. Simon Webber, lead portfolio manager on the global and international equities team at Schroders said those fears were "another overhang" for utilities, already subject to a discount like other UK assets because of Brexit uncertainty.
Britain's opposition Labour Party wants to nationalise energy and water infrastructure if it can oust Prime Minister Theresa May's ruling Conservatives from power, reversing decades of pro-privatisation public policy. Despite a national election not being due until 2022, the prospect of nationalisation is worrying investors. Analysts have valued the regulated asset values of water and energy networks potentially facing nationalisation at around 125 billion pounds.
Although a UK election is not due until 2022, and opinion polls show the main opposition party falling far short of a majority, Labour laid out plans this month to offer shareholders around half the current market value of the country's utilities under a future re-nationalisation. The head of Britain's National Grid has already criticised Labour's plans to renationalise energy networks, warning of high costs to taxpayers and a slower transition to green energy. The proposals have knocked around 5% off the value of shares in Severn Trent and other water suppliers.