|Bid||0.00 x 3000|
|Ask||0.00 x 1000|
|Day's Range||24.05 - 24.42|
|52 Week Range||20.83 - 27.86|
|Beta (3Y Monthly)||0.59|
|PE Ratio (TTM)||17.34|
|Earnings Date||Oct 31, 2019 - Nov 4, 2019|
|Forward Dividend & Yield||0.50 (2.07%)|
|1y Target Est||31.73|
Vistra Energy Corp. said Wednesday it is planning to retire four power plants in Illinois at the cost of about 300 jobs. Irving, Texas-based Vistra said the decision was made to meet the requirements of the approved revisiosn to the Multi-Pollutant Standard rule imposed by the Illinois Pollution Control Board (IPCB). "Without this rule change, the company's entire downstate fleet was at risk of near imminent retirement," the company said in a statement. The affected four coal-fueled power plants are the Coffeen Power Plant, Duck Creek Power Plant (in Canton), Havana Power Plant, and Hennepin Power Plant. The comopany will focus on its remaining business, while making the shift to a sustainable business including newer, greener technologies. "Vistra is hopeful that the Illinois General Assembly will take up the Coal to Solar and Energy Storage Act during its fall Veto Session," said the statement. Vistra shares were not yet active premarket, but have gained 4% in 2019, while the S&P 500 has gained 16%.
IRVING, Texas, Aug. 21, 2019 /PRNewswire/ -- Vistra Energy (VST) and its subsidiaries today announced the four power plants that will retire in order to meet the requirements of the recently approved revisions to the Multi-Pollutant Standard rule imposed by the Illinois Pollution Control Board (IPCB). Without this rule change, the company's entire downstate fleet was at risk of near imminent retirement. The company will close the following four coal-fueled power plants in Illinois: Coffeen Power Plant, Duck Creek Power Plant (in Canton), Havana Power Plant, and Hennepin Power Plant.
Vistra Energy Corp. has agreed to pay $475 million plus net working capital in an all-cash transaction for Dallas-based retail electric company Ambit Energy.
IRVING, Texas, Aug. 20, 2019 /PRNewswire/ -- Today, Vistra Energy (VST) announced it has entered into an agreement to acquire Ambit Energy for $475 million plus net working capital in an all-cash transaction. Following the closing of the transaction, Vistra's share of the ERCOT residential market will grow from approximately 25 percent to approximately 32 percent and an industry-leading 26 percent in all U.S. competitive markets.
Today we'll look at Vistra Energy Corp. (NYSE:VST) and reflect on its potential as an investment. To be precise, we'll...
(Bloomberg Opinion) -- When the market doesn’t go your way, there’s a certain deflective comfort to be found in blaming the market. The slump in energy stocks has spurred some talk of getting out of public markets altogether – even as one company, Saudi Aramco, is apparently considering finally taking a giant plunge into them. Conflicting signals, yes, but united in one important aspect. Harold Hamm, CEO of fracker Continental Resources Inc., was asked on the latest earnings call what value there was in the company remaining public. The stock has fallen by more than half since last October to about $30, while the consensus target is about $51, according to figures compiled by Bloomberg. Hamm responded he didn’t see a lot of value in it “in today’s market,” and the analyst commiserated on the herd’s apparent short-sightedness, saying “there’s clearly something broken there.”Over in the power sector, Vistra Energy Corp.’s CEO, Curtis Morgan, fielded a similar question for similar reasons. While professing “faith” in public markets, he added that going private must be considered if the stock’s perceived discount doesn’t ultimately close.There are specific reasons why this question was asked of these two companies. Hamm owns almost 77% of Continental anyway, so the free float is currently valued at just $2.8 billion. Vistra, meanwhile, has private equity deep in its DNA, being one piece resulting from the 2007 buyout of TXU Corp. and run by an alumnus of Energy Capital Partners LLC.Public markets aren’t paragons of rationality, with the wisdom of the crowd repeatedly giving way to the mania of the mob. But it’s tough to argue the market is “broken” here. After all, if it’s irrational now, then wasn’t that also the case five years ago, when Continental traded at about $80 just as oil prices began to slip? Recall the company sold its hedging book around that time, ditching its insurance against an oil crash, with Hamm in November 2014 telling, coincidentally, the same analyst:… We feel like we're at the bottom rung here on the [oil] prices and we'll see them recover pretty drastically, pretty quick.Clearly, there isn’t a public-market monopoly on getting stuff wrong.The private market has its own checkered record in energy. There have been obvious blowups, such as KKR & Co. Inc.’s forays with Samson Resources Corp. and, of course, TXU. Vistra’s sector, merchant generation, has a long history of keeping bankruptcy judges busy, which is precisely why it’s one of only two public companies left – and why both are diversifying into more stable retail operations.Continental and Vistra have sold off for similar and quite rational reasons. Oil and gas prices are in the tank, and forecasts for Continental’s earnings take their cue from that. Similarly, as expectations of a hot and profitable summer in the Texas power market have cooled off, so Vistra’s stock has dropped with power futures.This cuts both ways, and investors with a bullish view on energy prices are free to swoop in. They haven’t. That may reflect such ordinary things as fear of a recession, but I think it has more to do with a deterioration in one longstanding reason to own energy stocks: gaining exposure to the underlying commodity.Chalk it up to a mixture of hindsight and foresight. Investors have noticed, especially with E&P companies, that past windfalls generated by price rallies tended to accrue to drilling budgets and executive compensation instead of them. Looking ahead, fundamental shifts in the energy market – from shale to renewables to peak demand forecasts to trade wars – inject volatility and raise doubts about long-term pricing. Rather than put a big multiple on future earnings tied to commodity prices and growth, investors prioritize near-term free cash flow that can underpin dividends – show me the money, in other words.You can see this in E&P valuation multiples. Traditionally, these swung low when oil prices were very high, in anticipation of an inevitable cyclical downswing, and rose when prices fell, pricing in the next recovery. In this latest cycle, however, that relationship has changed. When oil prices fell sharply in 2015 and 2016, valuation multiples soared (and equity issuance spiked). But when oil dropped in late 2018 and this summer, multiples fell alongside it.Similarly, while Bloomberg NEF reports Texas’ wholesale electricity market is the tightest it’s been since the lucrative summer of 2011, investors aren’t paying up for the option in Vistra’s stock. That may be a trust thing, in part, as the timetable for deleveraging set by Vistra when it bought Dynegy Inc. has slipped. But it also reflects the quite reasonable concern that new renewable capacity, especially solar power, could loosen Texas’ electricity market quite quickly – as has happened in the past.The higher risks around energy earnings and damaged trust means investors demand more to buy into them – meaning a higher cost of capital expressed in lower valuations.Herein lies a lesson for Saudi Arabian Oil Co., to give it its full name. The seemingly endless saga of Aramco’s IPO has been dogged by the $2 trillion market-cap target voiced by Prince Mohammed Bin Salman in 2016. As I wrote here, that number reflected a simplistic valuation of Aramco’s vast reserves, even though today’s oil investors prioritize dividends partly because they suspect barrels not due to be produced for another few decades may never see the light of day. Just like earnings streams for Continental and Vistra, the benefit of the doubt, expressed as a high multiple, has diminished.Talk of an Aramco IPO was revived, somewhat jarringly, in the same week Saudi officials were trying to talk up sagging oil prices. Maybe the IPO talk remains just that, but it could also mean Saudi Arabia may actually go ahead, even if that finally buries the $2 trillion fantasy. Facing chronic deficits, Riyadh could use the money; and, as cynics often contend, the public market is where the dumb – that is, cheap – money is to be found. The one catch is that, when it comes to energy, the dumb money looks a little wiser these days.To contact the author of this story: Liam Denning at email@example.comTo contact the editor responsible for this story: Mark Gongloff at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
IRVING, Texas , Aug. 2, 2019 /PRNewswire/ -- Vistra Energy Corp. (NYSE: VST): Financial Highlights Delivered second quarter 2019 Ongoing Operations Adjusted EBITDA 1 of $707 million and Net Income from ...
Last week, the IPO market continued it winning ways, with ten companies launching their offerings.Source: Shutterstock While three were duds - especially Wanda Sports Group (NASDAQ:WSG), which plunged by 36% -- there were several big winners. Note that Vistra Energy (NYSE:VST), Castle Biosciences (NASDAQ:CSTL) and Livongo Health (NASDAQ:LVGO) gained over 30%.But for August, expect things to calm down. However, this is not because there are emerging problems or challenges. Rather, the month is generally inactive because many investors are on vacation (this is especially the case in the back half of the month).InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Stocks to Buy With Over 20% Upside From Current Levels Yet there are still some interesting upcoming IPOs for August. Let's take a look at six: Dynatrace (DT)Source: Shutterstock Dynatrace operates a cloud-based platform that leverages AI to help with data management, app performance, user experience and hybrid architectures. All of this is part of "software intelligence" that provides for comprehensive monitoring and actionable insights to improve cloud migrations, and DevOps success.From fiscal 2017 to 2019, subscription revenues have gone from $232.8 million to $349.8 million. The company focuses on large enterprise customers, with annual revenues in excess of $750 million.Regarding the upcoming IPO, Dynatrace expects to offer 35.6 million shares at a range of $11 to $13 and the lead underwriters include Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), and Citigroup (NYSE:C). The stock will be listed on the NYSE under the symbol of DT. Kura Sushi USA (KRUS)Source: Shutterstock Kura Sushi USA refers to itself as "a fast-growing technology-enabled Japanese restaurant concept." Founded in 2008, the company has gone on to build over 400 restaurants (it's the largest sushi chain in the U.S.). The "Kura Experience" is about providing authentic Japanese cuisine with a nice dining experience and an affordable check. But there are also innovations like on-demand order screens and even conveyor belts to efficiently deliver the food. In the kitchen, there are sushi robots, RFID readers and software that uses food replenishment algorithms!And growth has been strong. From fiscal 2017 to 2018, sales jumped by nearly 40% to $51.7 million and net income spiked by 146% to $1.7 million. There has been comparable restaurant growth for ten out of the last eleven quarters. * 4 Stocks to Buy That Are Surging After Earnings The upcoming Kura Sushi IPO will involve the issuance of 2.9 million shares at $14 to $16, with the listing on the NASDAQ under the symbol KRUS. The lead underwriters are BMO Capital Markets and Stephens. Sundial Growers (SNDL)Investors will soon have another cannabis stock to invest in: Sundial Growers. Based in Canada, the company is focused on the premium adult-use market for inhalable products. The strategy is to take a CPG (Consumer Products Goods) approach, such as with strong branding and sophisticated supply chains. The company has also acquired Bridge Farm, which will provide a footprint in the fast-growing CBD market.Yet Sundial is still in the early phases. In the first quarter, revenues came to only $1.5 million.The company plans to issue 10 million shares at a range of $12 to $14 and the lead underwriters include Cowen, BMO Capital Markets, RBC Capital Markets, Barclays (NYSE:BCS) and CIBC. The shares will also be listed on the NASDAQ under the symbol SNDL. RAPT Therapeutics (RAPT)Source: Shutterstock RAPT Therapeutics, which is backed by investors like Kleiner Perkins, is a clinical-stage biotech company. The research is primarily focused on small molecules that adjust immune responses for various cancers.In four years, the company has developed two drug candidates that both target C-C Motif Chemokine Receptor 4. But RAPT is exploring other targets as well. * 3 Big Bank Stocks to Buy Today As for the upcoming IPO, the company plans to offer 5 million shares at a range of $14 to $16 and the lead underwriters include Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), BMO Capital Markets and UBS Investment Bank (NYSE:UBS). The shares will be listed on the NASDAQ under the symbol RAPT. AMTD International (HKIB)Source: PixabayAMTD International, based in Hong Kong, is the largest independent investment bank in Asia (in terms of the number and aggregate size of IPOs in Hong Kong and the U.S.). The firm is also the largest independent asset management operation that serves the PRC regional banks and tech companies.While Asia has been slowing down, AMTD has still been able to keep up the momentum. Last year, revenues went from HK$723.2 million to HK$1.033 billion. The company is also highly profitable. In 2018, the profit was HK$525.1 million.The lead underwriter of the IPO? Well, it's actually AMTD International. But there are the following bookrunners: Loop Capital Markets, MasterLink, and ViewTrade.AMTD International expects to issue 20.8 million shares at a range of $8.10 to $8.48 on the NYSE under the ticker HKIB. InMode (INMD)Source: Shutterstock InMode, which is based in Israel, is a developer of energy-based, minimally-invasive surgical aesthetic and medical treatment solutions. The technology is for three categories: face and body contouring; medical aesthetics; and women's health. At the heart of InMode is RF energy, which penetrates deep into a person's subdermal fat. This makes it possible to remodel the tissue.During the first quarter, revenues came to $30.6 million, up from $20.9 million in the same period a year ago. Net income was $10.2 million.The U.S. is the biggest market, with over 2,400 customers and 18 FDA clearances. The customers include plastic surgeons, dermatologists, and aesthetic obstetricians/gynecologists. * 10 Companies I'd Love to See Go Public Regarding the upcoming IPO, InMode intends on issuing 5 million shares at a range of $14 to $16 and the lead underwriters are Barclays and UBS Investment Bank. The company expects to list the shares on the NASDAQ under the symbol INMD. What Is an IPO Anyway?Source: Shutterstock For many people, IPOs are kind of a mystery. After all, it does seem kind of strange for a company's stock to zoom on the first day of trading, right?Definitely.So here's a quick explanation of IPOs. An IPO is when a company issues its shares to the public on an exchange, such as the Nasdaq or NYSE. Often this process results in raising a large amount of money, say over $100 million.Getting to this point is not easy. Upcoming IPOs need to have audited books, a strong financial infrastructure and an experienced management team. There will also need to be advisors -- called investment bankers or underwriters -- who will provide the guidance through the process. This involves putting together a disclosure document, called an S-1 (which you can download at sec.gov), and having a roadshow, in which management makes presentations to investors.The advisors will generally undervalue the shares, allowing for the pop. It's a way to reward investors. Yet these investors are usually institutions, hedge funds and wealthy people.Yes, it's kind of unfair, but the system has seen little change over the decades. Despite this, individual investors have still made lots of money from IPOs -- such as from Amazon (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL, NASDAQ:GOOG) and Facebook (NASDAQ:FB) -- regardless of if they got the shares at the offering price.Tom Taulli is the author of the upcoming book, Artificial Intelligence Basics: A Non-Technical Introduction. Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 10 Small-Cap Stocks to Buy Before They Grow Up * 7 Stocks to Buy With Over 20% Upside From Current Levels * 7 Marijuana Penny Stocks to Consider for Those Who Can Handle Risk The post 6 Upcoming IPOs for August appeared first on InvestorPlace.
(Bloomberg) -- The biggest and most closely watched U.S. power auction of the year has been delayed again -- indefinitely, this time.The Federal Energy Regulatory Commission on Thursday ordered the nation’s largest power grid operator to suspend an auction that it had planned to hold in August to secure electricity capacity for more than 65 million people from Chicago to Washington. The annual sale, which generators including Exelon Corp., Calpine Corp. and Vistra Energy Corp. count on to lock in billions of dollars in future revenue, had already been delayed once before from May.The halt lays bare the gridlock within the federal energy commission as it grapples with hundreds of millions of dollars in out-of-market subsidies that some states are creating to rescue foundering nuclear power plants. While some power generators have warned that these so-called bailouts are skewing the results of auctions, the Trump administration has pressed the commission to aid money-losing reactors and coal units in the name of grid resilience.Grid manager PJM Interconnection LLC last year proposed changing how its auctions are run to account for states’ nuclear subsidies, but the energy commission rejected that plan and has yet to come up with a fix of its own. “We will not rule prematurely on the issue of any appropriate remedy,” the agency said in its ruling Thursday.“It’s a remarkable order in that it directs PJM not to conduct the auction, but does not provide specific guidance,” said Ken Irvin, a partner at Sidley Austin LLP.PJM said it will honor the commission’s order and that it looks forward to getting additional guidance. In the upcoming sale, PJM planned to secure enough generating capacity to meet customers’ needs for the 2022-2023 year. The auction it held last year locked in at least $8 billion in payments for power suppliers.The ruling comes just two days after Ohio became the latest state to clear subsidies for money-losing nuclear and coal plants that are battling to remain competitive as cheap natural gas keeps power prices low. New York, Illinois and New Jersey have also approved aid for reactors. “This was the straw that broke the camel’s back,” said Daniel Grunwald, an analyst at Morningstar.Vistra said by email that it believes the commission’s ruling was “consistent” with its responsibilities. “The stakes are high for competitive power markets,” the Dallas-based company said. Generator NRG Energy Inc. urged the agency to “act swiftly” to safeguard the market.William Scherman, a partner at Gibson, Dunn & Crutcher LLP in Washington, said the agency “should be applauded for not perpetuating an unjust and unreasonable market.”The commission’s decision to halt the auction was unanimous. Commissioner Cheryl Lafleur, a Democrat, said she hoped the agency could give PJM some clear guidance soon. “More than a year after the commission upended the PJM capacity market with no clear path to repairing it, we have still not acted to resolve the foreseeable and avoidable uncertainty created by our own actions,” she wrote in a statement.(Updates with Vistra and NRG comments in 10th paragraph.)\--With assistance from David Baker.To contact the reporters on this story: Stephen Cunningham in Washington at email@example.com;Naureen S. Malik in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: David Marino at email@example.com, Lynn Doan, Pratish NarayananFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Crius Energy is the result of a 2012 merger between Tampa-based Public Power, a Gries Investment Fund entity, and New York based Viridian.
IRVING, Texas , July 17, 2019 /PRNewswire/ -- Vistra Energy (NYSE: VST) plans to report its second quarter 2019 financial and operating results on Friday, August 2, 2019 . Management will present the ...
IRVING, Texas and TORONTO , July 15, 2019 /CNW/ - Vistra Energy (VST) and Crius Energy Trust ("Crius Energy") (KWH-UN.TO) today announced the successful completion of the previously announced acquisition by Vistra of the business of Crius Energy. The closing of the transaction follows the overwhelming approval of the transaction by Crius Energy unitholders at the special meeting of unitholders held on March 28, 2019 , and the receipt of all required regulatory approvals, including approval from the Federal Energy Regulatory Commission on July 8, 2019 . As a result of the closing today, Crius Energy unitholders are entitled to receive C$8.80 per trust unit upon the redemption of such units.
IRVING, Texas, July 5, 2019 /PRNewswire/ -- Vistra Energy Corp. (VST) ("Vistra Energy") announced today the final results of its previously announced cash tender offers (the "Tender Offers") for any and all of its outstanding 7.375% Senior Notes due 2022 (the "2022 Notes") and up to $760,000,000 aggregate principal amount of its 7.625% Senior Notes due 2024 (the "2024 Notes" and, together with the 2022 Notes, the "Existing Notes"), upon the terms and subject to the conditions set forth in the Offer to Purchase, dated June 6, 2019 (the "Offer to Purchase").
IRVING, Texas, June 27, 2019 /PRNewswire/ -- Vistra Energy Corp. (VST) today announced the settlement rate for the stock purchase contracts that are components of the 7.00% tangible equity units (DYN). Vistra (as successor in interest to Dynegy Inc.) is party to that certain purchase contract agreement dated as of June 21, 2016 (as amended and supplemented, the "Purchase Contract Agreement"), by and between Vistra and Wilmington Trust, National Association, as the purchase contract agent and as the trustee. In accordance with Section 4.01 of the Purchase Contract Agreement, holders of the stock purchase contracts will receive 4.0813 shares of Vistra common stock (the "Settlement Amount") for each stock purchase contract that they hold, with cash to be paid in lieu of any fractional shares at a rate of $22.5954 per share.
Like everyone else, elite investors make mistakes. Some of their top consensus picks, such as Amazon, Facebook and Alibaba, have not done well in Q4 due to various reasons. Nevertheless, the data show elite investors' consensus picks have done well on average over the long-term. The top 20 stocks among hedge funds beat the S&P […]
IRVING, Texas, June 20, 2019 /PRNewswire/ -- Vistra Energy Corp. (VST) ("Vistra Energy") announced today the results to date of its previously announced cash tender offers (the "Tender Offers") for any and all of its outstanding 7.375% Senior Notes due 2022 (the "2022 Notes") and up to $760,000,000 aggregate principal amount of its 7.625% Senior Notes due 2024 (the "2024 Notes" and, together with the 2022 Notes, the "Existing Notes"), upon the terms and subject to the conditions set forth in the Offer to Purchase, dated June 6, 2019 (the "Offer to Purchase").
IRVING, Texas, June 17, 2019 /PRNewswire/ -- Vistra Energy Corp. (VST): On May 21, 2019, Vistra Energy Corp. (VST) announced that its Board of Directors (the "Board") declared a quarterly dividend of $0.125 per share of Vistra common stock, or $0.50 per share on an annualized basis (the "Dividend"). Vistra (as successor in interest to Dynegy Inc.) is party to that certain purchase contract agreement dated as of June 21, 2016 (as amended and supplemented, the "Purchase Contract Agreement") by and between Vistra and Wilmington Trust, National Association, as the purchase contract agent and as the trustee, whereby Vistra is the issuer of the prepaid stock purchase contracts that form a component part of its 4,600,000 7.00% Tangible Equity Units ("TEUs").