Energy Biz Replay: Duke Gets DOWNGRADED, ConEd GIVES IN To Thunderstorms
Duke Energy Corporation (NYSE:DUK) gets its corporate credit rating downgraded to BBB+ from A- with a negative outlook by S&P, which pointed to a lack of transparency and increased regulatory risk surrounding the chief executive transition. In response, the company says that “The new Duke Energy has unmatched financial and operational scope and scale and the strength to manage through a time of transition in the utility industry.”
New York power utility Consolidated Edison, Inc. (NYSE:ED) and its largest union have reached an agreement to allow “necessary personnel” to temporarily return to work Thursday to get the system ready for any damage that might be caused by approaching thunder storms. Otherwise, the workers have been locked out for almost four weeks over a new labor contract.
Basic Energy Services, Inc. (NYSE:BAS) received a Goldman Sachs upgrade, and other oil service stacks are getting into the action: Pioneer Drilling Company (AMEX:PDC) and Schlumberger Limited (NYSE:SLB) are elevated to Buy from Neutral, as their shares pop. Goldman says that consensus views are missing key trends in the sector, which include stabilizing oil and gas prices, along with strengthening international land trends.
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