Any thoughts on the company?


Red line 200 MA

24 Mar 2015 "Deutsche Bank cuts Centrica to 'sell' from 'hold', target cut from 280p to 225p"

Investec today:
"Centrica shows the hallmarks of a business under tremendous pressure – from competitors, customers, and policy makers. Business energy supply is now added to the medley of woes. Questions will invariably be raised regarding management’s grasp on performance and risks. We update FY17E forecasts in line with guidance, assume lower normalised B2B margins, and now include the impact of the expected UK domestic supply price cap on earnings from FY19E. However, after a c. 40% YTD share price fall, our revised TP of 140p means we upgrade to HOLD."

Goldman Sachs today:
Following the weak share price performance year to date (-37% total return, -50% total return versus SX6P) we upgrade Centrica to Neutral (from Sell). On our new estimates, Centrica trades on 10.9x 2020E P/E, which implies an 8% discount vs. peers on 12x. We continue to see downside risks to UK supply as highlighted in our September 7, 2016 report, UK Utilities: Structural headwinds to gas supply, Sell Centrica. In particular, we expect profits in gas supply to fall as a result of low-cost competition. However we believe this is now priced into the shares with the stock trading 7% below our new 12-month price target of 149p (was 163p) and hence upgrade the shares."

An update on the chart from October.

RBC Capital Markets Sector Performer 137.65 210.00 150.00.

JP Morgan Cazenove Neutral 147.65 150.00 150.00 Reiterates

Sad looking chart, if we get a Santa Rally gap screaming to be filled long to 160p, question is can it breach it? A harsh winter is rumoured if it can breach 160p may be worth a trade on the spreads. Watching.

Spirit Energy Launched

SPIRIT ENERGY LAUNCHED FOLLOWING COMPLETION OF CENTRICA AND BAYERNGAS NORGE E&P JOINT VENTURE

Spirit Energy, the E&P joint venture which combines Centrica plc's E&P business with Bayerngas Norge AS, has begun trading as an independent oil and gas operator. Completion of the transaction - which was announced on 17 July, 2017 - follows receipt of all the required regulatory approvals and Spirit Energy now becomes a leading independent European E&P company.

Centrica plc owns 69% of Spirit Energy, with Bayerngas Norge's former shareholders, led by Stadtwerke München Group (SWM), owning 31%.

2017 production from the combined portfolios is expected to be around 50 million barrels of oil equivalent (mmboe) from 27 producing fields, and total 2016 year end 2P reserves and 2C resources were 625 mmboe. The company employs more than 700 people in the UK, Norway, Netherlands and Denmark.

The formation of Spirit Energy creates a strong and sustainable European E&P business, combining Centrica's cash-generative and relatively near-term production profile with Bayerngas Norge's more recently on-stream producing assets and development portfolio. The new company will be a robust, self-financing entity, and will invest in the range £400-£600 million per annum to deliver sustainable medium-term production of 45-55 mmboe. The transaction is expected to generate £100-£150 million net present value of synergies and the joint venture will have the opportunity to strengthen through further consolidation and joint ventures.

For Centrica, the creation of Spirit Energy completes the first phase of its planned portfolio transformation, as it continues to pursue delivery of longer-term returns and growth with a greater focus on its customer-facing businesses within clear strategic frameworks for both Consumer and Business divisions. The establishment of Spirit Energy also gives its shareholders greater strategic optionality including the potential to participate in further industry consolidation.

Spirit Energy's focus in 2018 will be to maximise efficiency from its producing assets, as well as progressing several key projects including the developments of Maria and Oda, appraisal drilling at the Fogelberg discovery and drilling on a number of exploration prospects. Spirit Energy will also partner with Wintershall in submitting a plan for development and operation for the Skarfjell development.

Iain Conn, Group Chief Executive of Centrica plc, said:

"I'm delighted that the Spirit Energy joint venture has completed, creating a more focused and sustainable European E&P business which will contribute to the resilience of Centrica while limiting the Group's E&P participation. With the creation of Spirit Energy we have now completed the first phase of our portfolio transformation as we reallocate resources towards our customer-facing businesses, leaving Centrica well-positioned to deliver longer-term returns and growth.

"As one of the largest independent E&P companies in North-West Europe, Spirit Energy will have the possibility to participate in further consolidation and joint ventures, and creates further optionality for Centrica's shareholders."

Florian Bieberbach, Chief Executive of Stadtwerke München Group, said:

"Combining our E&P business units will enable us to run our joint business more effectively and cost efficiently in the future. Future investments and risks will be spread broader in the more diversified and balanced portfolio. SWM Group is looking forward to the future cooperation with Centrica in the joint company Spirit Energy."

Chris Cox, Chief Executive of Spirit Energy, said:

"Teams across both Centrica's E&P business and Bayerngas Norge have been working hard over the last few months to combine the businesses and today that hard work is reflected in the launch of Spirit Energy.

"Now that both businesses have been brought together, these teams and complementary portfolios set us up to be a strong and sustainable E&P business, built for the long-term and committed to Europe."

Chris Cox will be joined on the Spirit Energy management team by Andrew le Poidevin as Chief Financial Officer and Gerry Harrison as Chief of Staff. Spirit Energy's board will be made up of Chris Cox, plus four appointees from Centrica and two from Stadtwerke München. It will be chaired by Centrica's Group Executive Director Mark Hanafin.


Ends

Bought in again yesterday

You need to buy yet more George....enough to move the sp, please. ;o)

H when I buy the sp usually moves---------downwards.

Finals 22nd Feb so not long to wait for news

Much higher than normal volume today

Reassuringly consistent!

Deutsche Bank Sell 133.70 125.00 125.00 Reiterates

StockMarketWire.com
Centrica's operating profit fell 17% to £1.25bn in the year to the end of December, weighed by poor performance in its business energy supply units both in the UK and North America.

The firm recorded a £476m post-tax net exceptional charge, relating to impairments of E&P assets and Rough.

Centrica lowered its net debt by 25% to £2.6bn while group revenue was up 3% on the previous year, at £28bn.

EBITDA was down 9% year-on-year and adjusted operating cash flow was down 23%. Adjusted earnings were down 22% to £698m, resulting in adjusted EPS of 12.6p per share.

Centrica Business adjusted operating profit was down by 67% to £161m amid intensifying competition which weighed on unit margins while warmer weather impacted consumption in its energy supply business units in the UK and North America.

The firm's UK business was also impacted by high electricity cost volatility in Q1. While In North America, low gas price volatility resulting from the warmer weather reduced opportunities for gas optimisation which further depressed margins.

The firm is targeting adjusted operating cash flow of £2.1bn to £2.3bn per annum on average and capital reinvestment limited to no more than £1.2bn per annum for the 2018 to 2020 period.

Iain Conn, Group CEO, said: 'Our financial result in the second half of 2017 was weak, primarily reflecting poor performance in Business energy supply and particularly in our North America Business unit.'

'The combination of political and regulatory intervention in the UK energy market, concerns over the loss of energy customers in the UK, and the performance issue in North America have created material uncertainty around Centrica and, although we delivered on our financial targets for the year, this resulted in a very poor shareholder experience.'

Divi being held on reduced EPS, nice to see debt being cut. Market seems to like it, and I'm in the blue for the first time since buying last month

RBC Capital Markets Outperform 146.40 150.00 175.00 Upgrades

Kepler Cheuvreux Buy 141.13 190.00 160.00 Reiterates

Thought the conditions favoured CNA enough for a decent uplift.

Yes - I've had 2 stabs at these in the last couple of months @177.19 & 129.70p.🤞

I went for one slug @133p. Good luck skinny. Now a director has picked up 40K @141p

My largest holding is with CNA, been buying from the 120's up to current level.

I will tuck these away. I can say CNA are doing a lot of good things in Windsor, starting to manage their business well, expect the cost base (like for like) to be slashed over the next 12 months.

I am close to this firm.