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Monday, July 28, 2014

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Algonquin Power Goes Activist on Its Target Gas Natural

Algonquin Power Goes Activist on Its Target Gas Natural

TheStreet (July 23, 2014) When The Deal's Amanda Levin exclusively reported that Gas Natural had been talking to potential suitors, the Ohio company responded with a flat denial, claiming its board had not talked to anyone about a possible sale. Lo and behold, Canadian utility Algonquin Power and Utilities not only had approached the company, but it did it three times. Its last offer was for $13 per share as Gas Natural's was trading at a 60-day moving average of about $12.50 per share. Now Algonquin, which has a 4.9% stake in Gas Natural, has taken its case to shareholders, calling on them to back its proposals or, possibly, a change in the target's board. Video provided by TheStreet
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Crude Oil Prices Bounce Back After Falling Below $100 a Barrel

Crude Oil Prices Bounce Back After Falling Below $100 a Barrel

TheStreet (July 16, 2014) Oil Futures are bouncing back after tumbling below $100 a barrel for the first time since May yesterday. Jeff Grossman is the president of BRG Brokerage and trades at the NYMEX. Grossman tells TheStreet the Middle East is always a concern for oil traders. Oil prices were pushed down in recent weeks on Libya increasing its production. Supply disruptions in Iraq fading also contributed to prices falling. News from China's economic front showing a growth for the second quarter also calmed fears on its slowdown. Jeff Grossman talks to TheStreet's Susannah Lee on this and more on the Energy Department's Energy Information Administration (EIA) report. Video provided by TheStreet
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Gas Natural Sale Sidelined Until CEO Lawsuit Resolved

Gas Natural Sale Sidelined Until CEO Lawsuit Resolved

TheStreet (July 11, 2014) Gas Natural, the Ohio-based company mired in scandal, was recently talking to prospective buyers about a sale, but talks came to a screeching halt when former CEO Richard Osborne filed a lawsuit against the company. The scandal started back in November when Ohio regulators ordered an investigation into Gas Natural. In May, the company announced that Osborne would be retiring and his son would take the reins. Late last month, Osborne Senior struck back, filing a lawsuit against the company. The suit has forced Gas Natural to put the sale on the back burner, but sources say that as soon as the matter is settled, the company will once again be on the prowl for a buyer. Even with the controversy surrounding the company, there will be no shortage of buyers as there is an intense level of interest in the gas local distribution space. Similar companies that have recently traded hands have fetched rich ebitda multiples of 10.5 times. With about $20 million in ebitda last year, Gas Natural could easily fetch north of $200 million in a sale. Video provided by TheStreet
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Global Oil Demand to Increase Next Year at Fastest Pace Since 2010

Global Oil Demand to Increase Next Year at Fastest Pace Since 2010

TheStreet (July 11, 2014) Global oil demand will rise at the fastest pace in five years in 2015, according to the International Energy Agency. The IEA said that world oil consumption will increase next year by 1.4 million barrels a day to a record 94.1 million. Most of the increase in oil supply will be from nations outside of the Organization of Petroleum Exporting Countries. Oil supply from non-OPEC countries will rise by 1.2 million barrels a day next year as North American production rises. The demand for oil will be driven in large part by China, which the agency said will see demand increase by more than 4% to about 10.8 million a day. Video provided by TheStreet
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last updated on 2014-07-28 at 12:59 am EDT

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