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Prices & Quotes - UK Markets - FTSE 100 (UKX)
Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.
- Value:
-
6,904.38
- Change Today:
-
-33.86
Pennon rallies on Barclays upgrade
By Michele Maatouk
Date: Monday 01 Mar 2021
LONDON (ShareCast) - (Sharecast News) - Pennon rallied on Monday after Barclays upgraded the stock to 'overweight' from 'equalweight' following a de-rating.
The bank, which kept its price target on the shares at 1,060p, noted that UK regulated utilities have had weak share price performance through a combination of market focus away from defensives into cyclicals and recovery stocks; fears of reflation and rising yields; and tough regulatory reviews.
Barclays said there is "significant value" in UK regulated utilities.
"1) We believe all utilities will appeal Ofgem's RIIO-2 review by 3 March, which could see returns rise. 2) There is limited impact from bond yields, and a positive inflation impact on UK utilities," it said.
It noted that Pennon has been de-rated due to optically high multiples, and its ejection from the FTSE 100.
"It now trades at a 6% premium to regulatory asset base and, if the 570p cash on its balance sheet is removed, it trades at an attractive circa 10x price-to-earnings, 7% dividend yield."
At 1125 GMT, Pennon shares were up 4.3% at 911.40p.
Price Data
| Price | 6,904.38 |
| Change Today | -33.86 |
| 22-Apr-21 Close | 6,938.24 |
Top Risers
| Price | Change | |
|---|---|---|
| Intertek Group | 6,260.00p | +2.0% |
| Glencore | 296.10p | +1.2% |
| Antofagasta | 1,827.00p | +1.2% |
| Evraz | 637.60p | +1.2% |
| Taylor Wimpey | 186.85p | +1.1% |
| Just Eat Takeaway.Com N.V. (CDI) | 7,938.00p | +1.0% |
| Smith (DS) | 416.80p | +0.9% |
| Flutter Entertainment (CDI) | 15,035.00p | +0.9% |
| Anglo American | 3,120.50p | +0.9% |
| Rio Tinto | 6,056.00p | +0.8% |
Top Fallers
| Price | Change | |
|---|---|---|
| Next | 7,856.00p | -2.4% |
| International Consolidated Airlines Group SA (CDI) | 195.70p | -2.4% |
| Diageo | 3,258.00p | -1.8% |
| United Utilities Group | 951.20p | -1.7% |
| Rolls-Royce Holdings | 101.08p | -1.7% |
| Hargreaves Lansdown | 1,670.00p | -1.6% |
| Auto Trader Group | 568.40p | -1.5% |
| Land Securities Group | 709.40p | -1.4% |
| Informa | 545.00p | -1.4% |
| Smith & Nephew | 1,471.50p | -1.4% |