On Tuesday, TECO Energy, Inc.(NYSE:TE)’s shares declined -0.34% to $26.63.
TECO Energy Inc. (TE) declared that it has closed the sale of its coal mining partner, TECO Coal LLC, to Cambrian Coal Corporation, a Booth Energy company. The sales agreement did not provide for an up-front purchase payment, but does comprise future contingent consideration of $60 million if certain coal benchmark prices reach certain levels over the next five years. TECO Energy retains certain personnel related liabilities, but all other TECO Coal liabilities were transferred in the transaction. The retained liabilities comprised of pension liability, which was fully funded at June 30, 2015, and severance agreements, which were accrued at June 30, 2015.
In the third quarter of 2014 TECO Coal was classified as an asset held for sale, and its operating results have been stated as suspended operations since that time. In addition, through June 30, 2015, TECO Energy has recorded non-cash valuation adjustments of about $128 million, after tax, to the carrying value of TECO Coal, and anticipates that any final closing adjustments will not be material. In the third quarter of 2015, TECO Coal will record a formerly revealed charge in suspended operations of about $8 million, after-tax, related to black lung liabilities.
TECO Energy, Inc., an electric and gas utility holding company, engages in the regulated electric and gas utility operations. It generates, purchases, transmits, distributes, and sells electric energy to retail customers, in addition to utilities and other resellers of electricity in West Central Florida; and has electric generating plants with a winter peak generating capacity of 4,668 megawatts.
Citizens Financial Group Inc(NYSE:CFG)’s shares dropped -1.26% to $23.60.
Citizens Financial Group (CFG) declared its plans to release third quarter 2015 results on Friday, October 23 at 7:00 am ET. The news release will be accessible at http://investor.citizensbank.com
Citizens Financial Group, Inc. operates as the bank holding company for Citizens Bank, N.A. and Citizens Bank of Pennsylvania that provide retail and commercial banking products and services in the United States.
At the end of Tuesday’s trade, Time Warner Cable Inc(NYSE:TWC)‘s shares dipped -0.42% to $190.24.
Time Warner Cable (TWC) declared that its stockholders have overwhelmingly approved its merger with Charter Communications, with more than 99 percent of votes cast in favor of the deal.
Charter declared earlier recently that its stockholders also approved the transaction.
TWC and Charter reached a contract on May 23, 2015, providing for TWC to merge with Charter. The closing of the transaction is subject to regulatory review and other customary conditions
Time Warner Cable Inc., together with its auxiliaries, provides video, high-speed data, and voice services in the United States. It operates in three segments: Residential Services, Business Services, and Other Operations.
Piedmont Natural Gas Company, Inc. (NYSE:PNY), ended its Tuesday’s trading session with 0.68% gain, and closed at $38.40.
Piedmont Natural Gas (PNY) declared it has moved up in the rankings of the J.D. Power 2015 Gas Utility Residential Customer Satisfaction Study and has been named one of the 2015 Most Trusted Brands in the Utility Segment of a nationwide study conducted by Cogent Reports, a division of Market Strategies International.
In the span of just one year, Piedmont has moved from the 20th spot in the J.D. Power study to rank 8th (out of 83 utility companies) in overall customer satisfaction. Piedmont is part of the South Large Segment where it also was only one point away from a tie for second place in overall customer satisfaction.
Piedmont Natural Gas Company, Inc., an energy services company, distributes natural gas in the United States. It operates in three segments: Regulated Utility, Regulated Non-Utility Activities, and Unregulated Non-Utility Activities. The company also operates energy-related businesses comprising unregulated retail natural gas marketing, regulated interstate natural gas transportation, and storage and regulated intrastate natural gas transportation.
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