Centrica's Share Selloff ‘Seems Harsh,' Citi Analysts Say [BNN Bloomberg (Canada)]
CENTRICA PLC S/ADR (CPYYY)
NASDAQ:AMEX Investor Relations:
centrica.com/investors
Company Research
Source: BNN Bloomberg
The company's shares fell as much as 6.1% on Monday, reversing post-earnings gains. The losses appear to stem from “an investor meeting feedback referencing Centrica not wanting the entire equity story to be around share-buybacks,” the bank's analysts Jenny Ping and Rory Graham-Watson wrote in a note on Tuesday. The share price reaction “seems harsh, especially given O'Shea's track record,” the note added, referencing Centrica Chief Executive Officer Chris O'Shea. “We continue to believe investments in major infrastructure projects — nuclear, hydrogen or carbon capture — are all potentials for later this decade.” A spokesperson for the company declined to comment on the note. Centrica stepped up pay-outs to its shareholders after profits at its British Gas retail energy unit jumped last year. That led the nation's biggest supplier to homes to increase its full-year dividend by 33% to 4 pence per share, while total returns handed back to its owners amounted to £800 million ($1 b
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