EPS of $0.76 missed estimates of $0.82 and revenues of $2.02B beat estimates of $1.95B. EPS declined by 23% year-over-year mostly due to milder weather at Tampa Electric, lower contributions from New Mexico Gas Company's asset management agreements, lower earnings at Nova Scotia Power, higher mark-to-market losses on its compensation-related hedges, and a few other lower contribution areas. Overall, management feels it's on track to deliver strong earnings results for the full year, and we believe it is positioned well for growth long-term. It pays a good yield of 5.8%, and is priced OK at 15.3X forward earnings. For an income stock, we think it looks decent here, but we would prefer a stronger utility name such as BEPC, H, or FTS. While we do not really offer 'price targets', at a fair P/E of 15X, and marginal expected sales and earnings growth, we might expect the stock to mostly provide income over the next few years.
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