In a robust display of market confidence, Alliant Energy (NASDAQ:LNT) Corporation's stock (LNT) soared to a 52-week high, reaching a price level of $60.68. This peak reflects a significant uptrend for the utility company, which has seen an impressive 1-year change of 18.77%. Investors have shown increasing enthusiasm for Alliant Energy's stock, as the company continues to navigate the energy sector's evolving landscape, capitalizing on growth opportunities and reinforcing its financial stability. The 52-week high milestone underscores the positive sentiment surrounding the company's performance and strategic initiatives over the past year.
In other recent news, Alliant Energy Corporation's subsidiary, Interstate Power and Light Company, has priced a public offering of senior debentures totaling $650 million. The proceeds are intended to retire $500 million of 3.25% senior debentures maturing in 2024 and for general corporate purposes. The offering was conducted through a syndicate of underwriters, including Barclays Capital Inc., Goldman Sachs & Co (NYSE:GS). LLC, J.P. Morgan Securities LLC, and MUFG Securities Americas Inc.
In recent developments, Alliant Energy has been upgraded from Neutral to Buy by Ladenburg Thalmann, citing potential earnings upside from an Iowa settlement. The agreement, pending approval from the Iowa Utilities Board, allows Alliant Energy's subsidiary, Interstate Power, to retain revenues and tax credits from AI/data center load for the next five years.
Alliant Energy reported Q2 earnings per share (EPS) of $0.57, falling short of the projected $0.67 and $0.64 by BMO Capital and the broader analyst consensus respectively. Despite this, the company confirmed its full-year EPS guidance for 2024, projecting a range between $2.99 and $3.13. Additionally, Alliant Energy reported a decrease in adjusted operations and maintenance expenses by $20 million compared to the previous year, and an increase in cash flows from operations by approximately $250 million.
BMO Capital Markets revised its outlook on Alliant Energy, raising the stock price target from $58.00 to $60.00, maintaining a Market Perform rating. This suggests a neutral perspective on Alliant Energy's potential, indicating that the company's shares may perform in line with the broader market. These are just some of the recent developments surrounding Alliant Energy.
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