NEW YORK (TheStreet) -- Shares of Cleco Corp. (CNL) are rising by 13.20% to $55.21 on heavy trading volume late Tuesday morning, as the Louisiana Public Service Commission approved the $3.4 billion takeover of the company by a group of investors led by Macquarie Group yesterday, Bloomberg reports.

The Pineville, LA-based utility holding company and Macquarie agreed not to apply to increase customer rates before June 2019. The companies also committed to $136 million in credits.

Last month, commissioners rejected the companies' first proposal after deciding it wasn't in the best interest of customers, Bloomberg noted.

"Basically there are two lessons: 1. Just about anything can get done, and 2. It'll be pretty hard to tell until you're in the middle of it exactly what you're going to have to put on the table and how long it's going to take," Kit Konolige, a Bloomberg Intelligence utilities analyst, told Bloomberg.

Cleco's buyers "put a fair amount additional on the table, and that was pretty instrumental," Konolige added.

About 3.12 million of the company's shares were traded so far today compared to its average volume of 1.42 million shares per day.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on Cleco.

The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.

The company's strengths can be seen in multiple areas, such as its increase in net income, largely solid financial position with reasonable debt levels by most measures and growth in earnings per share.

As a counter to these strengths, the team also finds weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and poor profit margins.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: CNL

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