NEW YORK ( TheStreet) -- Shares of the following stocks fell to 52-week lows on Monday: Exelon ( EXC), Arch Coal ( ACI), NRG Energy ( NRG), Cloud Peak Energy ( CLD) and Penn Virginia ( PVA).
Exelon "Antelope valley Solar Ranch One is a 230MW (AC) project FSLR has sold to Exelon (PPA with PG&E)," Credit Suisse analysts wrote in an April 5 report. "On Feb 9, FSLR had indicated in an 8-K that FSLR and Exelon had extended a deadline for initial funding of the DoE loan to Feb 24, 2012 (for AVSR). In the event the funding did not close by Feb 24, FSLR would have been required to repurchase AVSR plus $75mm and cover additional costs incurred by Exelon. On Feb 23, FSLR filed another 8K noting that FSLR/Exelon have extended the deadline to Apr 6, 2012. Given that the first advance of the loan has closed today (Apr 5), and FSLR and Exelon jointly note that they have 'finalized' the transfer of ownership to Exelon, this reduces the risk to AVSR revenue and earnings contribution in 2012 to our model." Shares of Exelon dropped to a 52-week low on Monday of $38.15. The stock's 52-week high of $45.45 was set on Nov. 9. Exelon has an estimated price-to-earnings 13.12 times; the average for conventional electricity companies is 30.59.. For comparison, Southern ( SO) and Dominion Resources ( D) both have higher forward P/Es of 15.91 and 14.9, respectively. Fifteen of the 21 analysts who cover Exelon rated it hold; six analysts gave the stock a buy rating. TheStreet Ratings gives Exelon a C+ grade and hold rating. The stock has fallen 11.74% year to date.
NRG Energy "We believe the current low gas price environment is overshadowing continued bullish pricing signals in Texas, where NRG is the state's second largest generator," Bank of America Merrill Lynch analysts wrote in a March 13 report. "Unlike CPN, which is a pureplay spark spread and more sensitive to 5x16 power prices which have recently improved, we think 7x24 prices will eventually rebound once natural gas prices stabilize and benefit NRG. In addition, despite its greater hedge position we note NRG's disclosures as of 2/14/2012 indicate that a 1,000 btu/KWh change in heat rates results in $146 MM increase in 2014 EBITDA." Shares of NRG Energy hit a 52-week low Monday of $14.88. The stock's 52-week high of $25.66 was set on July 25. NRG Energy's forward P/E is 451.52; the average for conventional electricity companies is 30.91. For comparison, Nextera Energy ( NEE) has a lower forward P/E of 12.62. Eight of the 14 analysts who cover NRG Energy rated it buy. Five analysts gave the stock a hold rating and one rated it sell. The stock has fallen 3.87% year to date.
Penn Virginia "PVA continues to face funding concerns, which is causing it to slow down the core Eagle Ford program (dropping to 2 rigs from 3 rigs) and also preventing PVA from extending its asset base into liquids-rich plays (Mississippian Lime)," Credit Suisse analysts wrote in a March 2 report. "While we believe PVA will be able to close the projected funding gap of