The electricity and natural gas provider announced yesterday that it had priced a public offering of 6,766,990 shares of its common stock at $51.50 per share, an offering expected to close on or about November 10, the company said.
The company intends to use the net proceeds from the offering as the financing for the pending acquisition of eleven hydro plants in Montana.
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Separately, TheStreet Ratings team rates NORTHWESTERN CORP as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NORTHWESTERN CORP (NWE) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income, good cash flow from operations and growth in earnings per share. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."
Highlights from the analysis by TheStreet Ratings Team goes as follows: