Energy Industry
Industry: Email Alert RSS FeedDynegy's Share Price Slides
Oil Daily, The, November, 2002
Dynegy's Share Price Slides
Dynegy's share price tumbled Thursday, one day after the troubled energy company released its third-quarter results and on the same day that a Prudential Financial analyst gave up on the company, cutting its target share price to $0.
"We question the company's future prospects, given its re- audit and $1.3 billion of revolvers coming due in April and May of 2003 and rapid quarter-over-quarter liquidity deterioration," wrote Prudential analyst Carol Coale. She added that management stated its previous earnings and cash flow guidance are no longer applicable due to pending asset sales, and no revised guidance was offered at the advice of legal council. Coale lowered her rating on Dynegy to 'Sell' from 'Hold' and recommended that...
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