SCANA (SCG) Hits 52-Week High On Strong Investment Plans
Zacks Investment Research | Jun 29, 2016 08:43AM ET
Shares of SCANA Corp. (NYSE:SCG) touched a new 52-week high of $73.94 on Jun 28. The stock has gained roughly 22.2% so far this year and is outperforming the S&P 500, which is suffered 0.4% loss over the same period.
SCANA has a market cap of $10.49 billion. Over the past 52 weeks, the company’s shares have ranged from a low of $50.01 to a high of $73.94. Average volume of shares traded over the last three months is approximately 905,782.
What’s Driving the Stock?
SCANA invests systematically in growth projects and infrastructure upgrades. Its ongoing nuclear expansion project is a catalyst to future earnings growth. Given SCANA’s financing plan, construction budget and schedule, we believe that it will be able to fund its nuclear expansion project. Management projects 2016 earnings in the range of $3.90–$4.10 per share and expects to achieve the target on industrial expansion and continued customer growth. As the company's capex escalates with new nuclear projects and its investments are recognized in the rate base, its regulated earnings power should improve.
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