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ARLINGTON, Va. - Argan, Inc. (NYSE: AGX), a company specializing in construction services for the power industry, has announced the appointment of Lisa Larroque Alexander to its Board of Directors. Alexander, who currently serves as Senior Vice President at Sempra (NYSE: SRE), brings a wealth of experience from her tenure at the energy infrastructure company, which boasts a market capitalization of $44.2 billion and employs approximately 22,000 people. According to InvestingPro data, Sempra has demonstrated strong financial health with an EBITDA of $5.3 billion in the last twelve months and maintains a healthy gross profit margin of 41%.
At Sempra, Alexander's responsibilities encompass global corporate affairs and enterprise human resources, including public policy, stakeholder engagement, talent development, as well as overseeing pensions, trusts, corporate ethics, sustainability, and human resources. Her background includes leading strategy, research and development, public policy, industrial customer operations, and service delivery. Notably, InvestingPro analysis shows Sempra has maintained dividend payments for 28 consecutive years, with a current dividend yield of 4.05% and an 8.4% dividend growth in the last twelve months.
William Leimkuhler, Chairman of the Board for Argan, expressed his confidence in Alexander's appointment, stating her expertise in the energy sector will greatly benefit the company's board discussions and decision-making processes. David Watson, Argan's President and CEO, also welcomed Alexander, citing her corporate and energy industry experience as valuable assets for Argan's future growth and strategic expansion.
Argan's core business focuses on engineering, procurement, and construction services for natural gas-fired power plants and renewable energy facilities. The company also offers commissioning, maintenance, project development, and technical consulting services through its subsidiaries, Gemma Power Systems and Atlantic Projects Company. Additionally, Argan owns The Roberts Company, a full-service industrial construction, fabrication, and plant services provider, and SMC Infrastructure Solutions, which specializes in telecommunications infrastructure services.
The addition of Alexander to Argan's Board of Directors is part of the company's ongoing efforts to enhance its governance with experienced leaders from relevant industries. This strategic move is expected to support Argan's continued growth within the power industry. According to InvestingPro, Sempra's stock has recently experienced a significant price decline, with a 26.6% decrease year-to-date, potentially presenting a valuable opportunity for investors. The information about her appointment is based on a press release statement from Argan, Inc. For detailed analysis and additional insights, investors can access Sempra's comprehensive Pro Research Report, available exclusively on InvestingPro, along with reports for 1,400+ other US stocks.
In other recent news, Sempra Energy has announced plans to sell its natural gas distribution utility in Mexico, Ecogas, along with a minority stake in Sempra Infrastructure Partners. The divestiture process is expected to take 12 to 18 months, with the aim of reinvesting the proceeds into regulated utilities in Texas and California. In a related move, San Diego Gas & Electric Company, a subsidiary of Sempra, issued $850 million in bonds as part of its capital-raising efforts. Meanwhile, Citi has reduced Sempra Energy's price target from $93.00 to $70.00, maintaining a Neutral rating, following a reassessment of the company's recent earnings report.
UBS also maintained a Neutral rating on Sempra Energy, with a price target of $78.00, highlighting the need for clarity on the financial impact of Sempra's asset sales. Moody's has revised Sempra's outlook from stable to negative, citing weak credit metrics and risks associated with the planned asset sales, while affirming the company's Baa2 rating. Despite the negative outlook, Moody's acknowledges that Sempra's strategic actions could potentially improve financial metrics. These developments reflect a period of strategic repositioning and financial restructuring for Sempra Energy, as the company navigates market conditions and regulatory challenges.
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