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Entergy Corporation (NYSE:ETR) stock reached a significant milestone, hitting an all-time high of 90.16 USD. This achievement underscores a remarkable period for the company, which has experienced a 56.67% increase over the past year. With a market capitalization of $38 billion and a dividend yield of 2.72%, the utility giant trades above its InvestingPro Fair Value. The surge in stock price reflects investor confidence and favorable market conditions that have propelled Entergy’s growth. As the company continues to navigate the energy sector’s challenges and opportunities, this all-time high marks a notable success in its financial trajectory. InvestingPro analysis reveals the company has maintained dividend payments for 38 consecutive years, with analyst price targets reaching as high as $105.72. Discover 8 more exclusive ProTips and comprehensive analysis with an InvestingPro subscription.
In other recent news, Entergy Corporation has completed the sale of its natural gas distribution business to Delta Utilities, a company based in New Orleans and supported by Bernhard Capital Partners (WA:CPAP). This transaction, which included approximately 3,700 miles of natural gas pipelines and 2,200 miles of service lines, received all necessary federal and state regulatory approvals. The assets involved served about 96,000 homes and businesses in the Baton Rouge area and 108,000 in New Orleans. Additionally, Entergy announced the settlement of its forward sale agreements, delivering approximately 15.56 million shares of common stock and receiving cash proceeds of around $806 million. This transaction is part of an equity distribution program that began in January 2021, allowing for the sale of shares up to $4 billion. In another development, Entergy’s board of directors elected R. Lewis (JO:LEWJ) Ropp as a new independent director, expanding the board to 11 members. Ropp, who recently retired from Barrow Hanley Global Investors, will serve on the Audit and Corporate Governance Committees. These developments reflect Entergy’s ongoing strategic and governance initiatives.
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