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HAMPTON, N.H. - Unitil Corporation (NYSE:UTL) announced Monday it has completed its previously announced public offering of 1,602,358 shares of common stock at $46.65 per share, including the full exercise of the underwriters’ over-allotment option. The offering comes as the stock trades near its 52-week low of $47.41, with shares down about 15% over the past year.
The offering generated approximately $74.75 million in proceeds before deducting underwriting discounts and commissions, according to a company press release.
Unitil plans to use the net proceeds to make equity capital contributions to its regulated utility subsidiaries, repay outstanding debt under its Second Amendment to Third Amended and Restated Credit Agreement dated January 29, 2025, and for general corporate purposes.
Wells Fargo Securities, LLC and Scotia Capital (USA) Inc. served as active bookrunners for the offering, with Janney Montgomery Scott LLC acting as bookrunner.
Unitil Corporation is a public utility holding company that provides electricity and natural gas services across New England. The company serves approximately 109,400 electric customers and 97,600 natural gas customers through its operations in Maine, New Hampshire and Massachusetts.
The stock offering was made through a prospectus supplement under the company’s effective registration statement on Form S-3ASR, as filed with the Securities and Exchange Commission.
In other recent news, Unitil Corporation reported its second-quarter earnings for 2025, with an adjusted earnings per share (EPS) of $0.29, meeting analysts’ forecasts. The company also achieved revenue of $102.6 million, exceeding expectations by 1.58%. Additionally, Unitil announced a registered offering of $65 million in common stock, with an option for underwriters to purchase an additional $9.75 million in shares. The proceeds are intended for equity contributions to regulated subsidiaries, debt repayment, and general corporate purposes. The company priced this public offering of 1.39 million common shares at $46.65 each, with the transaction expected to close on August 18, 2025. Freedom Broker recently adjusted its price target for Unitil to $56, down from $57, due to a slightly lower than expected consolidated rate base and an increase in the number of shares. Despite maintaining a Buy rating, this adjustment reflects a modest impact on the firm’s valuation of Unitil.
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