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CenterPoint Energy Inc CNP

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Energy Transfer Merger Provides Route for CenterPoint’s Divestiture of Enable

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are reaffirming our $25 per share fair value estimate for CenterPoint Energy after Enable Midstream Partners LP announced that it would merge with Energy Transfer. New senior management (multiple changes in the CEO and CFO positions), new board members, and a Business Review and Evaluation Committee formed by CenterPoint’s board of directors made clear a strong desire to exit the midstream business and focus on investing in the company’s utilities.

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Company Profile

Business Description

CenterPoint Energy owns a portfolio of energy-related businesses. Its regulated electric utility provides transmission and distribution services to more than 2.5 million customers in the Houston area, southern Indiana, and west central Ohio. The company has natural gas distribution systems in eight states serving approximately 4.5 million customers. CenterPoint owns approximately 54% of Enable Midstream Partners, a partnership consisting of natural gas processing and storage facilities and more than 21,000 miles of interstate, intrastate, and gathering pipelines in the midcontinent region. Enable has announced plans to merge with Energy Transfer LP. We expect this will lead to CenterPoint divesting its midstream investment, becoming a fully regulated utility.

1111 Louisiana
Houston, TX, 77002
T +1 713 207-1111
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2021
Stock Type Slow Growth
Employees 15,565