MEL - Meridian Energy

[Sideshow Bob]

From Business Desk (thats an average of about $8.07/share):

BlackRock spent $210m on Meridian shares

BlackRock spent about $210 million buying 26 million Meridian Energy shares in the past month, paying as much as $9.50 per share, as a wave of clean energy investment overwhelmed the local market.
A significant shareholder notice, posted on Tuesday, revealed the world’s largest fund manager bought more than 1 percent of all Meridian shares on issue between Dec. 22 and Jan. 22, driving the price through the roof.
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[turnip]

Trading halt today and nobody (media) or otherwise is talking about it...

Edit* sharesies has now removed the trading halt. Weird...

There is always a short automatic trading halt whenever a company makes an announcement marked price sensitive, such as Meridian's monthly operating report today.

[dreamcatcher]

i think the buzz in power company stocks is over. exited at near the top will wait for the eventual re-entry much lower.

If you are waiting for a 5 or 6 re-entry you may be disappointed as those days are gone. Now waiting for the next wave of green funds come looking and believe Blackrock are far from finished buying, the world now values these power shares highly. Contact already has analysis with $9+ valuations. Meridian always was a favorite with funds will not re-rate downwards unless demand for electricity disappears overnight.

[kyanar]

Did it get a speeding ticket? I see a pretty decent drop on open.

(Edit: nevermind, answered)

[koko90]

What is going on with the SP? I thought the pump was over but keeps dropping further. How much further is it likely to drop?

[Ohdoyle]

Who knows, I must admit though I am starting to seriously consider buying in.

Divedend yield back over 3 percent which to me represents reasonable value in the current climate. Only thing that gives me pause is such a dramatic drop leading up to reporting season is not normally a good sign.

[bull....]

rising bond yields make these stocks less attractive now , there fundamental valuations have changed going forward if this is the case. highly unlikely your see those highs again that santa gave you

[flyinglizard]

Waiting for the earning announcement on 24th of Feb, need to see the whole picture and re-evaluate the SP.

PE is still historical high, around 91 at price of 6.19, non-stop falling down to 24th of Feb, maybe further if earning is not good.


Screenshot 2021-02-12 104606.jpg

[Soolaimon]

Still going down..... someone know something the rest of us don't?

[winner69]

Grant from Hinden Green says -

@G_T_Davies
Meridian Energy is down 41% from it's highs of January 7th this year. For context, the NZX50 only dropped 32% over about the same period in Feb/March last year as the proverbial hit the fan worldwide. Meridian, a utility, should not behave like this. ETF fund flows for the win.