In a recent filing with the Securities and Exchange Commission, energy services provider Sempra (NYSE:SRE) disclosed the resignation of director Bethany J. Mayer. The departure was effective as of Thursday, marking a change in the company's board composition.
Sempra, headquartered in San Diego, California, operates within the gas and other services combined industry under the organizational name "01 Energy & Transportation." According to the 8-K filing, Mayer's resignation took place on September 5, 2024, and was reported in the filing dated today.
The company, which is also known for its common stock and junior subordinated notes traded on the New York Stock Exchange, did not provide reasons for Mayer's departure in the filing. The announcement is a matter of corporate governance, reflecting a change in the leadership structure of the company.
Sempra has a history of name changes, previously known as Sempra Energy (NYSE:SRE) and Mineral Energy Co., with the latter name changing in 1997. The company's fiscal year end is December 31, and it is incorporated in the state of California, with an IRS identification number of 33-0732627.
In other recent news, Sempra's subsidiary, Southern California Gas Company, successfully closed a public offering of $600 million in First Mortgage Bonds. The bond issuance is part of Sempra's broader financial strategy to secure long-term financing for its subsidiary. The proceeds are expected to be used for general corporate purposes, including refinancing existing debt and funding capital expenditures.
On the earnings front, Sempra reported a robust second quarter in 2024, with an adjusted EPS of $0.89, and reaffirmed its full-year 2024 adjusted EPS guidance range. In a related development, BMO Capital Markets raised its price target for Sempra Energy to $90, citing the company's potential for regulated growth and positive developments expected by the end of 2024.
Sempra is also expanding its influence in Texas's energy infrastructure development, with Oncor's five-year capital plan set at $24 billion. However, Sempra Infrastructure's ECA LNG Phase 1 project has been delayed until spring 2026 due to labor retention and productivity challenges.
InvestingPro Insights
As Sempra (NYSE:SRE) navigates the recent change in its board composition with the departure of director Bethany J. Mayer, investors may look to several key metrics and insights provided by InvestingPro to gauge the company's financial health and market position. Sempra has demonstrated a commitment to shareholder returns, having raised its dividend for 13 consecutive years and maintaining payments for 27 consecutive years, which underscores its stability and reliability as an income-generating investment. Analysts have taken note of Sempra's prospects, with four analysts revising their earnings estimates upwards for the upcoming period, signaling potential confidence in the company's financial performance.
InvestingPro data highlights Sempra's market capitalization at $52.44 billion, with a P/E ratio of 17.6, which is attractive relative to near-term earnings growth. The company's PEG ratio stands at 0.95, suggesting that its stock price is in line with expected earnings growth rates, making it a potentially appealing option for value investors. Despite a revenue decline of 20.58% in the last twelve months as of Q2 2024, Sempra's gross profit margin remains solid at 37.84%, indicating efficient management of costs and profitability. With a dividend yield of 3.02%, the company offers a competitive return for investors seeking income in addition to capital appreciation.
For investors interested in further insights and additional InvestingPro Tips for Sempra, including its low price volatility and trading near its 52-week high, a visit to https://www.investing.com/pro/SRE can provide more comprehensive analysis. There are currently 9 additional InvestingPro Tips available, which can offer a deeper understanding of the company's financial nuances and investment potential.
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