WGL Earnings Jump, but Investors Still Await Merger Approval
We are reaffirming our $88 fair value estimate and narrow moat and stable moat trend ratings for WGL Holdings after the company reported earning $1.84 per share from ongoing operations in its first fiscal quarter of 2018. Our fair value estimate remains a function of the $88.25 per share cash purchase offer that AltaGas made in January 2017.Earnings in the quarter were up from $1.15 per share in the first quarter of fiscal 2017, but we don't expect that type of growth to persist. WGL's core uti...
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