Contact Energy Ltd [CEN.NZX] shares plunged yesterday on higher than average volume due to more bad operational data and a loss of 20000 customers over the previous 12 months. Three years ago they had well over 520,000 customers and now it is down to just over 450,000.
Every possible thing that could go wrong with an electricity company for May 2011 has gone wrong and CEN shares were marked down 18c or 3.13% to finish trading near a 52 week low of $5.57.
At this price level the share has found support more than a handful of times over the last few years and rallied above 6 bucks.
To be fair the news out today was so poor this low could be tested but just be mindful of the trajectory of the share price even in the last 12 months (see chart above).
There are rumours that majority owner Origin Energy Ltd [ORG.ASX] are keen to make a bid for the company and are mismanaging the company intentionally poorly so the share price is affected and they can come in and make a cheeky bid for the 47% odd of shares they do not already own. Its sounds an odd thing to do but nevertheless this rumour is currently doing the rounds for a number of good reasons that will remain between me and my keyboard.
Buy near the current price and because of the buy-out rumours.
Share Price Alert Series
Xero Ltd 2
Pumpkin Patch Ltd 4
Pumpkin Patch Ltd 3
Hallenstein Glasson Holdings Ltd
Telecom New Zealand Ltd 4
Telecom New Zealand Ltd 3
Port of Tauranga Ltd
Freightways Ltd 3
Goodman Fielder Ltd 2
Freightways Ltd 2
Telecom New Zealand Ltd 2
Ryman Healthcare Ltd
Charlies Group Ltd
Fletcher Building Ltd 2
Contact Energy Ltd
Steel & Tube Ltd
Telecom New Zealand Ltd
New Zealand Stock Exchange Ltd
Mainfreight Ltd 2
The Warehouse Group Ltd
Pumpkin Patch Ltd 2
Hallenstein Glasson Holdings Ltd 2
Fletcher Building Ltd
Restaurant Brands Ltd
Mainfreight Ltd
Tourism Holdings
Goodman Fielder Ltd
Pumpkin Patch Ltd
Hallenstein Glasson Holdings Ltd
NZ Refining Ltd
Freightways Ltd
Xero Ltd
Contact Energy @ Share Investor
Share Price Alert: Contact Energy Ltd
Stock of the Week - Reprise 5: Contact Energy Ltd
Origin Energy asset stripping Contact Energy
Stock of the Week - Reprise 4: Contact Energy Ltd
Stock of the Week - Reprise 3: Contact Energy Ltd
Long Term View: Contact Energy Ltd
Stock of the Week: Reprise 2 - Contact Energy
Stock of the Week: Reprise - Contact Energy
Not so fast Davy Boy
Still Watching Contact Energy
Beam me up Davy
Stock of the Week: Contact Energy
MarketWatch: Contact Energy - June 2009
MarketWatch: Contact Energy - Jan 2009
Contact Energy looks bright during dark times
Share Investor's 2009 Stock Picks
Follow the Monopoly Board
Discuss this stock at Share Investor Forum - Register free
Download CEN Company Reports
 | The Warren Buffett Way by Robert G. Hagstrom Buy new: $19.54 / Used from: $12.94 Usually ships in 24 hours |
c Share Investor 2011
