Stock Update (NYSE:SO): Southern Company subsidiary and Turner Renewable Energy acquire Calipatria Solar Facility in California

[PR Newswire] – ATLANTA, Feb. 15, 2016 /PRNewswire/ — Southern Company subsidiary Southern Power and Turner Renewable Energy today announced the joint acquisition of the 20-megawatt (MW) Calipatria Solar Facility from Solar Frontier Americas. The project represents Southern Power’s 10th solar facility in California and its 25th renewable energy facility overall. “The acquisition of the Calipatria Solar Facility underscores Southern Power’s leadership in helping create America’s energy future,” said Southern Company Chairman, President and CEO Thomas A. Fanning. Read more on this. Southern Company (SO) , with a current market cap of $43.69B, opened this morning at $48.00. Looking at the stock, its one day range is $47.56 to $48.28 with the price of the stock fluctuating between $41.40 to $50.24 over the last 52 weeks. SO shares are currently priced at 16.86x this year’s forecasted earnings, which makes them relatively expensive compared to the industry ’s 11.76x forward p/e ratio. And for dividend hunters, the company pays shareholders $2.17 per share annually in dividends, yielding 4.53%. According to a consensus of 9 analysts, the earnings estimate of $0.54 per share would be $0.02 worse than the year-ago quarter and a $0.05 sequential decrease. In looking at the bigger picture, the full-year EPS estimate of $2.85 would be a $0.04 worse when compared to the previous year’s annual results. The quarterly earnings estimate is predicated on a consensus revenue forecast of $4.39 Billion. If reported, that would be a 5.02% increase over the year-ago quarter. More recently, Mizuho Initiated SO at Buy (Apr 24, 2015). Previously, Guggenheim Initiated SO at to Neutral. Investors should keep in mind is that the average price target is $47.63, which is 0.77% below where the stock opened this morning. See more in (NYSE:SO) Similar Articles: Stock Update (NYSE:SO): Southern Co. subsidiary buys controlling interest in California solar facility Stock Update (NYSE:SO): Southern Company subsidiary to acquire second wind project, surpassing 1,600 MW of renewable generation development Company Update: The Southern Company (NYSE:SO) – Southern Company subsidiary acquires system’s largest solar project