Shares of Just Energy Group Inc. (
) have lifted nearly 10% today to trade at $6.80 after the company
issued initial fiscal 2014 guidance and commented on recent market
activity, specifically the company's recent share price weakness
and elevated trading volume.
Shares had shed about 33% of their value this month alone,
bottoming at a new year low of $5.77 yesterday in heavy
The company had previously guided that, based on its current
$0.84 per share dividend, its payout ratio on funds from operations
would be less than 100% for the year ending March 31, 2014.
The company provided the following further guidance based on
that review: as regards EBITDA, the best estimate for fiscal 2014
is approximately $220 million or $1.57 per share.
Additionally, the company stated that it is unaware of any
adverse changes to its business or its prospects that would in any
way justify the recent unusual trading volumes and decline in the
Just Energy share price. Aside from general macroeconomic concerns,
there have been no particular events or material changes in the
affairs of the company to support the decline.
JE shares have a day's range of $6.16 - $6.74, with a 52-week
top of $14.03.
Copyright (C) 2013 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.