Shares of Just Energy Group Inc. ( JE ) 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 trading.
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.
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