Christopher C. Womack, the CEO, President, and Chairman of Southern Co (NYSE:SO), recently sold 14,000 shares of the company's common stock. The shares were sold at an average price of $86.18, resulting in a total transaction value of approximately $1.21 million. Following this sale, Womack holds 73,910.7006 shares directly and 2,478.6575 shares indirectly through a 401(k) plan. The transaction comes as Southern Co shows strong market performance, with a 23.7% return over the past year and maintains a "GOOD" overall financial health score according to InvestingPro analysis.
The transaction was part of a previously established trading plan, as indicated in the filing. Southern Co, headquartered in Atlanta, Georgia, is a major player in the electric services industry, known for its impressive 54-year streak of maintaining dividend payments and 23 consecutive years of dividend increases. InvestingPro subscribers can access detailed insider trading patterns and 6 additional ProTips about Southern Co's financial outlook.
In other recent news, Southern Power, a U.S. wholesale energy provider, has announced the final expansion phase of its Millers Branch Solar Facility in Haskell County, Texas. This Phase III addition will increase the facility's capacity by 132 megawatts (MW), bringing the total generating capability to 512 MW, marking it as Southern Power's largest solar project to date. The expansion is expected to be operational by the fourth quarter of 2026.
In financial developments, Southern Company (NYSE:SO) reported a slight increase in adjusted earnings for Q3 2024, rising to $1.43 per share from $1.42 in Q3 2023. The company is also anticipating full-year adjusted earnings of $4.05 per share, despite a 0.4% negative impact from Hurricane Helene. Southern Company has secured over 90% of its natural gas generation contracts through the end of the decade.
Southern Company has also highlighted a $3 billion increase in capital investments related to Southern Power projects. Despite the damage from Hurricane Helene exceeding $1.1 billion, the company maintains its long-term growth rate target of 5% to 7% and expects potential load additions in Georgia to exceed 36 gigawatts by the mid-2030s. These recent developments underscore Southern Company's strategic planning and resilience in the face of natural disasters and market challenges.
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