HOUSTON - CenterPoint Energy Inc (NYSE:CNP)., a leading provider of electric services with a market capitalization of $21 billion, announced today that board member Barry T. Smitherman has decided to step down, effective December 31, 2024. Smitherman, who has served on the company's Board of Directors, is resigning to pursue other endeavors.
According to the company's filing with the Securities and Exchange Commission, Smitherman's departure is not due to any disagreements with the company regarding its operations, policies, or practices. The filing specifically notes that there are no issues related to the company's financial reporting, accounting procedures, or disclosures that led to this decision.
CenterPoint Energy, headquartered in Houston, Texas, is incorporated in the state of Texas with shares traded on the New York Stock Exchange (NYSE:CNP) and NYSE Chicago. The company, previously known as Reliant Energy Regco Inc., changed its name on December 20, 2000.
Smitherman's resignation comes as a notable change in the company's governance structure, but the company has not yet announced a successor or detailed any changes to its board's composition following his departure.
The information provided in this article is based on CenterPoint Energy's recent SEC filing and aims to present the key facts surrounding the announcement of Barry T. Smitherman's resignation from the company's board.
In other recent news, CenterPoint Energy has reported Q3 earnings per share of $0.31, meeting consensus estimates, and reiterated its 2024 guidance range of $1.61 to $1.63.
The company has also initiated its 2025 non-GAAP EPS guidance at $1.74 to $1.76 per share, indicating an 8% growth from 2024. UBS has raised its rating on shares of CenterPoint Energy from Neutral to Buy, increasing the price target to $37.00.
BMO Capital Markets maintained a Market Perform rating on shares of CenterPoint Energy but increased the price target to $34. Mizuho (NYSE:MFG) Securities and Scotiabank (TSX:BNS) also raised their price targets to $30, maintaining neutral and sector perform stances respectively.
On the regulatory front, CenterPoint Energy has submitted a filing to the Public Utility Commission of Texas to resume settlement discussions related to the Houston Electric rate case.
Lastly, the company has planned a $4.9 billion investment for 2025, contributing to a 10-year capital plan of $47 billion. These are some of the recent developments for CenterPoint Energy.
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