CenterPoint Energy drops after $800 mln equity offering

Shares of utility CenterPoint Energy CNP.N down 2.2% before the bell at $36.90 after follow-on priced with forward sale component

Houston, Texas-based CenterPoint late Tues announced ~21.6 mln shares at $37 for total deal size of $800 mln

Offering price represents 1.9% discount to stock's last sale of $37.73

Co entered into separate forward sales agreements with bookrunners BoFA, Mizuho and JP Morgan

Upon settlement of such agreements, expected to occur no later than Feb 25, 2027, CNP plans to use net proceeds for general purposes, including commercial or other debt repayment

With ~652.7 mln shares outstanding, CNP has $24.6 bln market cap

Also late Tues, co said now expects to spend $52.5 bln through 2030, just a month after boosting its 10-yr capex plan by $1 bln to $48.5 bln, betting on surge in AI power demand

Through Tues, CNP shares up ~19% YTD and outperforming S&P 500 Utilities index's .SPLRCU ~7% advance

Of 18 analysts covering CNP, recommendation breakdown is 6 "strong buy" or "buy", 12 "hold" with $40 median PT, according to latest LSEG data