Stock News Recap: Avista Corporation (NYSE: AVA)

Avista Corporation (NYSE:  AVA)) stock recorded a change of -11.39% away from 50 day moving average and -18.36% away from 200 day moving average. Moving closer, we can see that shares have been trading -2.01% off 20-day moving average. The stock recently spotted trading -22.38% off 52-week high price. On the other end, the stock has been noted 1.61% away from low price over the last 52-weeks. It has market cap of $2698.3M and dividend yield of 3.63%.

Hydro One Limited (TSX: H) and Avista Corporation (NYSE:  AVA) declared that the companies have mutually agreed to terminate their previously announced merger agreement. This decision follows the recent orders by the Washington Utilities and Transportation Commission and the Idaho Public Utilities Commission which denied approval of the merger. After careful consideration and analysis of the likelihood of achieving a timely reversal of those orders, the Boards of Directors of Hydro One and Avista each individually determined that termination of the merger agreement is the best course of action for the companies and their respective shareholders.

Paul Dobson, acting President and CEO of Hydro One said, “Hydro One’s Board, management and employees remain focused on delivering safe and reliable power, providing exceptional customer service and driving shareholder value. On behalf of Hydro One, I would like to thank the teams who have worked tirelessly on the proposed merger throughout this process.”

Scott L. Morris, Chairman of the Board and CEO of Avista, said, “While disappointed with the outcome, I want to express our deepest gratitude to everyone who worked with us on this effort over the past 18 months. Avista is a strong, vibrant, and independent utility, and we look forward to building on our legacy of nearly 130 years by continuing to serve the best interests of our most important stakeholders—our valued customers, loyal employees, the communities we serve, and our shareholders.”

As required by the merger agreement, Hydro One will pay Avista a US$103 million termination fee as a result of the termination of the merger agreement.

 The USA based company Avista Corporation moved with change of -0.24% to $41.07 with the total traded volume of 278006 shares in recent session versus to an average volume of 842.21K. The stock was observed in the 5 days activity at 0.88%. The one month performance of stock was -6.34%. AVA’s shares are at -20.78% for the quarter and driving a -20.02% return over the course of the past year and is now at -3.32% since this point in 2018. 

 Right now the stock beta is 0.41. The average volatility for the week and month was at 1.34% and 1.87% respectively. There are 65.7M shares outstanding and 65.02M shares are floated in market.

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