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CenterPoint Energy Inc (Holding Co) ($CNP) Stock Forecast: Down 5.1% Today

Morpher AI identified a bearish signal. The stock price may continue to fall based on the momentum of the negative news.

What is CenterPoint Energy Inc (Holding Co)?

CenterPoint Energy (CNP) is a utility firm serving Texas, facing a significant downturn in stock performance amidst ongoing power outages in the state.

Why is CenterPoint Energy Inc (Holding Co) going down?

CNP stock is down 5.1% on Jul 15, 2024 18:11

  • CNP stock declined due to power outages that impacted over 260,000 Texans, drawing criticism from Texas Governor Greg Abbott.
  • Hurricane Beryl aftermath caused widespread power loss, affecting CenterPoint Energy's operations and reputation.
  • Governor Abbott's call for accountability from CenterPoint emphasizes the need for better power management strategies during extreme weather conditions.
  • Despite a hold rating upgrade from StockNews.com, negative feedback on CenterPoint Energy's handling of the outages has influenced market sentiment, leading to the bearish trend in CNP stock.

CNP Price Chart

CNP Technical Analysis

CNP News

Abbott Demand Answers From CenterPoint As 260,000 Texans Still Without Power

Abbott Demand Answers From CenterPoint As 260,000 Texans Still Without Power Authored by Naveen Athrappully via The Epoch Times, Texas Gov. Greg Abbott demanded that utility firm CenterPoint Energy outline the steps it has taken to address power supply outages during extreme weather events, as hundreds of thousands of customers remain without electricity following Hurricane Beryl. The hurricane hit southern Texas and Houston last week and disrupted the power supply to millions of customers, leaving people without air conditioning amid high temperatures. Though supply has been restored for many households, hundreds of thousands of residents remain without power. Mr. Abbott criticized power companies during a July 14 press conference, calling the utility firms’ failure to provide power to customers “unacceptable.” He specifically highlighted CenterPoint’s outage. More than 289,000 households in Texas were out of power as of 09:45 a.m. ET on Monday, out of which over 262,000 (approx. 90 percent) were CenterPoint customers. “To help Texans in the Greater Houston area and to avoid a repeat of unacceptable power outages, I will give CenterPoint until the end of the month to provide my office with specific actions to address power outages and reduce the possibility that power will be lost during a severe weather event,” Gov.

https://www.zerohedge.com/technology/abbott-demand-answers-centerpoint-260000-texans-still-without-power

0 News Article Image Abbott Demand Answers From CenterPoint As 260,000 Texans Still Without Power

Texas Gov. Greg Abbott slams power company CenterPoint as 270,000 homes and businesses remain without power after Hurricane Beryl

“Power companies along the Gulf Coast must be prepared to deal with hurricanes, to state the obvious,” Abbott said at his first news conference about Beryl.

https://fortune.com/2024/07/15/texas-gov-greg-abbott-centerpoint-energy-270000-power-hurricane-beryl/

1 News Article Image Texas Gov. Greg Abbott slams power company CenterPoint as 270,000 homes and businesses remain without power after Hurricane Beryl

Texas governor demands action from CenterPoint over power failures

https://www.investing.com/news/stock-market-news/texas-governor-demands-action-from-centerpoint-over-power-failures-3518361

https://www.investing.com/news/stock-market-news/texas-governor-demands-action-from-centerpoint-over-power-failures-3518361

2 News Article Image Texas governor demands action from CenterPoint over power failures

In beachy Galveston, locals buckle down without power after Beryl’s blow during peak tourist season

GALVESTON, Texas (AP) — Vacuums sucked the water out of the seaside inn run by Nick Gaido’s family in Galveston since 1911 as power was still spotty nearly one week after a resurgent Hurricane Beryl swept into Texas . Blue tarp covered much of the torn off roof. Gaido scheduled cleanup shifts for the hotel and restaurant staff who couldn’t afford to lose shifts to the enduring outages. The July 4th weekend was supposed to kickstart a lucrative tourism season for this popular getaway’s hospitality industry. But just dozens dotted the typically crowded beaches one week later. Gaido felt an urgent need to send the message that Galveston, Texas, is back open. “We’ve dealt with storms in late August or in September,” Gaido said. “But when you have a storm that hits in the beginning of July, that’s different.” Galveston — about 50 miles (80 kilometers) southeast of Houston — has certainly weathered its share of natural disasters. Etched into its collective memory is the fury of a 1900 hurricane that killed thousands back when the island was emerging as a crown jewel for the state.

https://www.kaaltv.com/news/us-world-news/in-beachy-galveston-locals-buckle-down-without-power-after-beryls-blow-during-peak-tourist-season/

3 Missing News Article Image In beachy Galveston, locals buckle down without power after Beryl’s blow during peak tourist season

CenterPoint Energy ( NYSE:CNP ) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of CenterPoint Energy ( NYSE:CNP - Free Report ) from a sell rating to a hold rating in a research report report published on Friday. Other equities analysts also recently issued reports about the company.

https://www.defenseworld.net/2024/07/13/centerpoint-energy-nysecnp-upgraded-to-hold-by-stocknews-com.html

4 Missing News Article Image CenterPoint Energy  ( NYSE:CNP )  Upgraded to Hold by StockNews.com

CenterPoint Energy Inc (Holding Co) Price History

15.06.2024 - CNP Stock was down 3.3%

  • Governor Greg Abbott's criticism of CenterPoint for the power failures post-Hurricane Beryl has put additional pressure on the company's operations and reputation.
  • The prolonged power outages in areas like Galveston have not only impacted residents and businesses but have also disrupted the local tourism industry, adding to the negative sentiment around CenterPoint's response to the crisis.
  • Despite an upgrade to a hold rating by an independent financial analysis company, the overall market sentiment seems to be bearish due to the ongoing challenges faced by CenterPoint in restoring power to affected customers in the aftermath of the hurricane.

15.06.2024 - CNP Stock was down 5.1%

  • CNP stock declined due to power outages that impacted over 260,000 Texans, drawing criticism from Texas Governor Greg Abbott.
  • Hurricane Beryl aftermath caused widespread power loss, affecting CenterPoint Energy's operations and reputation.
  • Governor Abbott's call for accountability from CenterPoint emphasizes the need for better power management strategies during extreme weather conditions.
  • Despite a hold rating upgrade from StockNews.com, negative feedback on CenterPoint Energy's handling of the outages has influenced market sentiment, leading to the bearish trend in CNP stock.
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