Centrica Earnings Contain ‘Litany of Negatives’: Street Wrap

Centrica Plc results included a “litany of negatives,” analysts at JPMorgan wrote after the British Gas-owner cut its dividend for the first time since 2015. Shares fell as much as 12%, and RBC Capital Markets said that today’s announcement may not mark the bottom for the stock.

The shares fell to the lowest in 21 years after first-half profit missed expectations, with the company’s U.K. domestic energy supply unit still facing a tough market. Still, the departure of chief executive officer Iain Conn may pave the way for a new strategy, JPMorgan said.