AT&T purchased $27.4 billion of spectrum at the Federal Communications Commission's recent record-setting auction and plans to reduce its leverage ratio to 2.5x in 2024, according to the firm's March 12 business update.Both of these figures missed our expectations. In the analysis we shared in February, we assumed AT&T would spend $20 billion at the spectrum auction [...]

PPL since August has been shopping its U.K. utility operations, which generated 53% of the firm's adjusted earnings last year. On Thursday, management finally found a buyer. PPL will sell its U.K. business to National Grid in a transaction valued at $19.4 billion. PPL shares jumped 5% on the news as the assets achieved a higher value than [...]

We have been watching Enterprise Products Partners closely in light of the substantial excess capacity in the midstream industry. Service providers' forecasts of production growth have turned out to be overly optimistic, resulting in too much infrastructure development that has been further accentuated by the pandemic-driven decline in domestic energy production. Source: Enterprise Products Partners, Investor [...]