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Ameren (AEE)

St. Louis-based Ameren Corporation powers the quality of life for 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated utility subsidiaries. Ameren Illinois provides electric distribution and transmission service and natural gas distribution service. Ameren Missouri provides electric generation, transmission and distribution service, as well as natural gas distribution service. Ameren Transmission Company of Illinois develops, owns and operates rate-regulated regional electric transmission projects.

Company profile

Ticker
AEE
Exchange
Website
CEO
Warner Baxter
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
Ameren Development Company • Missouri Central Railroad Company • QST Enterprises Inc. • Ameren EIP Investment, LLC • Ameren Accelerator Investments, LLC • AmerenEnergy Medina Valley Cogen, L.L.C. • Ameren Transmission Company, LLC • ATX East, LLC • ATX Southwest, LLC • Lucky Corridor, LLC ...
IRS number
431723446

AEE stock data

Calendar

5 Aug 22
12 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 161M 161M 161M 161M 161M 161M
Cash burn (monthly) (no burn) 8.83M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) n/a 12.69M n/a n/a n/a n/a
Cash remaining n/a 148.31M n/a n/a n/a n/a
Runway (months of cash) n/a 16.8 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
9 Aug 22 Warner L Baxter Common Stock, $.01 Par Value Sell Dispose S No No 93.44 25,722 2.4M 267,893
9 Aug 22 Warner L Baxter Common Stock, $.01 Par Value Sell Dispose S No No 92.97 28,278 2.63M 292,926
1 Jul 22 Leonard P Singh Common Stock, $.01 Par Value Grant Acquire A No No 0 1,642 0 8,284
1 Jul 22 Leonard P Singh Common Stock, $.01 Par Value Grant Acquire A No No 0 6,642 0 6,642
2 Jun 22 Mark C Birk Common Stock, $.01 Par Value Sell Dispose S No No 93.9 4,000 375.6K 80,541
1 Jun 22 Michael L Moehn Common Stock, $.01 Par Value Sell Dispose S No Yes 95.32 2,630 250.69K 148,060
76.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 646 643 +0.5%
Opened positions 67 113 -40.7%
Closed positions 64 50 +28.0%
Increased positions 229 203 +12.8%
Reduced positions 214 188 +13.8%
13F shares Current Prev Q Change
Total value 18.35B 17.21B +6.6%
Total shares 196.18M 193.43M +1.4%
Total puts 221.8K 75.7K +193.0%
Total calls 125.2K 122K +2.6%
Total put/call ratio 1.8 0.6 +185.5%
Largest owners Shares Value Change
Vanguard 29.98M $2.81B +2.3%
TROW T. Rowe Price 20.68M $1.94B -23.1%
BLK Blackrock 17.62M $1.65B -15.1%
STT State Street 13.89M $1.3B +8.0%
AMP Ameriprise Financial 6.2M $581.76M +1.7%
DB Deutsche Bank AG - Registered Shares 6.16M $577.21M +11.0%
Geode Capital Management 5.08M $475.4M +4.7%
JPM JPMorgan Chase & Co. 4.65M $436.45M +493.3%
Nuveen Asset Management 3.97M $355.16M +12.0%
Pictet Asset Management 3.66M $343.07M -2.2%
Largest transactions Shares Bought/sold Change
TROW T. Rowe Price 20.68M -6.21M -23.1%
JPM JPMorgan Chase & Co. 4.65M +3.87M +493.3%
BLK Blackrock 17.62M -3.13M -15.1%
STT State Street 13.89M +1.03M +8.0%
BAM Brookfield Asset Management 890.28K +890.28K NEW
Massachusetts Financial Services 2.4M +761.46K +46.5%
Vanguard 29.98M +681.66K +2.3%
Alliancebernstein 2.67M +615.51K +30.0%
BAC Bank Of America 1.26M -614.86K -32.9%
DB Deutsche Bank AG - Registered Shares 6.16M +609.73K +11.0%

Financial report summary

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Risks
  • We are subject to extensive regulation of our businesses.
  • The electric and natural gas rates that we are allowed to charge are determined through regulatory proceedings, which are subject to intervention and appeal. Rates are also subject to legislative actions, which are largely outside of our control. Certain events could prevent us from recovering our costs in a timely manner or from earning adequate returns on our investments.
  • Ameren Illinois expects to use the IEIMA performance-based formula ratemaking framework to establish annual customer rates effective through 2023. Effective for rates beginning in 2024, Ameren Illinois will establish electric distribution rates through either a traditional regulatory rate review or an MYRP. As a result of its participation in the IEIMA performance-based formula ratemaking, Ameren Illinois’ ROE for its electric distribution service through 2023 and its electric energy-efficiency investments is directly correlated to yields on United States Treasury bonds. Additionally, Ameren Illinois is subject to certain performance standards. With respect to its natural gas delivery service business, unless extended, Ameren Illinois’ QIP will expire after December 2023.
  • As a result of the election to use the PISA, Ameren Missouri’s electric rates are subject to a rate cap. Additionally, Ameren Missouri’s investment plan assumes use of PISA through December 2028, which is subject to MoPSC approval that has not yet been requested.
  • We are subject to various environmental laws. Significant capital expenditures may be required to achieve and to maintain compliance with these environmental laws. Failure to comply with these laws could result in the closing of facilities, alterations to the manner in which these facilities operate, increased operating costs, delays and increased costs of building new facilities, or exposure to fines and liabilities.
  • We are subject to business and financial risks related to the impact of climate change legislation, regulation, and emission reduction goals.
  • We are subject to federal regulatory compliance and proceedings, which could result in increasing costs and the potential for regulatory penalties and other sanctions.
  • The construction and acquisition of, and capital improvements to, electric and natural gas utility infrastructure, along with Ameren Missouri’s ability to implement its Smart Energy Plan, which is aligned with its 2020 IRP, involve substantial risks.
  • Our electric generation, transmission, and distribution facilities are subject to operational risks.
  • Ameren Missouri’s ability to obtain an adequate supply of coal could limit operation of its coal-fired energy centers.
  • Ameren Missouri’s ownership and operation of a nuclear energy center creates business, financial, and waste disposal risks.
  • Our natural gas distribution and storage activities involve numerous risks that may result in accidents and increased operating costs.
  • Significant portions of our electric generation, transmission, and distribution facilities and natural gas transmission and distribution facilities are aging. This aging infrastructure may require significant additional maintenance or replacement. Ameren Missouri could be adversely affected if it is unable to recover the remaining investment, if any, and decommissioning costs associated with the retirement of an energy center, as well as the ability to earn a return on that remaining investment and those decommissioning costs.
  • Energy conservation, energy efficiency, distributed generation, energy storage, technological advances, and other factors could reduce energy demand from our customers.
  • Ameren’s holding company structure could limit its ability to pay common stock dividends and to service its debt obligations.
  • Significant increases in prices of commodities, labor, services, materials, and supplies and other costs, including costs associated with our defined benefit retirement and postretirement plans, health care plans, and other employee benefits, could adversely affect our results of operations, financial position, or liquidity.
  • Our results of operations, financial position, and liquidity have been and are expected to continue to be adversely affected by the international public health emergency associated with the COVID-19 pandemic.
  • Customers’, investors’, legislators’, and regulators’ opinions of us are affected by many factors, including system reliability, implementation of our strategic plan, protection of customer information, rates, media coverage, and ESG practices, as well as actions by other utility companies. Negative opinions developed by customers, investors, legislators, or regulators could harm our reputation.
  • We are subject to employee work force factors that could adversely affect our operations.
  • Our operations are subject to acts of terrorism, cyber attacks, and other intentionally disruptive acts.
  • Our businesses are dependent on our ability to access the capital markets successfully. We might not have access to sufficient capital in the amounts and at the times needed, as well as on reasonable terms.
Management Discussion
  • Our results of operations and financial position are affected by many factors. Economic conditions, including those resulting from the COVID-19 pandemic discussed below, energy-efficiency investments by our customers and by us, technological advances, distributed generation, and the actions of key customers can significantly affect the demand for our services. Ameren and Ameren Missouri results are also affected by seasonal fluctuations in winter heating and summer cooling demands, as well as by energy center maintenance outages. Additionally, fluctuations in interest rates and conditions in the capital and credit markets affect our cost of borrowing, our pension and postretirement benefits costs, and the cash surrender value of company-owned life insurance. Almost all of Ameren’s revenues are subject to state or federal regulation. This regulation has a material impact on the rates we charge customers for our services. Our results of operations, financial position, and liquidity are affected by our ability to align our overall spending, both operating and capital, with the frameworks established by our regulators. See Note 2 – Rate and Regulatory Matters under Part I, Item 1, of this report and Note 2 – Rate and Regulatory Matters under Part II, Item 8, of the Form 10-K for additional information regarding Ameren Missouri’s, Ameren Illinois’, and ATXI’s regulatory mechanisms.

Content analysis

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Positive
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