** Shares of electric utility Entergy ETR.N down 1.7% to $84 before the bell after overnight follow-on priced
** New Orleans, Louisiana-based co late Mon announced ~15.6 mln shares at $83.50 for deal size of $1.3 bln
** Offering price represents 2.3% discount to last sale
** Co entered into 18-month forward sales agreements with bookrunners Morgan Stanley, BofA, JP Morgan and Mizuho
** Upon settlement of such agreements, co to use net proceeds for general purposes, including repayment of commercial paper, outstanding loans under its revolver, or other debt
** With ~430.7 mln shares outstanding, co has ~$36.8 bln market cap, per the SEC prospectus filing
** ETR shares, which had risen past five sessions, up ~13% YTD through Mon. This compares to ~4% gain in S&P Utilities sector .SPLRCU and 3.5% decline in the S&P 500 .SPX
** Last month, co posted Q4 beat, aided by lower production costs and higher demand
** 12 of 19 analysts rate ETR "strong buy" or "buy", rest rate "hold" and their median PT is $88.50, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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