Sempra’s Ienova Rallies on Likelihood of $2 Billion Pipeline Win
- Ienova shares up 9.6% since May 19 announcement of bid plan
- Most analysts recommend buying the shares, predict 14% rally
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The prospect of building an underwater pipeline from Texas to Mexico is making Sempra Energy’s Ienova one of the top-performing stocks south of the border.
Infraestructura Energetica Nova SAB, as the unit is formally called, had the second-biggest gain on the Mexican Stock Exchange since announcing plans on May 19 to bid to develop the $2.1 billion project in a joint venture with TransCanada Corp. The venture was the sole bidder to qualify for a June 13 auction of the project, boosting optimism that Ienova, the country’s only publicly traded energy company, will sustain the rally throughout the year.