As I write this piece, PPL Corporation (NYSE:PPL) lingers near $27.40 a share after having been below $27.00 for a period of May 17 through May 21. I have written two lengthier pieces on PPL that have laid out the bullish case for a long-term investor, but I wanted to put together a piece reviewing some recent developments for those who remain interested in the stock. I am still quite surprised that PPL has been lingering at these valuation levels for such an extended period of time; however, I do not think the long-term outlook for PPL has changed materially.

In my previous piece, I discussed the possible issues effecting the valuation of PPL (Is It Time To Re-Evaluate PPL?), and in the piece, and particularly the comments, we saw a lot of interest in the specter of PPL raising an additional $1B in capital through an equity offering in 2018. In fact, we now know that PPL has agreed to issue 55 million additional shares at a price of $27.00 with an over-allotment of 8.25 million shares. Those who are paying even scant attention to PPL will notice that this total offering seems to be much higher than initially forecast. There is a change here though - it would appear that this issuance is effective through November 2019 and allows for equity capital issuances both this year and next, which totals potentially over $1.5 billion in the 18-month period.

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