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9%

From a recent Mad Money show:

"This is a company that was spun off and is a fantastic natural gas play. I love this group!"

San Diego's energy services holding company said it initiated a $1 billion buyback plan. Sempra Energy and The Royal Bank of Scotland (RBS) teamed up to form a commodities-marketing joint venture and will use the proceeds, which total over $1 billion, from the RBS transaction to finance the buyback.

The buyback, which is expected to be completed in the fourth quarter of 2008, is the initial portion of the company's plan to repurchase between $1.5 billion and $2 billion in common stock.

The company, which has over 29 million consumers worldwide, also increased the divided by 9% to $1.40 a share from $1.28 a share. Sempra plans to maintain a dividend payout ration between 35% and 40% of net income.

Another bullish note for Sempra Energy is that analysts at UBS upgraded the stock to buy from neutral and increased their target price from $58.50 to $64. In a report the analysts mention attractive valuation and short and long term catalysts coming from the completion of the RBS-Sempra joint venture. UBS also said the company has the ability to further rebalance its capital structure after 2010.

Analysts at Wachovia also reiterated their outperform rating on the stock and said that impressive long-term earnings growth provides a cushion for unexpected events, which are not uncommon in the natural gas industry. Wachovia sees the stock trading between $65 and $68.

On top of all the positive news, Sempra's fourth-quarter net income more than doubled to $298 million or $1.10 a share, from $125 million, or 47 cents a share, a year ago. The substantial jump is due to a turnaround in an Argentine-based pipe-line that had major problems last year. Revenue for the full year fell to $11.4 billion from $11.8 billion.

So we have a buyback, solid earnings, an upgrade and increased price targets, and two legendary investors into the stock. That’s a solid foundation for this stock to take off.

Sempra Energy (SRE) was upgraded to Buy rating from Neutral at UBS. Price target lifts to $64 from $58.50 and FY09 eps estimates upped to $4.43 from $4.41.

lived in their service area

Same Reason

Deutsche Bank upgrades Sempra Energy (SRE) to buy with a $63 price target.

Sempra Energy (SRE) upgraded to Buy rating from Hold at Jefferies. Price target lifts to $65 from $63, and FY 2007 eps estimates upped to $3.95 from $3.85.

Low dividends