Chalffy Atmos Energy Corporation (NYSE:ATO) is one of the largest pure-play natural gas utilities in the United States, boasting operations in eight states in the central and southern parts of the nation: Atmos Energy The company currently serves approximately 3.3 million customers throughout these states, which is less than we might expect. After all, Texas alone has approximately 30.9 million inhabitants. However, natural gas utilities are a bit different from electric utilities as they do not neces ...

Wall Street witnessed an impressive bull run in 2023, but the utility sector suffered a blow. Of the 11 broad sectors of the market’s benchmark — the S&P 500 Index — the Utility sector declined more than 11%. Investors’ preference shifted to growth stocks from defensive sectors like utility as the Fed significantly reduced the magnitude of interest rate hikes.However, the utility sector is likely to regain momentum in 2024. In its December FOMC meeting, the Fed clearly gave signal to end the current rate hi ...

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Company Overview - Atmos Energy (ATO) is based in Dallas and operates in the Utilities sector, with a year-to-date share price change of -0.09% [2] - The company currently pays a dividend of $0.81 per share, resulting in a dividend yield of 2.78%, which is lower than the Utility - Gas Distribution industry's yield of 3.6% and the S&P 500's yield of 1.61% [2] Dividend Information - Atmos Energy's annualized dividend of $3.22 has increased by 8.8% from the previous year [2] - The company has raised its dividend five times over the last five years, achieving an average annual increase of 8.96% [2] - The current payout ratio is 48%, indicating that Atmos Energy pays out 48% of its trailing 12-month earnings per share as dividends [2] Earnings Growth - The Zacks Consensus Estimate for Atmos Energy's earnings per share for 2024 is $6.56, reflecting a year-over-year earnings growth rate of 7.54% [3] Investment Perspective - Atmos Energy is considered a compelling investment opportunity due to its attractive dividend and strong Zacks Rank of 2 (Buy) [4] - The company is positioned well for income investors, as dividends can enhance stock investing profits and reduce overall portfolio risk [4]

Markets have been volatile in January following the year-end rally. The tech rally that drove markets in 2023 also appears to have come to a halt after the benchmark 10-year Treasury yield jumped past the 4% mark, as investors are once again concerned about the Federal Reserve’s next move with interest rate.Investors are currently trying to assess the time and size of the Federal Reserve’s planned rate cuts in 2024. The optimism surrounding the rate cut that drove markets in December seems to have faded.The ...

Core Insights - The fourth-quarter 2023 earnings season is beginning, with a general deceleration in earnings outlook and negative revisions across several sectors [1][2] - Despite the overall decline, certain stocks are highlighted as having a high chance of surprising positively during the earnings season, including Meta Platforms, Deckers Outdoor, Netflix, Atmos Energy, and CME Group [1] Earnings Trends - Total S&P 500 earnings are projected to decrease by 0.2% year-over-year, despite a 2.3% increase in revenues [2] - This follows a 3.8% earnings growth in Q3 2023, with estimates dropping from an initial projection of 5.5% growth in early October [2] - Eight out of 16 Zacks sectors are expected to show earnings growth, with Technology leading at 18.8% growth [2] Stock Selection Methodology - Stocks with a positive Earnings ESP and a favorable Zacks Rank (1, 2, or 3) are likely to outperform, with a historical earnings surprise rate of 70% [3][4] - The methodology focuses on recent analyst revisions to capture potential earnings surprises [3] Company Highlights Meta Platforms - Meta has an Earnings ESP of +4.58% and a Zacks Rank of 2, with a consensus estimate of $4.79, indicating a growth of 59.7% [5] - The company has delivered an average earnings surprise of 27.50% over the last four quarters and is set to report on February 7 [5] Deckers Outdoor - Deckers has an Earnings ESP of +4.88% and a Zacks Rank of 2, with a positive earnings estimate revision of 19 cents, indicating a growth of 5.4% [6][7] - The company has an average earnings surprise of 26.32% in the past four quarters and will report earnings on February 1 [7] Netflix - Netflix has an Earnings ESP of +5.75% and a Zacks Rank of 2, with a recent positive earnings estimate revision of one cent, indicating an expected growth rate of over 1700% [8] - The company has delivered a negative earnings surprise of 12.16% on average over the last four quarters and is scheduled to report on January 23 [8] Atmos Energy - Atmos Energy has an Earnings ESP of +1.98% and a Zacks Rank of 2, with an upward earnings estimate revision of 4 cents, indicating a growth rate of 9.95% [9] - The company has an average earnings surprise of 1.10% over the last four quarters and will report earnings on February 6 [9] CME Group - CME Group has an Earnings ESP of +4.49% and a Zacks Rank of 2, with a positive earnings estimate revision of 3 cents, indicating a growth rate of 14.58% [10] - The company has delivered an average earnings surprise of 2.73% over the last four quarters and is set to report on February 14 [10]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10042 Atmos Energy Corporation (Exact name of registrant as specified in its charter) Texas and Virginia 75-1743247 ...

Financial Data and Key Metrics Changes - The company reported earnings per share of $6.10 for fiscal '23, marking an 8.9% increase from fiscal '22 and the 21st consecutive year of earnings per share growth [4][13] - Consolidated operating and maintenance (O&M) expenses increased by $55 million to $765 million, primarily due to higher service orders and increased headcount [14] - Capital spending for fiscal '23 was over $2.8 billion, a 15% increase from the previous fiscal year, with 85% dedicated to improving safety and reliability [14] Business Line Data and Key Metrics Changes - The company added nearly 61,000 new customers in fiscal '23, with over 46,000 located in Texas [7] - Industrial demand remained strong, with the addition of 55 new industrial customers expected to contribute approximately 19 billion cubic feet (Bcf) of annual load [8] - Customer satisfaction remained high, with a 98% satisfaction rating reported [10] Market Data and Key Metrics Changes - Texas continued to experience record employment, adding nearly 436,000 jobs from September 2022 to September 2023, contributing to the company's customer growth [7] - The Dallas-Fort Worth Metroplex is projected to add over 674,000 people by 2028, indicating strong market growth potential [7] Company Strategy and Development Direction - The company focuses on system modernization through disciplined capital spending and timely recovery of costs via regulatory mechanisms [15] - A capital spending plan of approximately $17 billion over the next five years is anticipated to support rate base growth of about 11% to 13% per year [16] - The company aims for 6% to 8% annual growth in earnings per share and dividends per share [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of their strategy, which supports continued modernization and economic development in service territories [20] - The company anticipates becoming a material federal cash taxpayer within the next three years due to the Inflation Reduction Act [17] - The effective tax rate is expected to rise to 22% to 23% in the near future, with recoverability strategies being developed [45] Other Important Information - The company completed $1.6 billion in long-term financing and ended the fiscal year with an equity capitalization of 61.5% [14] - The company has hedged 50% of its winter supply needs at a weighted average cost of $3.31 [24] - The company is on track to complete significant pipeline projects, enhancing supply diversity and supporting growth [9][22] Q&A Session Summary Question: Future equity issuances and capital plan - Management remains confident in using the ATM program to fund equity needs, considering the current liquidity in the market [27] Question: APT settlement impact on guidance - The current settlement outcome has been reflected in the guidance provided [28] Question: Target equity capitalization - The company is comfortable maintaining an equity capitalization in the range of 50% to 60% [31] Question: O&M trends and outlook - Management is confident in the projected O&M range of $780 million to $800 million for fiscal '24, despite some moderation in costs [33] Question: Long-term O&M guidance - The long-term O&M guidance has been nudged up slightly due to compliance costs and inflation considerations [35] Question: Becoming a cash taxpayer - The company anticipates becoming a cash taxpayer due to the expiration of NOL shields and the corporate minimum tax [39] Question: Effective tax rate expectations - The effective tax rate is expected to increase to 22% to 23% in the near future, with recoverability strategies being developed [45] Question: O&M seasonality - O&M management is conducted on a full fiscal year basis, making it difficult to predict seasonality [54]

Analyst Call to Review Fiscal 2023 Financial Results & Fiscal 2024 – 2028 Outlook November 9, 2023 10:00 a.m. Eastern Fiscal 2023 Review ...

Analyst Call to Review Fiscal 2023 Third Quarter Financial Results August 3, 2023 10:00 a.m. Eastern Fiscal Q3 2023 Review ...