From a technical perspective, CMS Energy Corporation (CMS) is looking like an interesting pick, as it just reached a key level of support. CMS's 50-day simple moving average crossed above its 200-day simple moving average, which is known as a "golden cross" in the trading world.There's a reason traders love a golden cross -- it's a technical chart pattern that can indicate a bullish breakout is on the horizon. This kind of crossover is formed when a stock's short-term moving average breaks above a longer-te ...

Citi Research Global Technology, Communications, Real Estate, Energy, and Industrials February 23, 2026 Data Center GAINs (Gen AI Names) Multi-Asset Strong Absorption Supports Solid 2026 and LT Data Center Demand | Equities | | | | | ABS | | --- | --- | --- | --- | --- | --- | | Michael Rollins, CFAAC +1 212 816-3116 | Heath TerryAC +1 212 723-4624 | Caitlyn Walsh caitlyn.walsh@citi.com | | | | | michael.rollins@citi.com | heath.terry@citi.com | | | | | | Siraj Ahmed AC | AC Scott Gruber | Andrew KaplowitzA ...

Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yiel ...

CMS Energy Announces Diane Leopold and Richard Keyes to Join the Board of Directors [Accessibility Statement] Skip NavigationJACKSON, Mich., Feb. 20, 2026 /PRNewswire/ -- Diane Leopold, retired executive vice president and chief operating officer at Dominion Energy, Inc, ("Dominion") has been elected to the CMS Energy and Consumers Energy boards of directors. Richard Keyes, president and chief executive officer of Meijer, Inc, has also been elected to the CMS Energy and Consumers Energy boards of directors. ...

With a market cap of $23.5 billion, CMS Energy Corporation (CMS) provides electricity and natural gas to approximately 1.9 million electric and 1.8 million gas customers across residential, commercial, and industrial sectors. It operates through Electric Utility, Gas Utility, and NorthStar Clean Energy segments, with a strong focus on power generation, energy distribution, and renewable energy development. Shares of the Jackson, Michigan-based company have lagged behind the broader market over the past 5 ...

Financial Performance - CMS Energy's consolidated operating revenue was $8.5 billion in 2025, up from $7.5 billion in 2024 and 2023[44] - Consumers' consolidated operating revenue was $8.1 billion in 2025, compared to $7.2 billion in 2024 and 2023[47] - Consumers' electric utility operations generated operating revenue of $5.6 billion in 2025, an increase from $5.1 billion in 2024 and $4.7 billion in 2023[52] - Consumers' gas utility operations generated operating revenue of $2.5 billion in 2025, an increase from $2.1 billion in 2024 and $2.4 billion in 2023[81] - NorthStar Clean Energy's operating revenue was $408 million in 2025, compared to $316 million in 2024 and $297 million in 2023[97] Customer Base and Deliveries - In 2025, Consumers served 1.9 million electric customers and 1.8 million gas customers in Michigan's Lower Peninsula[49] - Consumers' electric deliveries were 37 billion kWh in 2025, with net bundled sales of 34 billion kWh[56] - Deliveries of natural gas through Consumers' network totaled 396 Bcf in 2025, up from 362 Bcf in 2024, with 46% of winter gas supplied from storage[85] Renewable Energy and Emissions Goals - Consumers plans to achieve 60% renewable energy by 2035 and 100% clean energy by 2040, with updates to its Renewable Energy Plan including up to 9,000 MW of solar and 4,000 MW of wind resources[65] - Consumers aims for net-zero methane emissions from its natural gas delivery system by 2030, targeting an 80% reduction from 2012 levels[88] - Consumers has set a goal to reduce customer greenhouse gas emissions by 25% by 2035, with a ten-year investment plan to achieve this[89] - Michigan's 2023 Energy Law mandates a renewable energy standard of 50% by 2030 and 60% by 2035, with a clean energy standard of 80% by 2035 and 100% by 2040[109] - Consumers plans to reduce methane emissions from its natural gas delivery system by about 80% from 2012 levels by 2030[112] Generation Capacity and Resources - In 2025, 41% of Consumers' electric supply was generated by natural gas, producing 14,661 GWh of electricity[70] - Consumers purchased the Covert Generating Station in 2023, adding 1,200 MW of nameplate capacity[64] - Consumers plans to retire coal-fueled generating units totaling 1,922 MW of nameplate capacity, including the D.E. Karn and J.H. Campbell units[63] - In 2025, 20% of Consumers' electric supply was generated by coal-fueled units, producing 7,320 GWh of electricity, with 3,608 GWh supplied to MISO to comply with emergency orders[76] Financial Commitments and Risks - Consumers has future commitments to purchase capacity and energy under long-term PPAs estimated to total $17.0 billion from 2026 through 2060, with annual payments ranging from $0.9 billion to $1.0 billion for the next five years[73] - CMS Energy's fixed-rate financing potential loss in fair value is projected to be $792 million for 2025 and $717 million for 2024[398] - Consumers' fixed-rate financing potential loss in fair value is estimated at $535 million for 2025 and $543 million for 2024[398] - CMS Energy and Consumers are exposed to market risks including interest rates, commodity prices, and investment security prices[395] - A hypothetical adverse change in market rates or prices of 10 percent could lead to potential losses exceeding the amounts shown in sensitivity analyses[396] Workforce and Diversity - CMS Energy and Consumers recorded an OSHA recordable incident rate of 2.34 in 2025, with a target serious injury incidence rate of 0.037 for 2026[124] - The diversity, equity, and inclusion index score for CMS Energy and Consumers was 75% for the year ended December 31, 2025[127] - At December 31, 2025, unions represented 44% of CMS Energy's employees and 45% of Consumers' employees[123] - Consumers' workforce composition includes 26% female employees and 13% racially or ethnically diverse employees as of December 31, 2025[128] Future Plans and Strategies - Consumers plans to file energy storage plans by 2029 to achieve a statewide target of 2,500 MW[109] - Consumers' firm gas transportation contracts are expected to provide 34% of total forecasted gas supply requirements for 2026[95] - Fewer than 300 of Consumers' electric customers purchased electric generation service under the ROA program, which is capped at 10% of Consumers' sales[79] - CMS Energy and Consumers utilize a combination of fixed-rate and variable-rate debt instruments to manage interest-rate risk[397] - The company has established policies and procedures for entering into risk management contracts under the direction of an executive oversight committee[395]

Investment Plans - The parent company of Consumers Energy plans to invest over $17 billion in generation, distribution, and other assets over the next five years, with generation investment increasing more than 25% compared to the previous five-year plan [1] Load Growth Projections - The utility expects robust and sustained load growth, projecting 3% weather-normalized load growth in 2026 and a run rate of 2% to 3% through 2030, primarily driven by data centers and industrial loads [2][3] Renewable Energy Investments - Consumers Energy plans to spend approximately $14 billion on renewable energy through 2045, which includes 8 GW of solar and 2.8 GW of wind [4] - The planned investment in electric generation through 2030 is around $8.8 billion, which is an increase of $2.5 billion from the prior five-year plan, focusing on renewable generation to comply with state law for 100% carbon-free electricity by 2040 [5] Data Center Developments - Ongoing negotiations for data centers are crucial, with a 1-GW data center agreement announced last July, and the company is close to finalizing a rate contract for this customer [6][7] - There are indications of more data center interests, with two proposed data centers and two new industrial loads expressing interest in Consumers' territory recently, alongside 9 GW of large-load interconnection requests in the pipeline [9]

Core Viewpoint - CMS Energy is optimistic about its regulatory outcomes and growth prospects, particularly in renewable energy and large-load opportunities, while maintaining a focus on customer affordability and long-term investments [4][6][19]. Regulatory Developments - The company anticipates a favorable outcome from its pending electric rate case, expecting a return on equity (ROE) of 9.9% or better, supported by constructive positions from the Michigan Public Service Commission [1][6]. - CMS Energy received approval for a 20-year renewable energy plan, representing approximately $14 billion in customer investment opportunities over the next decade [2][6]. Financial Performance and Guidance - CMS Energy reported adjusted earnings per share (EPS) of $3.61 for 2025, exceeding guidance and reflecting over 8% growth from 2024 [8]. - The company raised its 2026 adjusted EPS guidance to a range of $3.83 to $3.90, indicating 6% to 8% growth from 2025 results [6][8]. Capital Investment Plan - The five-year utility capital investment plan has been expanded to $24 billion, up $4 billion, supporting approximately 10.5% rate base growth through 2030 [6][11]. - Major drivers of the updated plan include an integrated resource plan to be filed in mid-2026, which will address capacity needs and incorporate renewable energy sources [11]. Large-Load Opportunities - The company's large-load pipeline, particularly for data centers, is expanding, with potential projects requiring $2.5 billion to $5 billion of investment per additional gigawatt [5][14]. - The Large Load Tariff has been approved to facilitate data center growth while ensuring existing customers are not burdened with the costs [3][12]. Customer Affordability and Cost Savings - CMS Energy emphasizes customer affordability, noting that utility bills represent about 3% of total expenses, down 150 basis points from a decade ago [19]. - The company achieved over $100 million in savings in 2025 through efficiency efforts and estimates that energy waste reduction programs will save customers about $1.2 billion [20]. Financing Strategy - In 2025, CMS Energy invested $3.8 billion, funded through operating cash flow, bond and equity financings, while maintaining investment-grade credit metrics [21]. - For 2026, the company plans to issue over $1.7 billion at the utility level and approximately $700 million of equity at the parent level [21]. Dividend Policy - CMS Energy aims to continue dividend growth, targeting a payout ratio of about 60% in 2026 and approximately 55% over time [22].

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Financial Data and Key Metrics Changes - For 2025, the company exceeded its adjusted earnings per share guidance, delivering $3.61 per share, which is an increase of over 8% from 2024's actual result [10] - The company raised its annual guidance for 2026 by $0.03, now expecting earnings per share between $3.83 and $3.90, representing 6%-8% growth from 2025 actual results [11][22] - The company has a target dividend payout ratio of approximately 55% over time, continuing its practice of growing dividends for over 20 years [12] Business Line Data and Key Metrics Changes - The utility segment is expected to provide $4.28-$4.33 of adjusted earnings per share, driven by normal weather and constructive regulatory outcomes [23] - Northstar is anticipated to contribute $0.25-$0.30 to earnings per share, benefiting from favorable capacity contracts and renewable projects [23] Market Data and Key Metrics Changes - The company reported that its residential natural gas rate is 28% below the national average, reflecting its commitment to affordability [10] - The company has seen a 3% load growth in Michigan, with expectations of 2%-3% growth over the five-year plan [56] Company Strategy and Development Direction - The company has received approval for a 20-year renewable energy plan, providing approximately $14 billion of customer investment opportunity over the next decade [5][8] - The company is focused on maintaining affordability while making significant investments in infrastructure, with a five-year $24 billion utility customer investment plan [12][15] - The company is actively pursuing data center opportunities, with a large load tariff designed to protect existing customers while attracting new business [4][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a constructive outcome in the pending electric and gas rate cases, expecting a return on equity (ROE) of 9.9% or better [9][53] - The management highlighted the importance of a constructive regulatory environment in Michigan, which supports long-term investments and customer benefits [7][8] Other Important Information - The company has invested over $1 billion in gas infrastructure to ensure reliable service during cold weather [6] - The company has achieved significant savings for customers through its energy efficiency programs, amounting to approximately $1.2 billion [17] Q&A Session Summary Question: Update on data center opportunities - Management reported progress in discussions with data centers and highlighted the importance of the large load tariff in attracting these customers [35][36] Question: Clarification on the growth plan and its components - Management explained that the data center investments are not included in the current plan, but they expect a low double-digit compound annual growth rate (CAGR) when considering additional opportunities [38][41] Question: Concerns about authorized returns and regulatory feedback - Management expressed confidence in achieving a ROE of 9.9% or better, dismissing concerns about the recent Proposal for Decision as an outlier [50][53] Question: Impact of Integrated Resource Plan on capacity needs - Management clarified that the Integrated Resource Plan will address capacity gaps and that additional load growth will require significant investment [54][56]