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 ...

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 ...

Core Viewpoint - Vistra Corp (NYSE:VST) is a significant entity in the utilities sector, maintaining an "Overweight" rating from Morgan Stanley despite a price target adjustment from $227 to $215, indicating confidence in its stock potential [1][5] Dividend Analysis - Vistra offers an annual dividend of $0.91 per share, resulting in a dividend yield of 0.5%, which is lower than CMS Energy's $2.28 per share and 3.0% yield [2] - The company allocates 32.9% of its earnings to dividends, reflecting a conservative approach compared to CMS Energy's 64.6% [2] - Vistra has increased its dividend for six consecutive years, surpassing CMS Energy's three-year streak, indicating a strong commitment to returning value to shareholders [3][5] Stock Performance - Currently, VST is priced at $172.15, with a slight decrease of 0.20% from the previous day, and has experienced a trading range of $169.86 to $173.50 today [4] - Over the past year, VST has seen a high of $219.82 and a low of $90.51, indicating significant volatility [4] - The company's market capitalization is approximately $58.3 billion, with a trading volume of 1,075,727 shares today [4]

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. ...

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]

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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]

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 a trend of dividend growth 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 projected 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 a balance between system investment and customer affordability [10] - The company aims to keep residential bills below the national average and Midwest average, with recent electric bill increases among the lowest in the country [17][18] Company Strategy and Development Direction - The company has received approval for a 20-year renewable energy plan, providing approximately $14 billion of customer investment opportunities over the next decade [5][8] - A five-year $24 billion utility customer investment plan has been outlined, with increased investments in electric generation and gas delivery systems [12][15] - The company is focusing on customer affordability while making significant infrastructure investments, leveraging operational efficiencies to save customers money [17][66] 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 a strong regulatory environment in Michigan, which supports long-term investments and customer benefits [8][9] - The company is optimistic about the growth potential from data centers and manufacturing customers, with ongoing discussions and agreements in place [19][20] Other Important Information - The company has invested over $1 billion in gas infrastructure improvements to ensure reliability and safety for customers [6] - The company has a strong focus on energy efficiency, with programs expected to save customers approximately $1.2 billion [17] Q&A Session Summary Question: Update on data center opportunities - Management reported progress in discussions with data centers, with a growing pipeline and positive indicators for the Large Load Tariff [36][75] Question: Clarification on the financial plan and growth expectations - Management explained that the data center investments are not included in the current financial plan, but they expect a low double-digit CAGR when considering additional opportunities [42][45] Question: Concerns about authorized returns and regulatory feedback - Management expressed confidence in achieving a constructive outcome in the rate case, emphasizing the strong justification for capital investments and operational needs [50][53] Question: Capacity needs and Integrated Resource Plan (IRP) - Management clarified that the IRP will address capacity gaps and that additional load from data centers would lead to increased rate base growth [56][58]

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 [9][10]. - The company raised its annual guidance for 2026 by $0.03, now expecting earnings per share in the range of $3.83-$3.90, representing 6%-8% growth from 2025 actual results [10][20]. 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 [22]. - Northstar is projected to contribute $0.25-$0.30 to earnings per share, benefiting from favorable capacity contracts and renewable projects [22]. Market Data and Key Metrics Changes - The residential natural gas rate is reported to be 28% below the national average, reflecting the company's commitment to affordability [9]. - The company anticipates a 3% weather-normalized load growth for 2026, with expectations of 2%-3% growth in subsequent years [27]. Company Strategy and Development Direction - The company has a five-year $24 billion utility customer investment plan, which is up $4 billion from the previous plan, aimed at improving reliability and customer service [11][14]. - The approval of a 20-year renewable energy plan highlights the constructive regulatory environment in Michigan, providing visibility for long-term investments in solar and wind [4][7]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a constructive outcome for the ongoing electric rate case, expecting a return on equity (ROE) of 9.9% or better [8][41]. - The management emphasized the importance of maintaining affordability for customers, noting that utility bills remain approximately 3% of total expenses, down from 4.5% a decade ago [16][52]. Other Important Information - The company has invested over $1 billion in gas storage and delivery infrastructure to ensure reliability and affordability for customers [5][11]. - The company is actively working on securing data center opportunities, with significant progress made in finalizing agreements and tariffs [17][30]. Q&A Session Summary Question: Update on data center opportunities in Michigan - Management reported positive progress with data centers, noting an increase in interest and advanced talks with potential customers [30][31]. Question: Clarification on the 6%-8% growth guidance - Management explained that the growth guidance accounts for funding costs and refinancing pressures, with a focus on maintaining a high-quality earnings trajectory [36][38]. Question: Concerns regarding authorized returns and regulatory feedback - Management expressed confidence in achieving a constructive outcome in the rate case, emphasizing the strong justification for capital investments and operational needs [41][43]. Question: Impact of zoning on data center development - Management indicated that zoning issues are not seen as impediments, highlighting successful navigation of local regulations to facilitate data center growth [59][60].

Core Insights - CMS Energy Corporation (CMS) reported fourth-quarter 2025 earnings per share (EPS) of 95 cents, exceeding the Zacks Consensus Estimate of 94 cents by 1.3% and reflecting a 9.2% increase from 87 cents in the prior-year quarter [1][7] - For the full year 2025, CMS reported adjusted earnings of $3.61 per share, up from $3.34 in 2024, driven by strong performance at NorthStar Clean Energy [1][7] CMS' Revenues - Operating revenues for the fourth quarter totaled $2.23 billion, surpassing the Zacks Consensus Estimate of $2.11 billion by 5.9% and increasing 12.3% from $1.99 billion in the prior-year quarter [2] - Total revenues for 2025 reached $8.54 billion, higher than $7.52 billion in 2024 [2] Operational Performance of CMS - Operating expenses amounted to $1.8 billion, reflecting a 14.4% increase from the year-ago quarter [3] - Operating income was reported at $435 million, slightly up from $425 million in the prior-year quarter [3] - Interest charges totaled $201 million, an increase of 11.7% from the previous year [3] Financial Condition of CMS - As of December 31, 2025, CMS had cash and cash equivalents of $509 million, compared to $103 million as of December 31, 2024 [4] - Total debt and financial leases (excluding securitization debt) were $18.31 billion as of December 31, 2025, up from $15.87 billion a year earlier [4] - Net cash flow from operating activities was $2.24 billion in 2025, down from $2.37 billion in 2024 [4] CMS' 2026 Guidance - The company raised its 2026 adjusted earnings guidance to a range of $3.83-$3.90 per share, up from the previous range of $3.80-$3.87 per share [5] - The current Zacks Consensus Estimate for 2026 earnings is $3.85, which is lower than the midpoint of the company's newly guided range [5] - CMS reaffirmed its long-term adjusted EPS growth target of 6-8% [5]