Key Takeaways MDU launches a $200M equity offering through forward sale agreements with major financial institutions.The deal includes a 30 days option for underwriters to buy up to $30M in additional shares.MDU will utilize proceeds to cut debts, capital needs and buy 49% stake in the Badger Wind Farm project.MDU Resource Group, Inc. (MDU) has announced a public offering of $200 million of equity shares, using a forward sale agreement structure with forward sellers — Wells Fargo, BofA Securities and J.P. M ...

Core Insights - UGI Corporation reported a narrower fourth-quarter fiscal 2025 operating loss of 23 cents per share, better than the Zacks Consensus Estimate of a loss of 44 cents, and an improvement from a loss of 16 cents in the same quarter last year [1] - The company’s GAAP loss per share for the fourth quarter was 6 cents, compared to a loss of $1.27 in the year-ago quarter [1] - Adjusted earnings for fiscal 2025 were $3.32 per share, reflecting an 8.5% increase from $3.06 in fiscal 2024 [1] Revenue Performance - UGI's total revenues for the fourth quarter were $1.20 billion, missing the Zacks Consensus Estimate of $1.72 billion by 30.5%, and decreased 3.6% from $1.24 billion in the year-ago quarter [2] - For fiscal 2025, total revenues reached $7.29 billion, a slight increase of 1.1% from $7.21 billion in fiscal 2024 [2] Investment and Expenses - The company invested $882 million in fiscal 2025, with 80% allocated to the natural gas business, primarily in regulated utilities [3] - Interest expenses rose to $106 million from $98 million in the year-ago quarter [3] - Earnings before interest expense and income tax for the fourth quarter were $19 million, a significant improvement from a loss of $256 million in the previous year [3] Segment Performance - AmeriGas Propane reported operating income before interest expense and income taxes of $166 million in fiscal 2025, up 16.9% from the previous year [4] - UGI International's EBIT was $314 million, down 2.8% from the year-ago level [4] - Midstream & Marketing's EBIT declined 6.4% to $293 million [4] - UGI Utilities reported EBIT of $403 million, a slight increase of 0.8% from the previous year [4] Future Guidance - UGI anticipates adjusted earnings for fiscal 2026 to be in the range of $2.90-$3.15 per share, with the Zacks Consensus Estimate at $3.21 [5] - The company plans to invest between $1 billion and $1.1 billion in fiscal 2026 to strengthen operations [5] - UGI expects a long-term earnings growth rate of 5-7% and plans to invest $4.5 billion to $4.9 billion during fiscal 2026-2029 [5][6]

Core Insights - Spire Inc. reported a fourth-quarter fiscal 2025 loss of 47 cents per share, which was wider than the Zacks Consensus Estimate of a loss of 46 cents, and compared to a loss of 54 cents in the same quarter last year [1] - The company achieved fiscal 2025 adjusted earnings of $4.44 per share, reflecting a year-over-year increase of 7.5% from $4.13 in fiscal 2024 [1] Revenue Performance - Total revenues for the reported quarter were $334.1 million, exceeding the Zacks Consensus Estimate of $308 million by 8.5%, and rose 13.7% from $293.8 million in the year-ago quarter [2] - For fiscal 2025, total revenues amounted to $2.48 billion, down 4.5% from $2.59 billion in fiscal 2024 [2] Expense and Operating Performance - Operating expenses totaled $334.6 million, an increase of 22.1% from $274 million in the prior-year period [3] - The operating loss was $0.5 million, contrasting with an operating income of $19.8 million in the prior-year quarter [3] - Net interest expenses rose 18.8% year over year to $58.8 million [3] Segment Performance - Gas Utility segment reported an adjusted earnings loss of $31.6 million, an improvement from a loss of $32 million in the year-ago period, attributed to higher Spire Missouri ISRS revenues [4] - Gas Marketing segment's adjusted earnings were $3.6 million, recovering from a loss of $0.3 million in the year-ago quarter due to better positioning to create value [4] - Midstream segment's adjusted earnings totaled $12.3 million, down 8.2% from the previous year due to lower pipeline earnings and increased operation and maintenance expenses [5] - Other segment reported an adjusted loss of $8.4 million, slightly improved from a loss of $8.7 million in the prior-year quarter [5] Financial Highlights - Cash and cash equivalents as of September 30, 2025, were $5.7 million, up from $4.5 million as of September 30, 2024 [6] - Long-term debt (less current portion) as of September 30, 2025, totaled $3.37 billion, down from $3.70 billion as of September 30, 2024 [6] - Net cash provided by operating activities in fiscal 2025 was $578 million, compared to $912.4 million in the year-ago period [6] Guidance and Future Outlook - Spire expects fiscal 2026 adjusted earnings to be in the range of $5.25-$5.45 per share, above the Zacks Consensus Estimate of $5.09 [8] - For fiscal 2027, adjusted earnings are expected to be in the range of $5.65-$5.85 per share [8] - The company raised its 10-year capital investment plan to $11.2 billion through fiscal 2035, aiming for long-term adjusted earnings per share growth of 5-7% [8] Zacks Rank - Spire currently holds a Zacks Rank 2 (Buy) [9]

Core Insights - MDU Resources Group Inc. reported third-quarter 2025 operating earnings per share (EPS) of 9 cents, exceeding the Zacks Consensus Estimate of 7 cents by 28.6%, but reflecting a significant decrease of 71.9% year over year [1][8]. Revenue Performance - Total operating revenues for the third quarter increased by 8.8% to $315.1 million, compared to $289.6 million in the same period of 2024 [2][8]. Expense and Income Analysis - Total operating expenses rose to nearly $275.3 million, marking an 8% increase from $254.8 million in the prior year [3]. - Operating income was reported at $39.8 million, which is a 14.4% increase from $34.8 million in the year-ago quarter [3]. Financial Position - As of September 30, 2025, cash and cash equivalents stood at $75.9 million, up from $66.9 million as of December 31, 2024 [4]. - For the first nine months of 2025, net cash provided by operating activities was $392.8 million, down from $441.8 million in the same period last year [4]. Guidance and Projections - MDU Resources has narrowed its earnings guidance for 2025 to a range of 90-95 cents per share, with the Zacks Consensus Estimate at 92 cents, slightly below the midpoint of the guidance [5]. - The company expects utility customer growth to continue at an annual rate of 1-2% and anticipates a long-term EPS growth rate of 6-8% [5]. - Capital expenditure for 2025 is projected to be $531 million [5]. Market Position - MDU Resources currently holds a Zacks Rank of 4 (Sell) [6].

Core Insights - Atmos Energy (ATO) reported fourth-quarter fiscal 2025 earnings of $1.07 per share, exceeding the Zacks Consensus Estimate of $1.01 by 5.9% and showing a 24.4% increase from the previous year's 86 cents [1][8] - For fiscal 2025, ATO's earnings per share were $7.46, with a net income of $1.2 billion [1] Financial Performance - Operating income for the fourth quarter was $219.5 million, up from $185 million in the same quarter last year [2] - Net income for the fourth quarter reached $175 million, compared to $134 million in the prior year [2] - Distribution segment net income was $55 million, a 34.1% increase from $41 million year-over-year [3] - Pipeline and Storage segment income was $120 million, reflecting a 29% increase from $93 million in the previous year [3] Rate Adjustments and Investments - New rates implemented in fiscal 2025 amounted to $333.6 million, with an additional $146.3 million in year-to-date fiscal 2026 [2][8] - ATO invested nearly $3.56 billion in fiscal 2025, with 87% allocated to enhancing the safety and reliability of its distribution and transportation systems [4] Future Guidance - ATO has provided fiscal 2026 earnings guidance in the range of $8.15-$8.45 per share, higher than the Zacks Consensus Estimate of $7.91 [5][8] - The company anticipates capital expenditures of $4.2 billion for fiscal 2026 [5] - A quarterly dividend of $1.00 per common share has been declared, indicating an annual dividend of $4.00, a 14.9% increase over fiscal 2025 [5] Long-term Strategy - ATO plans to invest $26 billion from fiscal 2026 to 2030 to further strengthen its existing operations [6]

Core Insights - Southwest Gas Holdings Inc. (SWX) reported third-quarter 2025 operating earnings of 6 cents per share, missing the Zacks Consensus Estimate of 9 cents by 33.3% and down from 9 cents in the same quarter last year [1] Group 1: Financial Performance - Total operating revenues were $0.32 billion, falling short of the Zacks Consensus Estimate of $0.37 billion by 14.5% and down 70.6% from $1.08 billion in the prior-year quarter [2] - Operating income increased to $37 million, up 83.9% from $20.1 million in the year-ago quarter [3] - Cash and cash equivalents as of September 30, 2025, were $778.6 million, compared to $314.8 million as of December 31, 2024 [4] - Net cash provided by operating activities in the first nine months of 2025 was $0.47 billion, down from $1.15 billion in the year-ago period [4] Group 2: Operational Metrics - Operations and maintenance expenses totaled $134.8 million, up 3% from $130.9 million in the year-ago quarter [3] - Total system throughput for the first nine months of 2025 was 159.81 million dekatherms, a decrease of 4.1% from 166.63 million dekatherms reported in the first nine months of 2024 [3] Group 3: Future Guidance - The company anticipates net income for the Natural Gas Distribution segment in 2025 to be in the range of $265-$275 million [5] - Capital expenditures are expected to be $880 million for 2025, with a total of $4.3 billion projected for the 2025-2029 period [5] Group 4: Market Position - Southwest Gas currently holds a Zacks Rank 2 (Buy) [6]

Key Takeaways AWK will report Q3 2025 results on Oct. 29, contributions from acquired assets will boost earnings.New rates and infrastructure upgrades likely supported Q3 earnings performance.Consensus sees EPS up 5% to $1.89, while revenues are expected to edge down 0.19% to $1.32 billion.American Water Works Company (AWK) is scheduled to release third-quarter 2025 results on Oct. 29, after market close. The company delivered a negative earnings surprise of 0.67% in the last reported quarter. Let us discus ...

Core Viewpoint - Southern Company is expected to report third-quarter earnings of $1.50 per share on revenues of $7.6 billion, reflecting a year-over-year improvement in earnings and revenue despite potential cost pressures [1][8]. Group 1: Previous Quarter Performance - In the last reported quarter, Southern Company achieved adjusted earnings per share of 91 cents, exceeding the Zacks Consensus Estimate by 4 cents, with sales of $7 billion surpassing the consensus by 6.2% [2]. - The company has topped the Zacks Consensus Estimate for earnings in three of the last four quarters, with an average earnings surprise of 3.2% [3]. Group 2: Third Quarter Estimates - The Zacks Consensus Estimate for the third-quarter earnings has been revised 2% downward in the past week, indicating a 4.9% improvement year over year, while revenue estimates suggest a 4.1% increase from the previous year [3]. - The estimated net income for Southern Company is projected at $1.5 billion, reflecting a 0.9% decrease from the year-ago quarter [5]. Group 3: Market and Economic Factors - Southern Company serves 9 million customers in the Southeast, benefiting from strong regional economic growth and significant capital investments, with $2 billion in new projects and 6,000 jobs announced in the second quarter of 2025 [4]. - Demand from industrial and data center sectors is expected to continue driving long-term load expansion, positively impacting earnings and cash flows [4]. Group 4: Cost Pressures - The company has flagged risks related to timing and costs associated with new capacity delivery, with upward pressure on generation costs and higher operating expenses noted in the previous quarter [5]. - The increasing cost trend is anticipated to persist in the third quarter, potentially affecting overall earnings negatively [5]. Group 5: Earnings Prediction Model - The Zacks model does not predict a definitive earnings beat for Southern Company in the third quarter, with an Earnings ESP of -0.22% and a Zacks Rank of 3 [6][7].

Group 1 - As of October 9, 2025, two utility stocks are signaling potential warnings for momentum-focused investors [1] - The Relative Strength Index (RSI) is a key momentum indicator, with values above 70 indicating overbought conditions [2] - ONE Gas Inc (NYSE:OGS) has an RSI value of 70.9, with a recent stock price of $81.00 and a 52-week high of $82.25 [6] - NextEra Energy Inc (NYSE:NEE) has a higher RSI value of 82.3, with a recent stock price of $84.04 and a 52-week high of $86.00 [6] Group 2 - Mizuho analyst upgraded ONE Gas from Neutral to Outperform, raising the price target from $77 to $86, with an 8% stock gain over the past month [6] - Evercore ISI Group initiated coverage on NextEra Energy with an Outperform rating and a price target of $92, with a notable 20% stock gain over the past month [6] - ONE Gas has a momentum score of 50.77 and a value score of 72.13, while NextEra Energy's stock performance reflects strong momentum [6]

Core Viewpoint - Investor sentiment is currently affected by fears of a government shutdown, a slowing labor market, and high stock valuations, leading to a potential interest in dividend stocks for stable returns [1] Group 1: Brookfield Infrastructure Partners (BIP) - Brookfield Infrastructure Partners is a global infrastructure company with diversified assets in utilities, transport, midstream, and data sectors [3] - BIP paid a dividend of 43 cents per unit on September 29, marking a 6% year-over-year increase, with an annualized dividend of $1.72 per unit, resulting in a dividend yield of 5.2% [3] - BMO Capital analyst Devin Dodge reiterated a buy rating on BIP with a price target of $42, citing strong organic growth trends expected to become more evident in upcoming quarters [4] - Dodge noted an increase in high-growth platforms within BIP's portfolio and highlighted significant investment opportunities, particularly in digital infrastructure, with hyperscalers' capital spending projected to rise by 50% this year [5] - BIP's funds from operations per unit (FFO/unit) growth is nearing an inflection point, with a compound annual growth rate of about 10% over the past five years, despite challenges [6] - Dodge believes that as FFO/unit growth increases, it will positively impact distribution growth and valuation [7] Group 2: Ares Capital (ARCC) - Ares Capital is a specialty finance company providing direct loans and investments to private middle-market companies, offering a quarterly dividend of 48 cents per share, equating to an annualized dividend of $1.92 per share and a yield of 9.4% [8] - RBC Capital analyst Kenneth Lee reiterated a buy rating on Ares Capital with a price target of $24, favoring it along with other stocks in the current market scenario [9] - Lee emphasized Ares Capital's competitive advantage through its access to the Ares global credit platform and its potential for above-peer-average return on equity [10] - The experienced senior management team and core earnings per share generation back Ares Capital's dividends, contributing to its strength [11] Group 3: ONE Gas (OGS) - ONE Gas is a regulated natural gas utility serving over 2.3 million customers in Kansas, Oklahoma, and Texas, with a quarterly dividend of 67 cents per share, leading to an annualized dividend of $2.68 per share and a yield of 3.3% [12] - Mizuho analyst Gabe Moreen upgraded OGS to buy from hold, raising the price forecast to $86, citing benefits from Texas legislation and lower interest rates [13] - Moreen anticipates that the Texas HB 4384 legislation could generate an incremental EPS benefit of about 18 cents in fiscal 2026, which will grow with OGS's capital spending [14] - Elevated short-term interest rates previously forced OGS to revise its guidance, but expected Federal Reserve interest rate cuts could ease interest expenses [15] - Moreen highlighted growth opportunities for OGS due to rising natural gas demand from data centers and advanced manufacturers, making it an attractive investment at current valuations [16]