Company Overview - MYR Group Inc. is a holding company of leading specialty electrical contractors serving the electric utility infrastructure, commercial, and industrial construction markets in the United States and Canada [2] - The company operates through two business segments: Transmission & Distribution (T&D) and Commercial & Industrial (C&I) [2] - MYR Group's T&D segment provides services related to electric transmission, distribution networks, substation facilities, clean energy projects, and electric vehicle charging infrastructure [2] - The C&I segment offers a wide range of services including design, installation, maintenance, and repair of commercial and industrial wiring for various facilities [2] Upcoming Events - MYR Group will attend the 2026 Goldman Sachs Energy, CleanTech & Utilities conference [1] - CEO Rick Swartz and CFO Kelly Huntington will meet with institutional investors during the conference on January 7, 2026, in Aventura, Florida [1] - The event is exclusive to Goldman Sachs clients [1]

Core Viewpoint - Sunrun Inc. (NASDAQ:RUN) has experienced a significant decline in share prices due to investor concerns over a proposal to register nearly 40 million new shares, leading to a 13.18% drop week-on-week [1][3]. Group 1: Share Registration and Investor Sentiment - Sunrun intends to register 34.7 million shares under its 2015 Equity Incentive Plan and 4.2 million shares under its Employee Stock Purchase Plan, which has raised concerns about potential dilution among investors [2]. - The proposal for new shares has negatively impacted investor sentiment, contributing to the recent decline in share prices [2]. Group 2: Tax Credit Deadline and Market Impact - Investors are reducing their positions in Sunrun amid the approaching deadline for tax credits on clean energy investments, which is set for December 31 [3]. - The new rules under the One Big Beautiful Bill Act, signed into law last July, require homeowners to complete solar and battery installations by the deadline to qualify for a 30% tax credit [3]. - This deadline is expected to drive sales for clean energy companies, including Sunrun, as customers rush to secure subsidies before they expire [4].

Core Insights - NextEra Energy is a leading electric power and energy infrastructure company, focusing on clean energy assets such as natural gas, wind, solar, and nuclear energy [1] Business Structure - NextEra Energy operates two distinct businesses: Florida Power & Light (FPL), the largest electric utility in the U.S., serving approximately 12 million customers in Florida, and NextEra Energy Resources, a major energy infrastructure development company [2][3] Financial Performance - The company has achieved an adjusted earnings per share growth rate of 8.9% annually over the past two decades, significantly outpacing the average utility growth rate of 3.3% [6] - Over the past decade, NextEra's growth rate has accelerated to 10%, compared to 3.1% for its peers [6] Growth Drivers - FPL benefits from Florida's rapid growth and abundant sunshine, allowing for significant investments in solar energy to meet rising power demand [7] - NextEra Energy Resources has capitalized on the increasing demand for clean energy, contributing to the company's overall growth [7] Future Outlook - The company anticipates continued growth, projecting adjusted earnings-per-share growth at the upper end of its 6% to 8% annual target range through 2027 [8] - NextEra expects to increase its dividend by approximately 10% annually through at least next year [8] Competitive Advantages - NextEra Energy's operations in Florida and its focus on clean energy infrastructure provide it with significant competitive advantages, enabling faster growth compared to average utility companies [9]

Core Viewpoint - Constellation Energy is well-positioned to benefit from a significant increase in electricity demand driven by factors such as artificial intelligence, data centers, and electric vehicles, particularly in the nuclear power sector [1][3][4]. Group 1: Demand Growth - Electricity demand increased by only 9% from 2000 to 2020, but projections for 2020 to 2040 have been revised significantly, with expected growth rising from 21% in 2021 to 38% in 2024, and further to 55% in 2025 [2]. - The shift towards clean energy sources, particularly nuclear power, is expected to be a major beneficiary of this demand increase as the world moves away from coal [3]. Group 2: Company Positioning - Constellation Energy is the largest provider of nuclear power in the United States and operates as an independent power producer, selling electricity on the open market under long-term contracts [4]. - The company has secured a deal with Microsoft to supply power from the Three Mile Island site, indicating strong demand for nuclear energy and the potential for reopening previously shuttered plants [6][7]. Group 3: Valuation Concerns - Constellation Energy's price-to-book (P/B) ratio is 7.8 and its price-to-earnings (P/E) ratio is over 41, significantly higher than the average utility sector P/B ratio of 2.4 and P/E ratio of approximately 20.5 [9]. - The stock has experienced a pullback of around 10% from its all-time high, but the valuation remains high, suggesting that investors may be overly optimistic about the company's future prospects [11]. Group 4: Investment Sentiment - Investors need a strong conviction in the nuclear power narrative to justify the premium on Constellation Energy's stock, and conservative investors may prefer to remain cautious [12]. - The stock is viewed as an expensive option for gaining exposure to nuclear power, especially considering the potential for significant price volatility [13].

Core Insights - FuelCell Energy, Inc. has successfully closed a new round of debt financing with the Export-Import Bank of the United States, amounting to approximately $25 million, aimed at supporting its growth in international markets, particularly in South Korea [1][2][4] Financing Details - The financing provides about $25 million in gross proceeds, enhancing FuelCell Energy's capacity to deliver reliable baseload power to the utility market in South Korea and other international markets [2][4] - This transaction is part of EXIM's Project & Structured Finance program, which supports U.S. exporters in competing globally within the natural resource and infrastructure sectors [2] Project Development - Proceeds from the financing will be utilized for the next phase of the Gyeonggi Green Energy project, including additional module shipments and service [3] - The funding will specifically support the upgrade of 42 fuel cells at GGE's Hwaseong Baran Industrial Complex, which is significant as South Korea is a leader in fuel cell technology [4] Manufacturing and Supply Chain - All fuel cell modules are manufactured in the United States at FuelCell Energy's Torrington, Conn. facility, utilizing U.S.-sourced materials and suppliers for most of the production process [5] - This project underscores the importance of advanced U.S. manufacturing in meeting global energy demands [5] Company Overview - FuelCell Energy provides clean, reliable energy solutions that enable customers to access power quickly while managing emissions [6] - The company has over 55 years of expertise and nearly 200 modules deployed, offering scalable and fuel-flexible systems that run on natural gas, biofuels, or hydrogen [6]

Core Insights - Canada's oil sands have a lower breakeven point compared to U.S. shale, with average breakeven prices between $40 and $57 per barrel, and half-cycle breakeven prices as low as $18 to $45 per barrel, making them globally cost-competitive [1] - The completion of the Trans Mountain Pipeline expansion has increased capacity to 890,000 barrels per day, enhancing confidence in Canada's oil and gas sector [2] - There is a notable shift in investment, with U.S. investors owning approximately 59% of Canadian oil and gas companies, up from 56% at the end of 2024, while Canadian ownership has decreased [4] - The Canadian energy sector is outperforming the U.S. sector, with the TSX Energy Index up 19.5% year-to-date compared to a 6.0% gain by the S&P 500 Energy Index [5] Company Highlights - **Falcon Oil & Gas**: Market Cap of $150.1 million with YTD returns of 147.2%, focusing on exploration and development in Australia, South Africa, and Hungary, driven by progress in the Shenandoah South Pilot Project [6][7] - **Tamarack Valley Energy**: Market Cap of $2.7 billion with YTD returns of 66.0%, known for responsible energy development and strong operational results, benefiting from high-performing assets and share buybacks [8][10] - **Imperial Oil Ltd**: Market Cap of $49.0 billion with YTD returns of 61.9%, recognized for operational efficiency and record production, achieving an average of 462,000 oil-equivalent barrels per day [11][12] - **NuVista Energy Corp.**: Market Cap of $2.6 billion with YTD returns of 38.6%, focusing on the Montney formation and benefiting from strong operational execution and strategic financial management [13][14] - **Peyto Exploration & Development Corp.**: Market Cap of $3.2 billion with YTD returns of 34.7%, known for operational efficiency and low-cost production structure, allowing for high margins and capital returns [15][16]

Core Insights - Alliant Energy Corporation (LNT) is expanding its clean energy generation assets and enhancing infrastructure to meet increasing demand in its service areas [1] Growth Outlook & Surprise History - The Zacks Consensus Estimate for LNT's 2025 earnings per share (EPS) is $3.22, indicating a year-over-year growth of 5.92% [2] - The revenue estimate for 2025 is $4.23 billion, suggesting a year-over-year improvement of 6.10% [2] - LNT's long-term earnings growth rate is projected at 7.15% [2] - The company has beaten earnings estimates in three of the last four quarters, with an average surprise of 13.49% [2] Dividend History - LNT currently pays a quarterly dividend of 50.75 cents per share, leading to an annualized dividend of $2.03 [3] - The current dividend yield stands at 2.93%, outperforming the Zacks S&P 500 composite average of 1.08% [3] Capital Investment Focus - Alliant Energy plans to invest $13.4 billion from 2026 to 2029, with an expected 12% compound annual growth rate (CAGR) for its rate base during this period [4] - The investment strategy focuses on enhancing the electric and gas distribution network while incorporating natural gas and renewable assets into its generation portfolio [4] Demand Drivers - Economic growth in LNT's service areas and an expanding customer base are driving increased demand for utility services [5] - Infrastructure expansion is essential for accommodating this growth [5] Return on Equity - LNT's Return on Equity (ROE) is currently 12.02%, which is higher than the industry average of 9.64% [6] Times Interest Earned Ratio - The times interest earned (TIE) ratio for LNT at the end of Q3 2025 was 2.4, indicating the company's ability to meet long-term debt obligations [7] Share Price Performance - Over the past six months, LNT's shares have increased by 12.7%, although this lags behind the industry's growth of 13.1% [10]

Company Overview - Chart Industries manufactures engineered equipment for the energy and industrial gas sectors, including cryogenic storage tanks, heat exchangers, LNG transport systems, and specialty products for hydrogen, CO2 capture, and biogas applications [4] - The company generates revenue through the sale of capital equipment, aftermarket services, and leasing solutions, with a diversified offering across cryogenic and heat transfer technologies [4] - Chart Industries serves industrial gas producers, energy companies, LNG operators, and specialty end-markets such as aerospace, food and beverage, and water treatment globally [7] - The company leverages advanced manufacturing and process technology expertise to address complex applications in LNG, hydrogen, and specialty gas markets [8] Financial Performance - As of November 21, 2025, Chart Industries reported a revenue of $4.29 billion and a net income of $79.4 million [3] - The share price was $203.50, reflecting a one-year price change of 15.57%, outperforming the total return of the S&P 500 by 3.1 percentage points [3] Recent Developments - Penn Capital Management Company sold all its shares in Chart Industries, liquidating its entire 108,881-share position, which had a net reported value change of $17.98 million compared to the previous quarter [2][5] - The sale reduced Penn Capital's stake in Chart Industries from 1.6% of AUM last quarter to zero [3] - The exit from the position was not due to any underlying issues with Chart's business but was likely influenced by Chart's upcoming acquisition by Baker Hughes [9]

Industry Overview - The demand for clean electricity is accelerating globally, driven by long-term structural trends and rapid technological advances [1] - The expansion of AI-powered data centers is significantly increasing electricity demand, alongside rising temperatures leading to higher air conditioning usage [2] - Government policies promoting decarbonization and clean energy are compelling utilities to shift towards renewable sources, supported by grid modernization efforts [3][4] GE Vernova (GEV) - GE Vernova focuses on grid modernization, renewable power, and decarbonization technologies, benefiting from a diversified business model [5] - The acquisition of the remaining 50% stake in Prolec GE enhances GEV's position in the global grid infrastructure market and is expected to accelerate growth in its Electrification segment [6][9] - GEV shows stronger solvency with cash and cash equivalents totaling $7.95 billion and no debt as of September 30, 2025 [12][13] AES Corporation (AES) - AES is making strategic investments in clean energy solutions and is well-positioned to benefit from growing electricity demand from data centers, with 4.2 GW of data center power purchase agreements (PPAs) in operation [7][8] - AES has a long-term debt of $26.46 billion and current debt of $4.39 billion, indicating a weaker solvency position compared to GEV [13][14] - The company has maintained its earnings estimates for 2025 while seeing a slight increase for 2026 [10][12] Financial Comparison - GEV's forward Price/Sales (P/S F12M) multiple is 3.65X, while AES's is 0.72X, making AES relatively more attractive from a valuation standpoint [15] - Return on Equity (ROE) for GEV is 17.07%, compared to AES's 18.83% [16] - In the past year, GEV shares have increased by 69%, while AES shares have risen by 4.5% [17] Investment Outlook - GE Vernova is favored for its robust financial stability and superior price performance, despite both companies currently holding a Zacks Rank 3 (Hold) [19]

Core Insights - Vistra Corp. (VST) shares have increased by 29.9% year-to-date, outperforming the Zacks Utility-Electric Power industry growth of 25.6% and the S&P 500 [1] - The company is focusing on strengthening operations through investments in retail, renewable energy, and storage assets, aiming for a cleaner and more sustainable portfolio [2] Performance and Demand - Strong residential and commercial demand in Texas, the Midwest, and the Northeast, along with high nuclear fleet availability, has enabled Vistra to meet growing power needs effectively [2] - The demand for clean electricity is rising, driven by AI-driven data centers and the electrification of oil field operations in the Permian Basin [8] Financial Stability - Vistra has hedged 98% of its expected output for the current year and 96% for 2026, enhancing financial stability and reducing market volatility risks [9] - The company's trailing 12-month return on equity (ROE) stands at 64.04%, significantly higher than the industry average of 9.95%, indicating effective utilization of shareholders' funds [13] Capital Return Program - Vistra is committed to increasing shareholder value through a share repurchase program and dividend payments, with a quarterly dividend of 22.7 cents approved for Q4 2025 [17] - The company has raised dividends 17 times in the past five years and has an additional $1 billion approved for share repurchases, with $2.2 billion remaining under the current authorization [18] Valuation - Vistra is currently trading at a premium valuation, with a forward 12-month price-to-earnings (P/E) ratio of 21.74X compared to the industry average of 15.24X [19] Strategic Positioning - The company is well-positioned to capitalize on the increasing demand for clean electricity and is expanding its portfolio with additional clean energy assets [20]