Key Takeaways Halliburton outpaced SLB and Baker Hughes over six months, leading peer performance.HAL trades at 14.6X forward earnings, but North America weakness may limit near-term upside.Halliburton returned 85% of 2025 free cash flow to shareholders, yet margins face early 2026 pressure.Shares of oilfield service biggie Halliburton Company (HAL) have staged an eye-catching rally over the past six months, climbing nearly 65% and pushing the stock to a 52-week high of $35.55 in late January. The move has ...

Core Insights - The Progressive Corporation (PGR) reported earnings per share of $1.98 for January 2026, reflecting a 4% year-over-year increase driven by higher revenues and investment income, despite rising expenses [1][7] Financial Performance - Total revenues for Progressive reached $7.5 billion, marking a 5.3% increase year over year, attributed to a 5% rise in premiums and a 16% increase in investment income [3][7] - Net premiums written were $6.7 billion, up 4% from $6.5 billion in the same month last year, while net premiums earned rose 5% to approximately $6.9 billion [2] - The combined ratio deteriorated by 30 basis points year over year to 84.4, indicating a slight increase in claims and expenses relative to premiums [2] Policy Growth - Policies in force (PIF) in the Vehicle business increased significantly, with Personal Auto segment policies rising 10% to 37.6 million and Direct Auto policies improving 14% to 16.1 million [4] - The Property business also saw growth, with 3.6 million policies in force, up 3% year over year [5] Investment Metrics - The book value per share increased by 16.4% to $53.24 as of January 31, 2026, compared to $45.75 a year earlier [5] - The return on equity for the trailing 12 months was 38.9%, up 130 basis points from 37.6% in January 2025 [5] - The debt-to-total-capital ratio improved by 230 basis points year over year to 18.1 as of January 31, 2026 [5] Market Performance - Progressive shares have experienced a decline of 24.6% over the past year, contrasting with the industry's growth of 3.5% [6]

Financial Data and Key Metrics Changes - The company reported a GAAP EPS of $1.60 for the full year 2025 and $0.40 for Q4 2025, with a non-GAAP EPS of $1.76 for the full year and $0.45 for Q4, reflecting a 9% growth compared to 2024 [2][14][15] - The company also achieved a 9% increase in dividend per share last year, maintaining a consistent execution track record [7][14] Business Line Data and Key Metrics Changes - The Houston Electric business is forecasted to experience a peak load demand increase of 50% or an additional 10 GW by 2029, two years earlier than previously planned [5][8] - The company is adding $500 million to its 10-year capital investment plan, bringing the total to over $65 billion, to support this growth [6][12] Market Data and Key Metrics Changes - The company noted a 7% growth in industrial demand for the year, indicating a shift towards commercial and industrial growth within its overall base [92][94] - The company expects to keep customer charges nearly flat through 2028 due to the increased load from large projects [10][52] Company Strategy and Development Direction - The company is focused on executing a disciplined capital investment strategy, with an emphasis on infrastructure improvements to support economic development in the Greater Houston region [12][20] - The company is committed to maintaining a long-term growth target of 7%-9% annually through 2035, reaffirming its 2026 non-GAAP earnings guidance of $1.89-$1.91 [8][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet future demand due to existing system capacity and manageable upgrades, despite the rapid acceleration of large load growth [10][51] - The company anticipates regulatory clarity through 2029 on approximately 80% of its rate base, which supports its growth plans [26] Other Important Information - The company is actively pursuing additional transmission projects to accommodate the accelerated load growth and has filed for a third 765 kV transmission line [11][12] - Recent regulatory changes regarding the corporate alternative minimum tax are expected to improve the company's cash tax profile significantly, potentially reducing annual cash tax liabilities to near zero through 2035 [22][23] Q&A Session Summary Question: Update on transmission planning study and timing - Management clarified that the $500 million for the 765 kV line is separate from the incremental transmission work needed for large loads, with updates expected in the second half of the year [30][32] Question: Impact of repairs adjustment on equity needs - Management indicated that the recent regulatory changes could unlock an additional $1 billion of CapEx without requiring incremental equity, benefiting the balance sheet [33][34] Question: Growth implications and CapEx timing - Management noted that existing capacity allows for rapid connections to large loads, with more intra-regional transmission capacity needed in the first five years of the plan [41][72] Question: ERCOT batching process and potential delays - Management expressed confidence that the batching process would be manageable and that they have not experienced the backlog seen in other regions [44][46] Question: Balance sheet capacity and future divestitures - Management stated that they remain open-minded about capital recycling and divestitures, depending on what makes the most sense for growth financing [86][87] Question: Electric volumes and throughput trends - Management confirmed that the modest decline in total throughput was due to a shift towards commercial and industrial growth, with confidence in long-term trends [92][94] Question: CapEx update and adjustments - Management explained that the increase in CapEx was primarily driven by the 765 kV line, with flexibility on the gas side allowing for adjustments based on execution needs [96][97]

Financial Data and Key Metrics Changes - The company reported a GAAP EPS of $1.60 for the full year 2025 and $0.40 for the fourth quarter 2025 [2][14] - Non-GAAP EPS was $1.76 for the full year and $0.45 for the fourth quarter, reflecting a 9% growth compared to 2024 [7][15] - The company also delivered a 9% dividend per share growth last year [7] Business Line Data and Key Metrics Changes - The Houston Electric business is forecasted to see a peak load demand increase of 50% by 2029, two years earlier than previously planned [5][8] - The company is adding $500 million to its 10-year capital investment plan to fund an additional 765 kV import line [6][12] Market Data and Key Metrics Changes - The company expects to grow non-GAAP EPS at the mid to high end of the 7%-9% long-term annual guidance range through 2028, and 7%-9% annually thereafter through 2035 [8][25] - The company anticipates a return to a more typical and timely filing cadence for rate recovery in 2026, which should support stronger recovery throughout the year [16] Company Strategy and Development Direction - The company is focused on executing a $65 billion capital investment plan over the next 10 years, with an emphasis on supporting economic development in the Greater Houston region [6][12] - The company is committed to maintaining customer affordability while driving economic growth through the connection of large loads [26] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet future demand due to existing system capacity and manageable upgrades [10][51] - The company highlighted the positive impact of large load growth on customer bills, projecting rates to remain flat through 2028 [53] Other Important Information - The company is experiencing a favorable regulatory environment, with limited regulatory activity anticipated over the next few years [17][18] - Recent updates from ERCOT indicate a need for additional infrastructure to support growth, leading to the filing for an additional 765 kV transmission line [11][12] Q&A Session Summary Question: Update on transmission planning study and timing - Management clarified that the $500 million for the 765 kV line is separate from the incremental transmission work needed due to accelerated large loads, with updates expected in the second half of the year [30][32] Question: Impact of repairs adjustment on equity needs - Management indicated that the recent changes could unlock an additional $1 billion of CapEx without requiring incremental equity, improving balance sheet metrics [33][34] Question: Growth implications and CapEx timing - Management noted that existing capacity allows for accelerated interconnections, with more intra-regional transmission capacity needed in the first five years of the plan [71][72] Question: Customer pricing and long-term growth - Management confirmed that the growth from large loads will help keep customer bills flat, projecting rates to remain stable through 2028 [52][53] Question: Update on data center opportunities - Management remains optimistic about securing large data center opportunities, particularly in Texas, due to available capacity [55] Question: Balance sheet impacts from recent regulatory changes - Management expects a 15% FFO-to-debt ratio by the end of 2026 or 2027, benefiting from recent regulatory changes and asset sales [57]

Record full-year silver and gold production growth of 57% and 23% was driven by the Rochester expansion and the strategic acquisition of SilverCrest. Management reported a record year with net income increasing tenfold to $586 million, alongside record silver and gold production driven by the Rochester expansion, the SilverCrest acquisition, and consistent performance across North American operations. Rochester's transition to steady-state levels saw record quarterly crush and placed tons, validating ...

While reporting financial results for the fourth quarter on Thursday, electric utility IDACORP, Inc. (IDA) initiated its earnings guidance for the full year 2026 in a range of $6.25 to $6.45 per share.The guidance is based on expectation that Idaho Power will use less than $30 million of additional tax credits available under the Idaho regulatory mechanism in 2026. It also assumes normal weather conditions and power supply expenses throughout the year.For the fourth quarter, the company reported net income ...

Core Insights - Edison International reported a significant increase in earnings for 2025, with GAAP earnings per share rising to $4.80 from $0.88 year-over-year, and core earnings increasing to $1.86 from $1.05 [2][3] - The company has set new core EPS guidance for 2026 and 2027, projecting a range of $5.90 to $6.20 for 2026 and $6.25 to $6.65 for 2027, while maintaining an annual growth expectation of 5% to 7% through 2028 [4] Financial Performance - Full-year GAAP earnings for 2025 reached $11.58 per share, up from $3.33 in 2024, with core earnings climbing to $6.55 from $4.93 [2] - The earnings growth was primarily driven by Southern California Edison (SCE), benefiting from revenue recognition related to the 2025 General Rate Case and reduced interest expenses due to wildfire-related settlements [3] Strategic Initiatives - The company is focusing on investments in wildfire mitigation and grid resilience, having installed over 7,000 miles of covered conductor in high fire-risk areas, which constitutes over 90% of its planned grid hardening efforts [5] - Edison International is processing claims under its Wildfire Recovery Compensation Program, which is a critical part of California's wildfire liability framework [5] Regulatory Environment - California's investor-owned utilities, including Edison International, are facing increased regulatory scrutiny and climate-related risks, with challenges such as wildfire liabilities and infrastructure costs [6] - Earlier in the year, SCE implemented a rate decrease of 2.3% for residential customers and 5.3% for small and medium-sized businesses, positioning its average rates as the lowest among major California utilities [6] Holding Company Performance - At the holding company level, Edison International Parent and Other reported a wider core loss year-over-year, primarily due to higher interest expenses and losses from preferred stock redemption [7]

Market Outlook - The S&P 500 is projected to reach 7,300 in the near term, indicating a potential recovery for stocks [1] - Recent economic reports have been positive, suggesting that the market may gradually climb towards the target [3] Earnings Performance - The earnings season has shown strong results, with a significant percentage of companies beating expectations, although this has not yet been fully reflected in stock prices [4][5] - There is a belief that double-digit earnings growth could support a continued upward trend in stock prices [5] Market Dynamics - Current market conditions are influenced by various factors, including AI developments, changes in Federal Reserve leadership, and geopolitical tensions [6] - Despite good earnings, market multiples have been affected, leading to a pullback in stock prices [6] Investment Strategies - Three key trades are identified: a rotation back to the "mag 7" stocks, potential bottoms in software (IGV), and crypto markets [7] - The "mag 7" stocks are currently trading at a discount compared to other sectors, which is a rare occurrence [8] - The crypto market has experienced significant drawdowns, suggesting potential for recovery [8] Upcoming Catalysts - Nvidia's upcoming earnings report is seen as a critical event that could influence market sentiment, particularly in the software sector [9]

US stocks are seeing their worst start to the year since 1995. That's versus global markets. >> It's not just that the US is down slightly, is that the rest of the world is up sharply.>> For the rest of the world to continue to outperform the US, they were going to have to have some fundamental follow-through. And frankly, that's not what we're getting quite yet. US stocks are seeing their worst start to the year since 1995.That's versus global markets. And it's according to data from Goldman Sachs. We got ...

Group 1 - The software trade, particularly in cybersecurity, is experiencing pressure, exemplified by Palo Alto Networks (PANW) shares falling by up to 6% after the company revised its full-year earnings outlook downward [1] - As of February 13, 74% of S&P 500 companies have reported their results, with blended earnings growth at 13.2%, indicating a strong performance overall [1] - If the current growth rate of 13.2% is maintained, it would mark the 10th consecutive quarter of annual earnings growth for the S&P 500 and the fifth consecutive quarter of double-digit growth [2] Group 2 - General Mills (GIS) shares declined following disappointing earnings, while eToro (ETOR) saw a stock increase of over 20% due to a strong quarterly performance [2] - Upcoming earnings reports from major companies such as Walmart (WMT), Deere & Co. (DE), Analog Devices (ADI), Booking Holdings (BKNG), DoorDash (DASH), and eBay (EBAY) will be closely monitored by investors [3]