Group 1 - Bengaluru is central to the growing India-US partnership in trade, technology, and innovation, housing over 700 American companies and contributing 43% of India's software exports [7] - The city is home to 40% of India's Global Capability Centers (GCCs), driving innovation-led partnerships between the two democracies [5][7] - Tejasvi Surya emphasized Bengaluru's role in India's development, highlighting its blend of tradition and cutting-edge innovation [7] Group 2 - Surya held a review meeting with senior officials of GAIL (India) Limited to discuss the progress of City Gas Distribution works in Jayanagar and Basavanagudi, focusing on seamless execution and inter-agency coordination [7]

Core Insights - Bragg Financial Advisors increased its stake in New Jersey Resources by purchasing 205,627 shares valued at approximately $9.50 million, reflecting confidence in the company's performance [2][7]. Company Overview - New Jersey Resources is a diversified energy services holding company, primarily engaged in regulated gas distribution and renewable energy services, serving over half a million customers in the Northeast [6][9]. - The company reported a total revenue of $2.2 billion and a net income of $326.8 million for the trailing twelve months (TTM) [4]. Financial Performance - The company achieved a quarterly earnings increase in its core utility business, New Jersey Natural Gas, with earnings rising to $83.8 million from $66.9 million year-over-year, driven by base rate increases and improved gross margins [7]. - New Jersey Resources has raised its full-year net financial earnings per share guidance to a range of $3.28 to $3.43, marking the sixth consecutive year of higher guidance [7]. Investment Appeal - The stock price of New Jersey Resources was $53.74 as of February 12, 2026, reflecting a 22.1% increase over the past year, outperforming the S&P 500 by 9.15 percentage points [8]. - The company has a dividend yield of 3.4%, appealing to long-term investors seeking stable cash flow alongside growth potential [4][11]. - New Jersey Resources is investing heavily in capital projects, with $163.6 million deployed in the current quarter and a planned investment of $4.8 billion to $5.2 billion through 2030 [10].

Core Strategy - The company's strategy is built on four fundamental pillars: growth in core gas distribution, renewable energy, energy efficiency, and economic and operational innovation [1] - The integration of economic financial objectives with social, environmental, and governance goals aims for sustainable success [1] Recent Developments - The group underwent a strategic repositioning starting in 2029, which included a gradual exit from the gas and energy sector, with a definitive transfer of minority interests to the Hera Group by 2025 [2] - This transaction enabled the company to acquire gas distribution concessions from the A2A Group, positioning Ascopiave as the second national operator and strengthening its presence in Lombardy [2] Financial Overview - As of the end of 2025, the company's invested capital is over $1.5 billion, with approximately 85% allocated to the regulated gas distribution sector, indicating a low-risk profile for the asset portfolio [3]

Core Insights - Southern California Gas Co. (SoCalGas) is participating in the World Ag Expo to provide information on safety, energy affordability, and reliability programs to customers in the San Joaquin Valley [1][2] - The company will showcase various customer resources, including bill assistance programs, energy efficiency rebates, and pipeline safety tips [1][2] - SoCalGas is collaborating with BSD Builders, Inc. on 10 active development projects focused on onsite microgrid and combined heat and power (CHP) solutions, which are designed to ensure continuous power for critical facilities [2][3] Company Overview - SoCalGas is the largest gas distribution utility in the U.S., serving over 21 million consumers across approximately 24,000 square miles in Central and Southern California [5] - The company has been recognized for its community involvement, being named Corporate Member of the Year by the Los Angeles Chamber of Commerce [5] - SoCalGas has participated in every World Ag Expo since its inception in 1968, demonstrating its long-standing commitment to the agricultural community [3][4] Industry Context - Microgrids are increasingly viewed as a cost-effective and reliable solution for businesses requiring continuous power, aligning with state reliability goals [2][3] - The collaboration between SoCalGas and BSD Builders aims to support growth in critical sectors such as healthcare, agriculture, and food processing [3] - The presence of SoCalGas at the World Ag Expo provides attendees with valuable access to resources and expertise, reflecting the company's commitment to the communities it serves [4]

Core Viewpoint - Northwest Natural Holding Company (NWN) has declared a quarterly dividend of $0.4925 per share, reflecting its strong commitment to shareholders with a history of 70 consecutive years of dividend increases, positioning it among a select few NYSE companies with such a record [2]. Group 1: Dividend Announcement - NWN announced a quarterly dividend of $0.4925 per share, payable on February 13, 2026, to shareholders on record as of January 30 [2]. - The company has a strong annual dividend yield of 4.20% [2]. Group 2: Financial Performance Expectations - NWN is set to announce its Q4 and full-year 2025 report on February 27, with expectations for FY 2025 adjusted earnings to be above the midpoint of the range of $2.75 to $2.95 per share [3]. - The company reaffirmed its long-term EPS growth target of 4% to 6% compounded annually from the midpoint of the 2025 adjusted EPS guidance range [3].

Core Viewpoint - Southern California Edison has filed cross-claims in the Eaton Fire litigation against multiple defendants, including Southern California Gas Company, acknowledging its role in the fire and prompting SoCalGas to defend its operations and pursue recovery for damages [1][2]. Group 1: Company Actions and Responses - Southern California Gas Company intends to vigorously defend against Edison's claims, viewing them as attempts to deflect responsibility [2]. - SoCalGas is reviewing the allegations in the cross-complaint and plans to utilize its insurance, including wildfire insurance, to cover damages related to its system and defend against Edison's claims [3]. - SoCalGas has been actively working with local and state officials to assess fire impacts on its infrastructure and restore service to affected customers [4]. Group 2: Company Overview - Southern California Gas Company is the largest gas distribution utility in the U.S., serving over 21 million consumers across approximately 24,000 square miles in Central and Southern California [5]. - The company is recognized as a leader in the energy industry and has received accolades for its community involvement, including being named Corporate Member of the Year by the Los Angeles Chamber of Commerce [5].

Industry Overview - Demand for natural gas is increasing in the U.S. and globally due to its clean-burning properties, driven by AI data centers, reshoring of industries, electric vehicle usage, and higher domestic demand during cold winters [1][11] - The U.S. Energy Information Administration (EIA) projects that natural gas will account for 40% of U.S. electricity generation in 2025 and 2026, as coal-fired generation units are phased out [2] - The natural gas distribution industry is crucial for delivering gas through a network of 2.5 million miles of pipelines across the U.S. [5] Investment Opportunities - Capital-intensive gas distribution utilities like Atmos Energy Corporation (ATO) and Spire Inc. (SR) are recommended for investment due to rising natural gas demand and favorable market conditions [3][8] - ATO plans to invest $26 billion by 2030, targeting 6-8% annual earnings growth and maintaining steady dividends [11][12] - SR has increased its capital investment plan to $11.2 billion, aiming for 5-7% adjusted EPS growth through fiscal 2035 [11][14] Financial Performance - ATO's current dividend yield is 2.34%, outperforming the S&P 500 composite's yield of 1.4%, with a beta of 0.75 indicating lower volatility [13] - SR's current dividend yield is 3.93%, with a long-term earnings growth rate projected at 10.54% and a beta of 0.66 [17] - Both companies have shown strong performance, outperforming the Zacks Utilities sector over the past six months [9]

Company Strategy - Tokyo Gas plans to invest in US downstream assets [1] - The investment aims to lift earnings [1] - The investment aims to reinforce the last leg of its energy supply chain [1] Industry Focus - Tokyo Gas is Japan's biggest distributor of the fuel (likely referring to natural gas) [1]

Core Viewpoint - Tokyo Gas Co., Japan's largest fuel distributor, plans to invest in US downstream assets to enhance earnings and strengthen its energy supply chain [1][2]. Investment Strategy - The company aims to deploy capital in liquefaction plants, export terminals, and the energy services sector to increase profitability [2]. - Tokyo Gas has allocated 350 billion yen ($2.2 billion) for overseas investments over the next three years starting from fiscal 2026, although specific amounts for US downstream expansion were not disclosed [4]. Market Context - The planned expansion in the US coincides with a shift in US energy policy under President Donald Trump, which favors fossil fuels and responds to increased power demand from artificial intelligence and data centers [3]. Recent Acquisitions - Tokyo Gas' US subsidiary acquired Rockcliff Energy II LLC, a Texas natural-gas producer, for approximately $2.7 billion in late 2023 and also purchased a stake in Arm Energy Trading LLC in 2024 [5]. Shareholder Influence - The company attracted attention after Elliott Investment Management disclosed a 5% stake, pressuring Tokyo Gas to divest parts of its real estate portfolio to enhance shareholder value [6]. Future Asset Management - Tokyo Gas has identified target assets for potential sale but has not specified which properties will be divested, while retaining real estate that supports its core energy business [7].

Core Insights - Spire Inc. has approved a quarterly dividend increase of 5.1%, raising it from 78.5 cents to 82.5 cents, resulting in an annual dividend of $3.30 per share, payable on January 5, 2026 [1][10] Dividend History and Growth - Spire has raised its dividend five times in the last five years, with an annualized dividend growth rate of 4.67% over this period [2] - The company has consistently paid dividends since 1946 and has increased its annual dividend rate for the past 23 years [3] Financial Outlook and Investments - For fiscal 2025, Spire's capital spending is projected to be $875 million, an increase from the previous estimate of $840 million, with significant allocations to various regions [4] - Over the next decade, Spire plans to invest approximately $7.4 billion, supporting a 7-8% annual rate-base growth [4] Customer Base Expansion - Spire is experiencing growth in its natural gas customer base, both organically and through acquisitions, including an agreement to acquire Piedmont Natural Gas' Tennessee local distribution company, expected to add over 200,000 customers [5] Technological Advancements - The company is investing in smart meters, having installed over 350,000 advanced meters in fiscal 2024, benefiting a total of 850,000 customers [6] Industry Context - Domestic-focused, rate-regulated gas distribution utilities, like Spire, are stable performers, allowing for dividend hikes and share buybacks, with other utilities also raising their dividend rates in 2025 [7] - Current dividend yields for comparable companies are 1.96% for Atmos Energy, 2.69% for National Fuel Gas Company, and 4.34% for UGI Corporation, all higher than the S&P 500 composite's yield of 1.51% [8] Stock Performance - In the past year, Spire's shares have risen by 32.9%, outperforming its industry's growth of 10.3% [11]