Core Insights - Fortis Inc. reported third quarter net earnings of $409 million, or $0.81 per common share, a decrease of $11 million compared to the same period in 2024, primarily due to income taxes and closing costs related to the sale of FortisTCI [4][6][10] - The company announced a new five-year capital plan totaling $28.8 billion, an increase of $2.8 billion from the previous plan, driven by higher transmission investments and customer growth [3][12][20] - Fortis expects annual dividend growth of 4-6% through 2030, supported by a robust rate base growth projected to increase from $41.9 billion in 2025 to $57.9 billion by 2030 [3][20][22] Financial Performance - Net earnings attributable to common equity shareholders for Q3 2025 were $409 million, or $0.81 per share, down from $0.85 per share in Q3 2024 [4][8] - Adjusted net earnings per common share increased to $0.87, up from $0.85 in the same quarter of 2024 [8][10] - Year-to-date net earnings increased by $114 million, or $0.18 per share, compared to the same period in 2024, driven by rate base growth and favorable exchange rates [6][10] Capital Expenditures and Investments - Capital expenditures for 2025 are expected to be approximately $5.6 billion, up from a previous estimate of $5.2 billion, primarily due to increased transmission investments [11][12] - The new capital plan includes significant investments in transmission and distribution to support load growth and reliability, with only 21% related to major capital projects [12][22] - Fortis has identified additional growth opportunities beyond the five-year plan, including investments associated with the MISO long-range transmission plan [14][22] Dividends and Shareholder Value - The Board of Directors declared a 4.1% increase in the common share dividend for the fourth quarter of 2025, reflecting the company's commitment to shareholder returns [3][16] - The dividend reinvestment plan is expected to provide common equity proceeds to support the capital plan [13][20] Regulatory and Market Developments - The New York State Public Service Commission approved a three-year rate plan for Central Hudson, which includes a 9.5% allowed return on equity [19] - Fortis is experiencing interest from potential new large retail customers in sectors such as manufacturing and data centers, indicating potential for future energy demand growth [15][22] Environmental and Strategic Outlook - Fortis aims to achieve interim greenhouse gas emissions reduction targets of 50% by 2030 and 75% by 2035, although challenges remain [23] - The company remains committed to a coal-free generation mix by 2032 and a net-zero goal by 2050 [23]

Group 1 - PG&E Corporation (NYSE:PCG) is currently considered one of the most undervalued large-cap stocks to buy, with Wells Fargo initiating coverage with an Overweight rating and a price target of $23 [1] - Morgan Stanley has also raised its price target on PG&E to $21 from $19.50, maintaining an Equal Weight rating, indicating a positive outlook for the stock [2] - The utility sector, including PG&E, has outperformed the S&P 500 in September, and there is an expectation for utilities to focus on developing data center pipelines moving into Q3 [2] Group 2 - PG&E Corporation operates through its subsidiary, Pacific Gas & Electric Company, providing electricity and natural gas to customers in northern and central California [3]

Core Viewpoint - Pacific Gas & Electric Company (PCG) is facing significant stock underperformance compared to the broader market and utility sector, despite reporting better-than-expected earnings for Q3 FY2025 and unveiling a substantial capital plan for future growth [2][4][5]. Financial Performance - PCG's stock has declined by 21.7% over the past 52 weeks, while the S&P 500 Index has gained 18.1% during the same period [2]. - Year-to-date, PCG's stock has slid 21.9%, contrasting with the S&P 500's 17.2% gain [2]. - The company's adjusted EPS for Q3 FY2025 was $0.50, exceeding expectations of $0.42, driven by stronger demand and lower operating expenses [4]. - Revenue for the quarter was $6.25 billion, slightly below estimates [4]. - Analysts expect PCG's EPS to grow 10.3% annually to $1.50 for the fiscal year ending December 2025 [5]. Analyst Ratings and Price Targets - Among 18 analysts covering PCG, the consensus rating is a "Moderate Buy," with 12 "Strong Buy" ratings and six "Holds" [5]. - The mean price target for PCG is $21.07, indicating a potential upside of 33.7% from current market prices [6]. - The highest price target of $25 suggests a potential upside of 58.6% [6].

Market Overview - The U.S. stock market reached record highs driven by optimism surrounding trade discussions between Washington and Beijing, with the Dow Jones Industrial Average closing at 47,544.59, up 337.47 points (0.71%) [1] - The S&P 500 and Nasdaq Composite also saw significant gains, closing at 6,875.16 (up 1.23%) and 23,637.46 (up 1.86%) respectively [1] - The U.S. dollar weakened slightly as investors favored equities, anticipating a more favorable macroeconomic environment [1] Central Bank Policies and Earnings Reports - Market momentum was influenced by expectations regarding central bank policies and upcoming major corporate earnings reports [2] - There is strong anticipation for a rate cut decision from the Federal Reserve, particularly following a soft consumer price index in September [2] - The ongoing U.S. government shutdown complicates the Fed's assessment of economic conditions [2] Value Stocks and Investment Strategies - Investors are focusing on the earnings season, with major companies expected to report results that could provide insights into corporate profitability amid changing global trade conditions [3] - Value stocks, often trading below their intrinsic value, are seen as a safer investment during periods of market uncertainty [3] - The Price to Cash Flow (P/CF) ratio is highlighted as an effective valuation metric for evaluating value stocks, with companies like StoneCo Ltd. (STNE), Itron, Inc. (ITRI), PG&E Corporation (PCG), and PagSeguro Digital Ltd. (PAGS) noted for their low P/CF ratios [4][10] Financial Health and Cash Flow - The P/CF ratio is considered more reliable than the Price/Earnings (P/E) ratio as it accounts for non-cash charges, providing a clearer picture of a company's financial health [5][6] - Positive cash flow indicates an increase in liquid assets, allowing companies to manage debt, reinvest, and undertake shareholder-friendly actions [7] Stock Selection Parameters - A comprehensive investment strategy should include multiple valuation metrics such as price-to-book ratio, price-to-earnings ratio, and price-to-sales ratio, alongside a favorable Zacks Rank and Value Score [8][11][12] - Specific parameters for selecting true-value stocks include a P/CF less than or equal to the industry median, a minimum stock price of $5, and an average 20-day trading volume exceeding 100,000 [9][11] Company Performance Highlights - StoneCo Ltd. (STNE) has a Zacks Rank 1, with a trailing four-quarter earnings surprise of 11.5% and projected sales and EPS growth of 14.3% and 24.4% respectively [14] - Itron, Inc. (ITRI) holds a Zacks Rank 2, with a trailing earnings surprise of 32.5% and expected EPS growth of 8% [15] - PG&E Corporation (PCG) also has a Zacks Rank 2, with projected sales and EPS growth of 6.7% and 10.3% respectively, despite a share price decline of 18.4% over the past year [16] - PagSeguro Digital (PAGS) carries a Zacks Rank 2, with a trailing earnings surprise of 10.1% and expected sales and EPS growth of 5.5% and 14.9% respectively, with shares up 19.4% in the past year [17]

Core Points - Fortis Inc. will release its third quarter 2025 financial results and a new five-year capital outlook for 2026-2030 on November 4, 2025 [1] - A teleconference and webcast will take place on the same day at 8:30 a.m. (Eastern) featuring David Hutchens and Jocelyn Perry discussing the financial results and outlook [1] Participation Details - Shareholders, analysts, and media can listen to the teleconference via a live webcast on Fortis' website [2] - North American participants can call toll-free at 1.833.821.0229, while international participants can call 1.647.846.2371, with a recommendation to dial in 10 minutes early [3] Webcast Availability - A live and archived audio webcast will be available on Fortis' website, with a replay accessible two hours after the call until December 4, 2025 [4] Company Overview - Fortis is a diversified leader in the North American regulated electric and gas utility industry, reporting $12 billion in revenue for 2024 and total assets of $73 billion as of June 30, 2025 [5] - The company employs 9,700 individuals and serves utility customers across five Canadian provinces, ten U.S. states, and the Caribbean [5]

Core Viewpoint - NiSource Inc. is expected to report its third-quarter 2025 results on October 29, with a prior earnings surprise of 4.76% in the last quarter [1] Factors Impacting Q3 Performance - The approval of the Northern Indiana Public Service Company LLC Electric rate case and the Columbia Gas of Virginia rate case is anticipated to positively influence NiSource's performance in Q3 [2] - Increased investments in data center developments and infrastructure to support higher demand are expected to contribute positively to earnings [3] - However, higher operation and maintenance expenses may partially offset these positive impacts [3] Q3 Expectations - The Zacks Consensus Estimate for earnings is 19 cents per share, reflecting a year-over-year decline of 5% [4] - Revenue is estimated at $1.15 billion, indicating a 6.9% increase from the previous year [4][8] Earnings Prediction - The company's Earnings ESP is +8.11%, suggesting a strong likelihood of an earnings beat [5] - NiSource currently holds a Zacks Rank of 3, indicating a hold position [6] Other Industry Players - Xcel Energy, Inc. is also expected to report on October 30, with an Earnings ESP of +0.38% and a Zacks Rank of 3 [7] - Eversource Energy is set to report on November 4, with an Earnings ESP of +5.13% and a Zacks Rank of 3 [9] - Duke Energy will report on November 7, with an Earnings ESP of +1.65% and a Zacks Rank of 2 [10]

Core Insights - Greenlight Capital's funds returned -3.6% in Q3 2025, underperforming the S&P 500 index which returned 8.1% during the same period [1] - Year-to-date, the fund returned 0.4%, significantly lower than the S&P 500's 14.8% [1] Company Analysis: PG&E Corporation (NYSE:PCG) - PG&E Corporation is a regulated utility in California, involved in the transmission and distribution of electricity and natural gas [3] - The stock of PG&E Corporation had a one-month return of 9.05%, but it has lost 19.82% of its value over the past 52 weeks [2] - As of October 23, 2025, PG&E's stock closed at $16.30 per share, with a market capitalization of $35.903 billion [2] - Greenlight Capital established a medium-sized position in PG&E at an average price of $15.15 per share [3] - The company operates as a local monopoly, theoretically earning a guaranteed return on capital invested, but faces complications due to political factors affecting cost recoveries from disasters like wildfires [3] - California's regulated utilities, including PG&E, have a higher cost of capital compared to those in other states, leading to increased prices for residents [3] - Affordability of utility services has become a significant political issue in California, prompting state officials to seek reforms [3]

Core Viewpoint - Eversource Energy is positioned for steadier growth due to an improving regulatory environment in Connecticut, leading to an upgrade from Bank of America to Buy with a price forecast increase to $85 from $73 [1][6]. Regulatory Environment - Connecticut is experiencing a positive regulatory reset following structural and leadership changes at the Public Utilities Regulatory Authority (PURA) [2]. - The implementation of Senate Bill 4, which expands PURA to five commissioners and allows for the securitization of storm costs, is seen as a significant turning point [3]. - The nomination of four new PURA commissioners by Governor Lamont, described as more balanced and technically experienced, indicates a shift towards stability in regulatory proceedings [4]. Near-Term Catalysts - Key near-term catalysts include the proposed decision on the Aquarion sale and the final order on Yankee Gas, with expectations that Eversource will re-market the segment if the sale is not approved [5]. - The clarity of the balance sheet is expected to unlock further rate base growth, with approximately $3 billion in deferred items being addressed [6]. Financial Projections - Bank of America has raised its earnings outlook for Eversource Energy, projecting 2026 earnings of $5.05 per share, an increase from $4.95, with 2027 and 2028 estimates also raised [6]. - The bank maintains a 5-7% EPS CAGR outlook through 2029, projecting gradual improvement in FFO-to-debt to 14.2% [7]. Valuation - The price forecast of $85 is based on a sum-of-the-parts (SOTP) valuation, applying 2027 average peer price-to-earnings multiples of 16.4x for the electric segment and 16.1x for natural gas, adjusted upward by 5% for expected earnings growth potential [8].

Core Insights - Wall Street analysts anticipate CenterPoint Energy (CNP) to report quarterly earnings of $0.46 per share, reflecting a year-over-year increase of 48.4% [1] - Expected revenues for the quarter are projected at $1.98 billion, which is a 6.6% increase from the same quarter last year [1] - The consensus EPS estimate has been revised upward by 3.8% in the past 30 days, indicating a reassessment of initial estimates by analysts [1] Revenue Projections - Analysts estimate 'Revenues- Electric Transmission and Distribution' to reach $1.34 billion, representing a 7.7% increase from the previous year [4] - 'Revenues- Natural Gas Distribution' are projected at $654.61 million, indicating a 7.1% year-over-year increase [4] - The consensus estimate for 'Revenues- Utility' stands at $1.97 billion, reflecting a 6.9% increase from the year-ago quarter [4] Operating Income Estimates - 'Operating Income / (loss)- Natural Gas Distribution' is expected to be $115.11 million, up from $76.00 million reported in the same quarter last year [5] - 'Operating Income / (loss)- Electric Transmission and Distribution' is forecasted to reach $461.59 million, compared to $351.00 million in the previous year [5] Stock Performance - Over the past month, shares of CenterPoint have increased by 5.4%, outperforming the Zacks S&P 500 composite, which saw a 1.2% change [5] - CenterPoint currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance in the near future [5]

Core Points - Unitil Corporation is set to release its third quarter 2025 earnings on November 3, 2025, after market close [1] - A conference call and webcast to discuss the quarterly results will take place on November 4, 2025, at 2:00 p.m. (ET) [1] - Presentation materials related to the earnings will be available on the Company's Investors page prior to the call [1] Company Overview - Unitil Corporation provides electricity and natural gas in New England, focusing on safe and reliable energy delivery [3] - The company operates in Maine, New Hampshire, and Massachusetts, serving approximately 109,400 electric customers and 97,600 natural gas customers [3] - Unitil is committed to community involvement and the development of efficient energy delivery technologies [3]