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].

Financial Data and Key Metrics Changes - The company reported adjusted earnings per share (EPS) of $0.82 for Q3 2025, and $4.06 year-to-date, representing an 8% increase compared to the same period last year [7] - Year-to-date, the company achieved double-digit growth in adjusted gross margin, operating income, and adjusted net income relative to the same period in 2024 [8] - Adjusted gross margin for Q3 2025 was approximately $137 million, up 12%, while adjusted net income was approximately $20 million, up 8% from Q3 2024 [25][28] Business Line Data and Key Metrics Changes - The regulated segment's adjusted gross margin was approximately $115 million in Q3 2025, up 12% from the same quarter last year, driven by organic natural gas transmission expansions and increased rates [27] - The unregulated energy segment saw adjusted gross margin increase by 13% to approximately $22.5 million, supported by growth in the Marlin Gas Services business [28] Market Data and Key Metrics Changes - Both core service areas experienced above-average residential customer growth: 4.3% in Delmarva, 3.9% for Florida Public Utilities, and 2.1% for Florida City Gas [10] - The company is expanding natural gas distribution in southern Delaware, targeting 2,000 new homes, and has become the natural gas provider for a new community development in Port St. Lucie, Florida [10][11] Company Strategy and Development Direction - The company is focused on three pillars of growth: prudently deploying capital, proactively managing regulatory agendas, and transforming business operations to enhance safety and customer service [12] - The capital investment program is on track, with over 400 gas distribution projects placed in service in the first nine months of the year, generating significant gross margin [12][13] Management's Comments on Operating Environment and Future Outlook - Management reaffirmed full-year 2025 EPS guidance of $6.15-$6.35 per share, contingent on a successful outcome from the Florida City Gas depreciation study [9] - The company is committed to increasing shareholder value and maintaining top quartile growth and total shareholder return [12][33] Other Important Information - The company has increased its 2025 full-year capital expenditure guidance to $425-$450 million, reflecting a $25 million increase over the previous range [10][13] - The company has received several recognitions, including being named a champion of board diversity and employer champion of the year for Kent County [22][23] Q&A Session Summary Question: Clarification on the outcome of the depreciation study - Management indicated that achieving the guidance range assumes a successful outcome from the depreciation study, with the timing of the decision impacting the final results [35][36] Question: Inquiry about the number of distribution projects - Management confirmed that 400 new distribution projects were completed in the last nine months, reflecting significant growth in both residential and transmission projects [46][47] Question: Discussion on Ohio data center growth - Management elaborated on a project with American Electric Power to build a pipeline for a data center, highlighting the favorable regulatory climate and in-state gas supplies [50][51] Question: Clarification on retroactive treatment of depreciation reserve - Management confirmed that an order received by early February could allow for retroactive treatment of the depreciation reserve, impacting 2025 earnings [54][55] Question: Future capital expenditure plans - Management stated that the long-term capital expenditure target of $1.5 billion-$1.8 billion through 2028 is expected to be maintained, with updates provided in February [58][59] Question: Growth trajectory in Delmarva vs. Florida - Management expressed optimism about continued strong growth in Delmarva, noting it is currently outpacing Florida, while also acknowledging robust growth in Florida [60][62]

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 - National Fuel Gas Company (NFG) reported strong fourth-quarter fiscal 2025 adjusted operating earnings of $1.22 per share, exceeding the Zacks Consensus Estimate of $1.08 by 12.96% and marking a 58% increase from the previous year's figure of 77 cents [1][7] - Total revenues for the quarter were $456.4 million, falling short of the Zacks Consensus Estimate of $547 million by 16.6%, but representing a 22.6% increase from $372.1 million in the prior year [2] - NFG announced a significant acquisition of CenterPoint Energy's Ohio natural gas utility for $2.62 billion, expected to close in the fourth quarter of 2026, which is anticipated to double the Utility segment's rate base [5][7] Financial Performance - Fiscal full-year operating earnings reached $6.91 per share, up 37.9% from $5.01 in fiscal 2024 [1] - Total operating expenses decreased to $276.6 million, down 51.35% from $568.6 million in the year-ago quarter, leading to an operating income of $179.8 million compared to an operating loss of $196.6 million in the previous year [4] - Net cash provided by operating activities for fiscal 2025 totaled $1.1 billion, slightly up from $1.07 billion in the previous year [8] Segment Performance - Utility segment revenues totaled $87.8 million, a 10% increase from $79.8 million in the year-ago quarter [3] - Integrated upstream and Gathering and Other segments reported revenues of $300.4 million, up 33.6% from $224.9 million in the prior year [3] - Pipeline and Storage segment revenues amounted to $68.2 million, reflecting a 1.3% increase from $67.3 million recorded in the year-ago quarter [3] Production and Guidance - During the fiscal fourth quarter, Seneca produced 112 billion cubic feet (Bcf) of natural gas, an increase of 20 Bcf, or 21%, from the prior-year level [5] - NFG provided guidance for adjusted earnings per share for fiscal 2026 in the range of $7.60 to $8.10, with the Zacks Consensus Estimate at $7.83 [9] - The company expects capital expenditure for fiscal 2026 to be between $0.96 billion and $1.07 billion, with production anticipated in the range of 440-455 Bcf [9]

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]

Group 1 - RGC Resources (RGCO) is a holding company based in Virginia, operating through Roanoke Gas Company and RGC Midstream, providing energy and utility services to over 60,000 customers [1] - The company has a long-standing history of paying dividends for more than 80 years, indicating a commitment to returning value to shareholders [1]

Group 1 - RGC Resources (RGCO) is a holding company based in Virginia, operating through Roanoke Gas Company and RGC Midstream, providing energy and utility services to over 60,000 customers [1] - The company has a long-standing history of paying dividends for more than 80 years, indicating a commitment to returning value to shareholders [1]

Financial Data and Key Metrics Changes - Northwest Natural Holdings reported a loss of $0.73 per share for Q3 2025, relatively unchanged from a loss of $0.71 per share in Q3 2024 [18] - Adjusted earnings per share increased to $1.52 year-to-date in 2025, compared to $0.88 for the same period in 2024, reflecting strong earnings across all business segments [20] Business Line Data and Key Metrics Changes - The gas utility segment's earnings per share improved slightly, while Sea Energy contributed an additional $0.04 of earnings per share for Q3 2025 compared to the same period last year [18] - The water segment's earnings per share increased by $0.04, driven by new rates at the largest water utility in Arizona and additional revenues from ICH Utilities [19] Market Data and Key Metrics Changes - The combined utility customer growth rate was 10.9% for the 12 months ended September 30, 2025, primarily due to gas utility acquisitions in Texas [6] - Northwest Natural Water's customer base grew at a rate of 4.1%, including three small acquisitions, with organic growth at 2.4% [13] Company Strategy and Development Direction - The company is focused on expanding its customer base, investing in systems, and achieving operational excellence through cost efficiency [5] - A robust long-term capital plan is in place, reaffirming a long-term earnings growth rate of 4%-6% [6] - The company is prioritizing organic growth while also looking for tuck-in acquisition opportunities, particularly in fragmented markets like Texas [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in executing against the 2025 plan and achieving results above the midpoint of the adjusted earnings range of $2.75 to $2.95 per share [6][20] - The company is well-positioned to meet regional energy needs through investments in long-duration assets like the Mist storage facility [11] Other Important Information - The board approved a dividend increase, marking the 70th consecutive year of annual dividend increases [6] - The company has liquidity of approximately $437 million as of September 30, 2025, with no material debt maturities in 2025 [21][22] Q&A Session Summary Question: Lower equity requirement for 2025 - Management indicated that the lower equity requirement is due to better cash flow generation and reassessment of capital structure throughout the year [24] Question: Additional tuck-in opportunities in Texas - Management noted that while tuck-in opportunities exist, the focus is currently on organic growth, particularly in Texas, Arizona, and Idaho [25] Question: Change in rate case timing in Oregon - Management mentioned that the Oregon commission is exploring multi-year planning, which could be beneficial for future rate cases [27][28] Question: Status of hydrogen pilot projects - Management confirmed that hydrogen blending tests have been successful, but broader hydrogen production projects are uncertain due to funding reallocations [29][30]

Core Points - New Jersey Resources Corporation's board of directors declared a quarterly dividend of $0.475 per share [1] - The dividend is scheduled to be paid on January 2, 2026, to shareholders of record as of December 12, 2025 [1] - NJR has consistently paid quarterly dividends since its inception in 1952 and has increased its dividend every year for the last 30 years [1] Company Overview - New Jersey Resources Corporation is listed on the NYSE under the ticker NJR [1]

Financial Data and Key Metrics Changes - The company's net asset value (NAV) increased by $567 million in Q3 2025, with CVI contributing $547 million net of refining hedges, and funds excluding refining hedges up approximately 5% [4] - Consolidated EBITDA for the energy segment was $625 million for Q3 2025, compared to a loss of $35 million in Q3 2024 [10] Business Line Data and Key Metrics Changes - Automotive service revenues increased by $11 million compared to the prior year quarter, with same-store sales performance up by $21 million, or 6% [10] - Real estate adjusted EBITDA decreased by $12 million compared to the prior year quarter, primarily due to the sale of a country club [11] - Food packaging's adjusted EBITDA decreased by $8 million due to lower volume and higher manufacturing inefficiencies [12] - Home fashion's adjusted EBITDA decreased by $4 million due to softening demand in the U.S. retail and hospitality business [12] - Pharma's adjusted EBITDA decreased by $7 million due to reduced sales from generic competition in the anti-obesity market [12] Market Data and Key Metrics Changes - Southwest Gas (SWX) is expected to grow net income at a 14% CAGR between 2025 and 2029, outperforming many peers in the 6%-8% range [8] Company Strategy and Development Direction - The company is focused on its activism strategy, leveraging the Icahn brand name and a history of proxy contests to drive shareholder value [15] - The company aims to maintain liquidity to capitalize on opportunities within and outside existing operating segments [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the potential for continued exemptions for small refineries, which could positively impact CVI [4] - The company is excited about a developmental drug for pulmonary arterial hypertension (PAH) and has finalized a partner for the clinical trial [12] Other Important Information - The company closed on certain properties for a pre-tax gain of $223 million during the quarter [11] - The holding company had cash and investments in funds totaling $3.4 billion, with subsidiaries having cash and revolver availability of $1.2 billion as of quarter end [14] Q&A Session Summary - No specific questions or answers were documented in the provided content.