Financial Data and Key Metrics Changes - The company reported GAAP earnings per share of $0.33, a 32% increase year-over-year [5][14] - Revenues increased by 9.6%, from $435.3 million to $477 million, primarily due to rate increases [14][15] - The company expects to achieve GAAP earnings per share above the guidance range of $2.07-$2.11 due to non-recurring benefits [6][21] Business Line Data and Key Metrics Changes - Both water and natural gas businesses performed well, contributing to the overall growth [5] - Water business revenue increased by approximately $27.9 million, while natural gas contributed $6.3 million to revenue growth [14][15] - The natural gas division has successfully installed over 60,000 Intellis gas meters, exceeding its 2025 goal [9] Market Data and Key Metrics Changes - The combined entity from the merger with American Water will serve over 5 million connections across 17 states [3] - The company has a robust rate base approaching $34 billion, positioning it as a leading water and wastewater utility in the U.S. [3] Company Strategy and Development Direction - The merger with American Water is seen as a transformational opportunity to create synergies and enhance financial strength [3][4] - The company aims to invest approximately $1.4 billion in infrastructure improvements for 2025 [6] - The focus on expanding water and wastewater business through acquisitions is expected to drive long-term growth [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving strong growth potential in both water and gas platforms, with an expected compounded annual growth rate of 8% for the combined utility rate base [21][22] - The company is committed to maintaining a strong balance sheet and consistent dividend growth while managing regulatory activities effectively [22][23] Other Important Information - The company has made a $26 million investment in a data center project in Greene County, Pennsylvania, which is expected to enhance its operational capabilities [10][11] - The company is actively pursuing additional data center development opportunities, reflecting the growing demand in the sector [12][13] Summary of Q&A Session - No questions were taken during this earnings call, and the company will return to its normal Q&A process for the year-end call in February 2026 [24][25]

Financial Data and Key Metrics Changes - The company reported GAAP earnings per share of $0.33, a 32% increase year-over-year [5] - Revenues increased by 9.6%, from $435.3 million to $477 million, primarily due to rate increases [14][15] - The company expects to achieve GAAP earnings per share above the guidance range of $2.07-$2.11 due to non-recurring benefits [6][21] Business Line Data and Key Metrics Changes - Both water and natural gas businesses performed well, contributing to the overall growth [5] - The water business contributed $27.9 million to revenue growth, while the natural gas segment added $6.3 million [14][15] - The company has installed 93,000 new Intelis gas meters, exceeding its 2025 goal [9] Market Data and Key Metrics Changes - The combined entity from the merger with American Water will serve over 5 million connections across 17 states [3] - The company is well-positioned in a fragmented water industry, with 85% being municipal [4] Company Strategy and Development Direction - The merger with American Water is seen as a transformational opportunity to create a leading water and wastewater utility [3] - The company aims to achieve a compounded annual growth rate of 8% for its combined utility rate base [21] - Focus on expanding water and wastewater business through acquisitions, with $58 million spent on systems serving approximately 10,300 customers [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver consistent growth despite economic fluctuations [21] - The company is committed to maintaining a strong balance sheet and improving cash flow while delivering consistent dividend growth [22] - Management highlighted the importance of infrastructure investment in aging water and wastewater systems [4] Other Important Information - The company has a pending rate case in North Carolina with a requested annualized revenue increase of $96.5 million [18] - The company is actively pursuing opportunities related to data centers, with a $26 million investment in a data center project in Pennsylvania [10][11] Summary of Q&A Session - No questions were taken during this earnings call, with a reminder that the normal Q&A process will resume in the year-end call in February 2026 [24]

Financial Data and Key Metrics Changes - The company reported GAAP earnings per share of $0.33, a 32% increase year-over-year [5] - Revenues increased by 9.6%, from $435.3 million to $477 million, driven primarily by rate increases [14][15] - The company expects to achieve GAAP earnings per share above the guidance range of $2.07-$2.11 due to non-recurring benefits [6][21] Business Line Data and Key Metrics Changes - Both water and natural gas businesses performed well, contributing to the overall growth [5] - Water business revenue increased by approximately $27.9 million, while natural gas revenue increased by $6.3 million [15] - The natural gas division has successfully installed over 60,000 Intellis gas meters, exceeding its 2025 goal [9] Market Data and Key Metrics Changes - The combined entity from the merger with American Water will serve over 5 million connections across 17 states [3] - The company is well-positioned in a fragmented water industry, with 85% being municipal [4] - The company is actively pursuing opportunities in states like Pennsylvania, Ohio, Indiana, and Virginia, which are attractive for data center development [12] Company Strategy and Development Direction - The merger with American Water is seen as a transformational opportunity to create a leading water and wastewater utility [3] - The company aims to achieve a compounded annual growth rate of 8% for its combined utility rate base, with water expected to grow at 6% and natural gas at 11% [21][22] - The company is committed to infrastructure investments, targeting approximately $1.4 billion for 2025 [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver consistent growth despite economic fluctuations [21] - The company is focused on addressing infrastructure investment needs, particularly in aging water and wastewater systems [4] - Management highlighted the importance of sustainability and responsible business practices as foundational to the company's operations [8] Other Important Information - The company has made a $26 million investment in a data center project in Greene County, Pennsylvania, which includes plans for an 18 million-gallon-per-day water treatment plant [10][11] - The company is in discussions with data center developers representing over 5 gigawatts of power demand [12] - The company has adjusted its expectation for 2025 equity raises from $315 million to $350 million, largely due to the data center project [22] Summary of Q&A Session - No questions were taken during this earnings call, and the company will return to its normal Q&A process for the year-end call in February 2026 [24]

Group 1 - ONEOK's quarterly report for Q3 2025 indicates that the stock is a worthy addition to an investment portfolio [1] - The company's net debt has increased from $13.47 billion, suggesting a potential area of concern for investors [1] Group 2 - The analysis emphasizes the importance of combining macro-economic analysis with real-world trading experience to identify profitable investment opportunities [1] - The goal is to build a high-yield, balanced portfolio primarily focused on the U.S. market [1]

Core Insights - Paradiem, LLC has established a new position in Atmos Energy, acquiring 86,407 shares valued at approximately $14.75 million, representing 3.44% of its reportable U.S. equity assets under management as of September 30, 2025 [1][2][3] Company Overview - Atmos Energy is a leading regulated natural gas utility in the U.S., serving about three million customers across eight states, with a focus on essential utility services and a stable customer base [5][9] - The company has a market capitalization of $28.32 billion and reported revenue of $4.62 billion and net income of $1.16 billion for the trailing twelve months [4] Financial Performance - As of October 17, 2025, Atmos Energy's share price was $176.41, reflecting a 22.7% increase over the past year, outperforming the S&P 500 by 11.27 percentage points [3][4] Business Model - Atmos Energy operates a resilient business model, generating revenue primarily through regulated distribution of natural gas and ancillary pipeline services, which provides predictable returns [6][9] - The company focuses on expanding and modernizing its infrastructure, enhancing safety measures, and returning cash to shareholders through a consistently rising dividend [10][11] Market Position - Atmos Energy's extensive underground infrastructure includes approximately 71,921 miles of distribution and transmission mains, creating a competitive moat that is costly to replicate [6][9]

Company Overview - Atmos Energy Corporation (ATO) is valued at a market cap of $28.4 billion and is a fully regulated natural gas company based in Dallas, Texas, providing services to over 3 million customers across eight states [1] Earnings Expectations - Analysts expect ATO to report a profit of $0.96 per share for fiscal Q4 2025, which is an increase of 11.6% from $0.86 per share in the same quarter last year [2] - For fiscal 2025, ATO is projected to report a profit of $7.38 per share, up 8.1% from $6.83 per share in fiscal 2024, with further growth expected to $7.90 in fiscal 2026 [3] Stock Performance - ATO shares have increased by 24.5% over the past 52 weeks, outperforming the S&P 500 Index's 15.1% return and the Utilities Select Sector SPDR Fund's 11% rise during the same period [4] Recent Financial Results - In Q3, ATO's EPS was $1.16, which was below expectations, yet shares rose by 3.6% in the following trading session due to an increase in fiscal 2025 guidance, now expecting EPS in the range of $7.35 to $7.45 [5] - The company's total operating revenue increased by 19.6% year-over-year to $838.8 million, with distribution segment revenue growing by 21.1% and pipeline and storage revenue climbing by 8.7% [5] Analyst Ratings - Wall Street analysts have a "Moderate Buy" rating for ATO, with three recommending "Strong Buy," one indicating "Moderate Buy," and ten suggesting "Hold" [6] - ATO is currently trading above its mean price target of $171.54, with a Street-high price target of $185 indicating a 4.5% premium to current price levels [6]

Core Viewpoint - National Fuel Gas Company is acquiring CenterPoint Energy's Ohio Natural Gas Utility business, indicating a strategic expansion in the natural gas sector [2][3]. Group 1: Acquisition Details - The acquisition involves CenterPoint Energy's Ohio Natural Gas Utility business, which is expected to enhance National Fuel's operational footprint [2]. - A press release and investor presentation regarding the acquisition have been made available on the Investor Relations website [2]. Group 2: Conference Call Structure - The conference call features key executives from National Fuel Gas Company, including the President and CEO, and the Treasurer and CFO, who will provide insights into the acquisition [3]. - The call will conclude with a question-and-answer session, allowing for further clarification and discussion on the acquisition [3].

Summary of National Fuel Gas Company Conference Call Company and Industry - **Company**: National Fuel Gas Company (NYSE: NFG) - **Industry**: Natural Gas Utility Key Points and Arguments Acquisition Details - National Fuel Gas Company announced the acquisition of CenterPoint Energy's Ohio Natural Gas Utility business for **$2.62 billion** on a cash-free, debt-free basis, valuing the transaction at approximately **1.6 times** the estimated rate base at year-end **2026** [4][10] - The acquisition will add **335,000 customers** and over **5,900 miles** of natural gas transmission and distribution pipelines, along with a **$1.6 billion** rate base [4][10] - Expected closing of the acquisition is in the **fourth quarter of calendar 2026**, pending regulatory reviews [4][10] Strategic Importance - The acquisition is part of National Fuel's strategic priority to grow through M&A, particularly in regulated sectors [4][10] - It is expected to enhance the company's investment-grade credit profile and support continued growth on both regulated and non-regulated sides [5][10] - The Ohio Natural Gas Utility business is seen as a great fit due to its scale, geographical proximity to existing operations, favorable regulatory environment, and stable customer base [5][6][10] Financial Implications - The acquisition is anticipated to be immediately accretive to the company's regulated earnings per share, excluding transaction-related expenses [6][10] - On a consolidated basis, adjusted operating results are expected to be neutral in **fiscal 2028**, with potential for accretion thereafter [7][10] - National Fuel plans to finance the acquisition through a combination of **$300 million to $400 million** in common equity, long-term debt, and free cash flow from integrated upstream and gathering operations [14][16] Regulatory Environment - Ohio's regulatory framework is described as constructive, with mechanisms in place for timely recovery of investments and system modernization [11][12] - The Ohio Commission has approved cost recovery for nearly **100%** of capital investments through various riders, providing certainty for future cash flows [12][10] Growth Opportunities - National Fuel plans to invest **$150 million to $200 million** in capital for modernization and safety improvements in the Ohio operations [27][10] - The service territory is positioned between Columbus and Cincinnati, presenting growth opportunities due to regional sprawl and investment [27][10] Integration and Future Outlook - National Fuel is committed to a smooth integration process with CenterPoint's Ohio workforce, emphasizing shared values in safety and customer service [9][17] - The acquisition is expected to deliver long-term value for stakeholders, with a strong outlook for the natural gas industry [10][18] Earnings and Capital Allocation - Historical net income from CenterPoint's Ohio business is approximately **$65 million**, with built-in rate increases expected to support growth over the next five years [30][10] - National Fuel aims to maintain a balance between strengthening its balance sheet and deploying capital for growth opportunities [40][10] Additional Important Information - The acquisition aligns with National Fuel's long-term strategy to enhance its portfolio and improve earnings and credit metrics [10][18] - The company has a nearly **125-year** history in the energy sector, reinforcing its commitment to providing reliable energy supplies [9][10]

Core Viewpoint - National Fuel Gas Company has announced a definitive agreement to acquire CenterPoint Energy Resources Corp.'s Ohio natural gas utility business for $2.62 billion, significantly expanding its regulated assets and cash flow in a favorable regulatory environment [1][2][3] Acquisition Details - The acquisition involves the equity interests in CNP Ohio for a total consideration of $2.62 billion on a cash-free, debt-free basis, representing an acquisition multiple of approximately 1.6x the estimated 2026 rate base of $1.6 billion [2] - National Fuel will acquire a team operating approximately 5,900 miles of pipeline and serving around 335,000 customers consuming approximately 60 Bcf of natural gas annually [2] - The transaction is expected to close in the fourth quarter of calendar 2026, pending regulatory approvals [2] Strategic and Financial Benefits - The acquisition will double National Fuel's gas utility rate base to approximately $3.2 billion, serving about 1.1 million customers across New York, Pennsylvania, and Ohio [6] - Ohio's regulatory framework is supportive of natural gas infrastructure improvements, allowing for timely recovery of capital investments [6] - The ability to reinvest free cash flow from upstream operations into regulated growth is expected to enhance long-term earnings and shareholder value [6][15] Financing Structure - National Fuel has secured a fully committed bridge facility for the entire purchase price, supported by The Toronto-Dominion Bank and Wells Fargo Bank [9] - At closing, a promissory note of $1.2 billion will be issued to CERC, with the remainder paid in cash [10] - The financing mix will include approximately $300 to $400 million of common equity, long-term debt, and future free cash flow, aimed at maintaining a strong credit profile [11][15] Stakeholder Benefits - The acquisition is expected to be immediately accretive to National Fuel's regulated earnings per share, enhancing the long-term outlook for regulated earnings growth and supporting the company's dividend history [15][7] - National Fuel will continue to provide reliable service at fair prices to CNP Ohio's customers, leveraging the existing workforce for operational performance [15]

Core Viewpoint - Investor sentiment is currently affected by fears of a government shutdown, a slowing labor market, and high stock valuations, leading to a potential interest in dividend stocks for stable returns [1] Group 1: Brookfield Infrastructure Partners (BIP) - Brookfield Infrastructure Partners is a global infrastructure company with diversified assets in utilities, transport, midstream, and data sectors [3] - BIP paid a dividend of 43 cents per unit on September 29, marking a 6% year-over-year increase, with an annualized dividend of $1.72 per unit, resulting in a dividend yield of 5.2% [3] - BMO Capital analyst Devin Dodge reiterated a buy rating on BIP with a price target of $42, citing strong organic growth trends expected to become more evident in upcoming quarters [4] - Dodge noted an increase in high-growth platforms within BIP's portfolio and highlighted significant investment opportunities, particularly in digital infrastructure, with hyperscalers' capital spending projected to rise by 50% this year [5] - BIP's funds from operations per unit (FFO/unit) growth is nearing an inflection point, with a compound annual growth rate of about 10% over the past five years, despite challenges [6] - Dodge believes that as FFO/unit growth increases, it will positively impact distribution growth and valuation [7] Group 2: Ares Capital (ARCC) - Ares Capital is a specialty finance company providing direct loans and investments to private middle-market companies, offering a quarterly dividend of 48 cents per share, equating to an annualized dividend of $1.92 per share and a yield of 9.4% [8] - RBC Capital analyst Kenneth Lee reiterated a buy rating on Ares Capital with a price target of $24, favoring it along with other stocks in the current market scenario [9] - Lee emphasized Ares Capital's competitive advantage through its access to the Ares global credit platform and its potential for above-peer-average return on equity [10] - The experienced senior management team and core earnings per share generation back Ares Capital's dividends, contributing to its strength [11] Group 3: ONE Gas (OGS) - ONE Gas is a regulated natural gas utility serving over 2.3 million customers in Kansas, Oklahoma, and Texas, with a quarterly dividend of 67 cents per share, leading to an annualized dividend of $2.68 per share and a yield of 3.3% [12] - Mizuho analyst Gabe Moreen upgraded OGS to buy from hold, raising the price forecast to $86, citing benefits from Texas legislation and lower interest rates [13] - Moreen anticipates that the Texas HB 4384 legislation could generate an incremental EPS benefit of about 18 cents in fiscal 2026, which will grow with OGS's capital spending [14] - Elevated short-term interest rates previously forced OGS to revise its guidance, but expected Federal Reserve interest rate cuts could ease interest expenses [15] - Moreen highlighted growth opportunities for OGS due to rising natural gas demand from data centers and advanced manufacturers, making it an attractive investment at current valuations [16]