Core Viewpoint - Black Hills Corporation (NYSE:BKH) is recognized as a low-risk stock suitable for retirement portfolios, reflecting its stable growth and customer service focus [1]. Group 1: Valuation and Ratings - BofA has updated its price target for Black Hills Corporation to $72 from $70 while maintaining a Neutral rating, indicating a roll-forward of its valuation to 2028 EPS and revised peer P/E multiples [2]. Group 2: Recent Developments - On January 7, Black Hills completed the construction of its 260-mile Ready Wyoming electric transmission expansion, a $350 million project that was placed into service on schedule in December 2025 [3]. - The transmission project aims to enhance long-term cost stability for customers, improve system reliability, and expand access to regional power markets, while also supporting local economic activity and future energy development in Wyoming [4]. Group 3: Company Overview - Black Hills Corporation is a regulated utility that provides natural gas and electric service to approximately 1.35 million customers across eight states, focusing on steady growth and customer service [5].

Core Viewpoint - Black Hills Corp. will announce its 2025 fourth-quarter and full-year earnings on February 4, 2026, and will host a conference call on February 5, 2026, to discuss the financial results [1]. Company Overview - Black Hills Corp. is a customer-focused, growth-oriented utility company based in Rapid City, South Dakota, serving 1.35 million natural gas and electric utility customers across eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming [4].

Core Insights - Berkshire Hathaway Inc. (BRK.B) shares have recently shown bullish momentum, surpassing both the 50-day and 200-day simple moving averages, indicating a potential uptrend [1][8] - The average price target from analysts suggests a 7.6% upside from the last closing price, with BRK.B shares up 10.4% year-to-date, outperforming the industry average of 9.9% [2][8] - Berkshire Hathaway operates as a conglomerate with over 90 subsidiaries, providing stability across various economic cycles [2] Financial Performance - The stock is currently trading at a price-to-book multiple of 1.54, which is above the industry average of 1.51 but below the median of 1.57, indicating it may be overvalued compared to its peers [6][8] - Return on equity (ROE) for BRK.B was 7.3%, which is below the industry average of 8%, although it has shown improvement over time [17] - Return on invested capital (ROIC) was 5.7%, lower than the industry average of 6.2%, but has been increasing annually since 2020 [19] Business Segments - The insurance operations of Berkshire Hathaway account for about 25% of total revenues and are a significant driver of long-term value creation, supported by disciplined underwriting and a broad market reach [10] - Berkshire Hathaway Energy (BHE) provides stable cash flows and is expanding investments in renewable energy, aligning with global trends [11] - The manufacturing, service, and retail segments offer diversification and growth potential, benefiting from economic expansion and increased consumer activity [13] Strategic Initiatives - Berkshire has been adjusting its equity portfolio, exiting positions in BYD and reducing stakes in Apple and Bank of America, while increasing exposure to Japanese trading houses and initiating an investment in Alphabet [15] - The company's insurance float has grown from $114 billion in 2017 to $176 billion by the end of Q3 2025, providing a low-cost capital source [16] Analyst Sentiment - The Zacks Consensus Estimate for 2025 and 2026 revenues indicates a 3.5% and 6% year-over-year increase, respectively, while earnings estimates suggest a decline of 5.2% and 3.9% for the same years [20] - Analyst sentiment appears muted, with no movement in earnings estimates over the last 30 days [21] Leadership Transition - Berkshire Hathaway has been a stable investment under Warren Buffett's leadership, with a transition to Greg Abel as CEO set for January 1, 2026, while Buffett will remain as executive chairman [22]

Financial Performance - For the full-year 2024, the company's revenue rose 5% to around $82.7 billion, while net income jumped 28% to around $4.4 billion, or $1.29 in basic earnings per share [1] - Oneok Inc's revenue rose roughly 22.7% to around $21.7 billion, with net income increasing 14% to around $3 billion, or $5.32 per share [10] - Permian Resources Corp's revenue surged 60% to around $5 billion, with net income increasing 106% to around $985 million, or $1.54 in basic earnings per share [14] - DTE Energy's annual revenue declined 2% to $12.4 billion, while net income rose marginally to $1.4 billion, or $6.78 per share [18] - Restaurant Brands International's revenue rose 17% to $8.4 billion, but net income declined 14% to around $1 billion, or $3.21 per share [22] Market Capitalization and Stock Performance - The company's market cap is around $56.3 billion, with shares trading at $16.21 per share [1] - Oneok's market cap is nearly $46 billion, with stock trading at $71.69 per share [10] - Permian Resources has a market cap of nearly $12 billion, with stock trading at $13.77 per share [14] - DTE Energy's market cap stands at $26.8 billion, with shares trading at $129.90 per share [18] - Restaurant Brands International's market cap is around $23 billion, with shares trading at $69.91 [22] Dividend Information - Energy Transfer pays an annualized dividend of $1.33 per share, translating to a forward yield of 8.2% [6] - Oneok pays an annualized dividend of $4.12 per share, yielding 5.75% [10] - Permian Resources pays an annualized dividend of $0.60 per share, with a forward yield of 4.35% [15] - DTE Energy pays an annualized dividend of $4.66 per share, translating to a forward yield of nearly 3.6% [19] - Restaurant Brands International pays an annualized dividend of $2.48 per share, yielding just over 3.5% [22] Analyst Ratings and Price Targets - Energy Transfer is rated a Strong Buy by 17 analysts, with a high price target of $25 per share, suggesting over 54% upside potential [7] - Oneok is rated a Moderate Buy by 19 analysts, with a high price target of $114 per share, representing roughly 59% upside [11] - Permian Resources is rated a Strong Buy by 24 analysts, with a high price target of $23 per share, indicating 67% upside [15] - DTE Energy has a Strong Buy rating from 17 analysts, with a high price target of $158 per share, reflecting up to 22% upside [19] - Restaurant Brands International is rated a Moderate Buy by 29 analysts, with a high price target of $96 per share, implying about 37% upside [23]

Core Insights - Pinnacle West Capital Corporation (PNW) is a large-cap utility company based in Phoenix, Arizona, with a market capitalization of $10.5 billion, providing retail and wholesale electric services primarily in Arizona [1][2] - PNW is heavily invested in clean energy, with half of Arizona Public Service's electricity sourced from clean energy, aligning with regulatory requirements and consumer preferences [2] - Despite its strengths, PNW's stock has underperformed compared to the Dow Jones Industrials Average, with a 9% decline from its 52-week high and a 1.2% drop over the past six months [3][4] Financial Performance - For Q3, PNW reported revenue of $1.8 billion, reflecting a year-over-year increase of 2.9%, while its earnings per share (EPS) rose slightly to $3.39 [5] - Over the past year, PNW's stock has gained 2.1%, but this is below the Dow Jones Industrials Average's 10.1% return [4] Market Position - PNW has been trading below its 50-day and 200-day moving averages since late October, indicating a bearish trend [4] - Competitor Evergy, Inc. (EVRG) has shown stronger performance, with 9% gains over six months and 19.3% returns over the past year [5] Analyst Sentiment - Wall Street analysts maintain a "Moderate Buy" rating for PNW, with a consensus price target of $97.07, suggesting a potential upside of 10.5% from current levels [6]

Company Overview - Evergy, Inc. is based in Kansas City, Missouri, and is involved in generating, transmitting, distributing, and selling electricity, with a market capitalization of $17.1 billion [1] - The company utilizes a diverse range of energy sources, including coal, landfill gas, uranium, natural gas, oil, solar, wind, and other renewable sources [1] Market Position - Evergy is classified as a "large-cap stock" due to its market cap exceeding $10 billion, highlighting its size and influence in the regulated electric utility industry [2] - The company aims to provide reliable and affordable power while focusing on grid modernization, renewable energy expansion, and sustainability [2] Stock Performance - Currently, Evergy's stock is trading 6.6% below its 52-week high of $79.32, reached on October 16 [3] - Over the past three months, shares have increased by 2.7%, outperforming the State Street Utilities Select Sector SPDR ETF (XLU) [3] - In the last 52 weeks, Evergy's stock has risen by 19.7%, surpassing XLU's 11.3% increase, and on a year-to-date basis, it is up 20.4% compared to XLU's 14.2% [4] Recent Financial Results - In Q3, Evergy reported an adjusted EPS of $2.03, which is a slight increase from the previous year but fell short of analyst expectations by 5.1% [5] - Due to cooler than normal summer weather, the company has revised its fiscal 2025 adjusted EPS guidance down to a range of $3.92 to $4.02 from the previous $3.92 to $4.12 [5] Competitive Analysis - Evergy has outperformed its competitor, Ameren Corporation (AEE), which saw a 10.1% increase over the past 52 weeks and a 10.9% increase year-to-date [6] - Analysts maintain a moderately optimistic outlook for Evergy, with a consensus rating of "Moderate Buy" from 13 analysts and a mean price target of $84.95, indicating a potential 14.6% upside from current price levels [6]

Company Overview - Alliant Energy Corporation (LNT) is a utility holding company based in Madison, Wisconsin, providing regulated electricity and natural gas services, with a market cap of $16.8 billion [1]. Market Position - LNT is classified as a large-cap stock, emphasizing its size and influence in the regulated electric utility industry, and its focus on clean energy investments positions it for future growth [2]. Stock Performance - LNT's stock has experienced a decline of 6.3% from its 52-week high of $69.75, reached on October 24, while showing marginal gains over the past three months, aligning with the Utilities Select Sector SPDR Fund's (XLU) performance [3][4]. - Over a six-month period, LNT shares rose by 6.2%, outperforming XLU's gains of 4.6%, but the stock only climbed 8% over the past 52 weeks, underperforming XLU's 10.4% returns [4]. Financial Results - For Q3, LNT reported an adjusted EPS of $1.12, a decrease of 2.6% year-over-year, with revenue of $1.2 billion, reflecting an increase of 11.9% year-over-year. The company anticipates a full-year adjusted EPS between $3.17 and $3.23 [5]. Competitive Landscape - LNT's competitor, Ameren Corporation (AEE), has shown marginal gains over six months but has outperformed LNT with an 8.3% increase over the past 52 weeks [6]. Analyst Sentiment - Wall Street analysts maintain a "Moderate Buy" rating for LNT, with a consensus mean price target of $72.11, indicating a potential upside of 10.4% from current price levels [6].

Core Viewpoint - WEC Energy Group, Inc. is a significant player in the regulated utilities sector, with a strong market presence and growth prospects despite recent stock performance challenges [1][2][3][4][5] Company Overview - WEC Energy Group, Inc. is headquartered in Milwaukee, Wisconsin, and provides regulated natural gas and electricity, along with renewable energy services, with a market cap of $34.1 billion [1] - The company operates an extensive infrastructure, including 35,500 miles of overhead and 36,500 miles of underground distribution lines, along with significant gas mains and storage capacity [1][2] Financial Performance - In Q3, WEC reported an EPS of $0.83, exceeding Wall Street's expectation of $0.79, and revenue of $2.1 billion, surpassing the forecast of $2 billion [5] - The company anticipates a full-year EPS in the range of $5.17 to $5.27 [5] Stock Performance - WEC's stock has experienced a decline of 11.4% from its 52-week high of $118.19, reached on October 22 [3] - Over the past three months, WEC stock fell by 2.4%, underperforming the Utilities Select Sector SPDR Fund's (XLU) gains of 3.4% [3] - On a six-month basis, WEC shares fell marginally, underperforming XLU's six-month gains of 5.2%, but rose 7.9% over the past 52 weeks, outperforming XLU's 7.2% returns [4] Growth Prospects - The stock is rising on growth prospects driven by increasing energy demand, data center development, and infrastructure modernization [5] - The company's strong balance sheet supports investments in infrastructure and innovation, including smart grid technology and renewable energy [2]

Core Insights - Edison International (EIX) is heavily investing in renewable energy, battery storage, electric-vehicle infrastructure, and grid modernization to support long-term decarbonization goals, with a market cap of $22.4 billion [1] Company Overview - EIX is classified as a large-cap stock, with a market cap exceeding $10 billion, indicating its size and influence in the regulated electric utility industry [2] - The company benefits from strong regulatory support, long-term capital programs, and a focus on system safety and reliability, maintaining a competitive advantage in the evolving electric utility landscape [2] Stock Performance - EIX shares have dipped 31.9% below their 52-week high of $84.21, reached on December 9, 2024, and have gained 7.4% over the past three months, underperforming the Nasdaq Composite's 8% rise [3] - Over the past 52 weeks, EIX has fallen 31.8%, significantly lagging behind the Nasdaq's 18.5% increase, and on a year-to-date basis, shares are down 28.3% compared to Nasdaq's 21.9% return [4] Financial Performance - On October 28, EIX reported a better-than-expected Q3 adjusted EPS of $2.34, a 55% increase from the same period last year, driven by higher revenue from the 2025 GRC final decision [5] - Despite the strong profitability, shares fell 1.2% in the following trading session due to an increase in core loss per share attributed to higher interest expenses, and EIX lowered its fiscal 2025 core EPS guidance to a range of $5.95 to $6.20 [5] Competitive Position - EIX has underperformed compared to its rival, PG&E Corporation (PCG), which declined 25.6% over the past 52 weeks and 25% on a year-to-date basis [6]

Core Insights - Xcel Energy Inc. (XEL) is a large-cap utility company with a market capitalization of $45.7 billion, involved in electricity generation, transmission, and distribution, as well as natural gas services [1][2] - The company has a strong renewable energy portfolio, with over 50% of its electricity sales coming from carbon-free sources, aligning with sustainability trends [2] - XEL has experienced a 7% decline from its 52-week high of $83.01, but has gained 6.2% over the past three months, outperforming the S&P 500 Index [3][4] Financial Performance - In Q3, XEL reported an adjusted EPS of $1.24, which was below Wall Street's expectation of $1.31, and revenue of $3.92 billion, slightly missing the forecast of $3.93 billion [5] - The company expects its full-year adjusted EPS to be in the range of $3.75 to $3.85 [5] Market Position - XEL's stock has shown a 12.6% increase over the past six months and an 8.9% rise over the last 52 weeks, although it has underperformed compared to the S&P 500's gains of 15.7% and 13.1% respectively [4] - In the competitive landscape, American Electric Power Company, Inc. (AEP) has outperformed XEL with a 15.8% increase over six months and a 23% gain over the past year [6]