Core Insights - PG&E Corporation (PCG) is benefiting from systematic investments in infrastructure improvements and clean energy initiatives, enhancing service reliability and positioning itself as a strong investment in the Utility-Electric Power industry [1] Growth Outlook & Surprise History - The Zacks Consensus Estimate for fourth-quarter earnings per share (EPS) has increased by 2.6% to 39 cents over the past 60 days [2] - The revenue estimate for 2025 is projected at $26.06 billion, indicating a year-over-year growth of 6.72% [2] - PCG's long-term earnings growth rate is estimated at 15.89%, with an average earnings surprise of 0.5% over the last four quarters [2] Dividend History - PCG has consistently increased shareholder value through dividends, currently paying a quarterly dividend of 2.5 cents per share, leading to an annualized dividend of 10 cents [3] - The current dividend yield stands at 0.64%, which is lower than the Zacks S&P 500 composite average of 1.10% [3] Capital Investment and Clean Energy Plan - The company plans to invest $12.9 billion in 2025 and an additional $73 billion from 2026 to 2030, targeting a 10% earnings growth for 2025 and a long-term annual growth rate of at least 9% during 2026-2030 [4] - PG&E aims to achieve 90% of retail energy sales from renewable and zero-carbon sources by 2035, supported by its investment in battery energy storage [5] Return on Equity - PCG's Return on Equity (ROE) is currently at 11.10%, surpassing the industry average of 9.64%, indicating efficient utilization of shareholders' funds [6] Solvency - The times interest earned (TIE) ratio for PCG at the end of the third quarter of 2025 was 1.8, reflecting the company's ability to meet long-term debt obligations [7] Share Price Performance - Over the past three months, PCG's shares have increased by 4.4%, although this is below the industry's growth of 7.7% [10] Other Stocks to Consider - Other top-ranked stocks in the same industry include Dominion Energy, Inc. (D), Edison International (EIX), and CenterPoint Energy, Inc. (CNP), all carrying a Zacks Rank 2 [11][12]

Core Insights - Consumer sentiment has significantly declined, reaching a record low of 51 in November, down from 53.6 in October, and down 29% year-over-year [4][5] - The uncertainty surrounding the Federal Reserve's monetary policy and the economy's health has led investors to favor low-beta, defensive stocks, particularly in the consumer staples sector [1][2] Consumer Sentiment - The University of Michigan's Surveys of Consumers reported a final reading of 51 for consumer sentiment in November, slightly up from a preliminary reading of 50.3 [4] - The decline in consumer sentiment is attributed to a slowing labor market and high inflation, which pressures consumer spending [6] - Long-term inflation expectations decreased from 3.9% in October to 3.4% in November [5] Investment Focus - In the current market environment, investors are advised to consider low-beta stocks with high dividend yields and favorable Zacks Ranks to mitigate market volatility [2][3] - Recommended stocks include: - **Entergy Corporation (ETR)**: Expected earnings growth rate of 6.9%, Zacks Rank 2, beta of 0.63, and a dividend yield of 2.73% [9] - **CenterPoint Energy, Inc. (CNP)**: Expected earnings growth rate of 9.3%, Zacks Rank 2, beta of 0.60, and a dividend yield of 2.22% [13] - **John B. Sanfilippo & Son, Inc. (JBSS)**: Expected earnings growth rate of 18.1%, Zacks Rank 1, beta of 0.37, and a dividend yield of 1.28% [15] - **Universal Corporation (UVV)**: Expected earnings growth rate of 2.4%, Zacks Rank 2, beta of 0.73, and a dividend yield of 6.19% [16]

Core Insights - Cullen Capital Management's "SCCM Value Equity Strategy" reported a 6.9% return (gross of fees) and 6.8% (net of fees) in Q3 2025, outperforming the Russell 1000 Value's 5.3% and underperforming the S&P 500's 8.1% return during the same period [1] - Year-to-date, the strategy achieved a 13.0% return (gross), compared to Russell 1000 Value's +11.7% and S&P 500's +14.8% [1] Company Focus: NextEra Energy, Inc. (NYSE:NEE) - NextEra Energy, Inc. operates as a regulated utility (70% of revenue) and renewables company (30% of revenue), benefiting from strong economic growth in its service regions and supportive regulatory environment [3] - The stock has shown a one-month return of 2.17% and a 52-week gain of 10.09%, closing at $84.64 with a market capitalization of $176.27 billion on November 18, 2025 [2] - NextEra's valuation is at the Utilities sector average of 19x forward earnings, with a dividend yield of 2.8%, while the company capitalizes on the growth of solar and wind generation despite federal subsidy roll-backs [3]

IR Newsletter (Results for 3Q 2025) Nov. 2025 2 Ⅰ. Earnings Results ◎ Overview (KRW bn) 354.5 312.5 42.0 33.9 393.7 346.2 47.5 42.7 Sales Operating Expenses Operating Profit Net Profit 3Q 2024 3Q 2025 +5.5bn(+13.1%) +8.8bn(+26.0%) +33.7bn(+10.8%) +39.2bn(+11.1%) 3 Ⅱ. Earnings Review Contents Ⅰ. Earnings Results ------------------------------------------------- 3 Ⅱ. Earnings Review ------------------------------------------------- 4 Ⅲ. Consolidated financial statements ------------------------------ 6 Ⅳ. Pla ...

Core Insights - NextEra Energy has announced a significant 25-year partnership with Google to restart the Dwayne Arnold nuclear facility in Iowa, which has been shut down for five years, indicating a strategic move towards enhancing energy production and collaboration in advanced nuclear technology [1][2][5]. Economic Impact - The partnership is projected to generate an economic impact of $9 billion and create approximately 2,000 jobs in Cedar Rapids, Iowa, highlighting the positive implications for local economies [2]. Earnings and Financials - The project is expected to be accretive to earnings, contributing an estimated 16 cents to adjusted earnings per share (EPS) for NextEra Energy, reflecting a positive financial outlook for the company [3][4]. Market Position and Strategy - NextEra Energy is recognized as the largest power producer in the United States and is actively investing over $100 billion in capital expenditures across various energy sectors, including gas-fired generation, nuclear restart, renewables, and energy storage [8][9]. Renewable Energy Growth - The company maintains a strong growth trajectory in its renewable energy sector, emphasizing the need for a diverse energy mix that includes renewables, gas, and nuclear technologies to meet increasing power demands [10][11]. Industry Collaboration - NextEra Energy is collaborating with Google on a national level regarding advanced nuclear technology, indicating a trend towards partnerships in the energy sector to leverage technological advancements [5].

Market Overview - Wall Street's major indexes have reached multiple all-time closing highs recently, but the market has experienced volatility due to economic uncertainties [1][5] - The tech sector, particularly driven by AI optimism, has seen fluctuations, with significant pullbacks in stock prices due to concerns over high valuations [2][6] Economic Concerns - Investors are worried about the health of the economy, particularly with a shrinking labor market and fewer jobs being added [7] - Layoffs surged in October, totaling 153,074, which is a 183% increase sequentially and a 175% increase year-over-year [8] - The ongoing government shutdown has limited access to fresh economic data, contributing to investor uncertainty [9] Defensive Investment Recommendations - In light of market volatility, it is advisable to consider defensive stocks, particularly from the utilities sector, which are characterized by low beta values and high dividend yields [3][4][12] - Five recommended low-beta utility stocks include: - **Atmos Energy Corporation (ATO)**: Expected earnings growth of 6%, beta of 0.73, and a dividend yield of 2.02% [10][11] - **American States Water Company (AWR)**: Expected earnings growth of 4.1%, beta of 0.64, and a dividend yield of 2.72% [13][14] - **Consolidated Water Co. Ltd. (CWCO)**: Expected earnings growth of 0.9%, beta of 0.51, and a dividend yield of 1.61% [15][16] - **Entergy Corporation (ETR)**: Expected earnings growth of 6.9%, beta of 0.63, and a dividend yield of 2.49% [17][18] - **Duke Energy Corporation (DUK)**: Expected earnings growth of 7.3%, beta of 0.45, and a dividend yield of 3.44% [18][19]

Core Insights - Vistra Corp has forecasted that its adjusted core profit for 2026 will be higher than its outlook for the current year, indicating confidence in its expanding power generation portfolio and robust demand across the U.S. market [1] Company Summary - The company is experiencing growth in its power generation capabilities, which is expected to contribute positively to its financial performance in the coming years [1] - Strong demand in the U.S. market is a key factor supporting the company's optimistic profit forecast [1]

Earnings Performance - IDACORP's net income for the three months ended September 30, 2025, was $124.437 million, compared to $113.605 million for the same period in 2024[13] - Diluted earnings per share increased to $2.26 for the three months ended September 30, 2025, from $2.12 in 2024[13] - For the nine months ended September 30, 2025, net income was $279.865 million, up from $251.298 million in 2024[13] - Diluted earnings per share for the nine months ended September 30, 2025, were $5.13, compared to $4.82 in 2024[13] Load and Customer Growth - The 2025 Integrated Resource Plan (IRP) forecasts an 8.3% annual growth rate for retail sales (billed MWh) over the next 5 years[14] - The 2025 IRP forecasts a 5.1% annual growth rate for annual peak demand over the next 5 years[14] - Idaho Power customer growth was 2.3% year-over-year as of September 30, 2025[17] Rate Case Settlement - A settlement has been reached for Idaho General Rate Case, requesting a $110 million increase in total annual Idaho-jurisdictional revenue, equivalent to a 7.48% rise, pending IPUC approval[29] - The settlement provides for a 9.6% Idaho-jurisdiction return on equity (ROE) and a 7.41% authorized rate of return applied to an Idaho-jurisdiction retail rate base of approximately $4.9 billion[29] Financial Outlook - IDACORP's earnings per share guidance for 2025 is $5.80 - $5.90 per diluted share[43] - Idaho Power's additional amortization of ADITC is estimated to be $50 - $60 million[43] - Idaho Power's O&M expense is projected to be $470 - $480 million[43]

Core Viewpoint - Constellation Energy Group's stock price increased by over 2% following the announcement that Calpine, a utility it is set to acquire, secured funding for a new power plant, outperforming the S&P 500 index's 0.3% rise [1]. Group 1: Acquisition and Financial Details - Constellation is in the process of acquiring Calpine for approximately $16.4 billion, which includes assuming around $12.7 billion of Calpine's debt [4]. - The acquisition deal is pending approval from regulatory bodies and is expected to close within the current quarter [4]. Group 2: New Power Plant Development - Calpine has secured a loan agreement with the Texas Energy Fund to finance the construction of a 460-megawatt peaking facility, which will operate during peak demand periods [2][3]. - The new facility is under construction and is projected to be operational by 2026 [3].

Core Viewpoint - Investors are evaluating the value opportunities between Edison International (EIX) and NextEra Energy (NEE) in the Utility - Electric Power sector [1] Valuation Metrics - Edison International has a Zacks Rank of 2 (Buy), indicating a positive earnings outlook, while NextEra Energy has a Zacks Rank of 3 (Hold) [3] - EIX has a forward P/E ratio of 8.82, significantly lower than NEE's forward P/E of 22.62, suggesting EIX may be undervalued [5] - The PEG ratio for EIX is 1.26, compared to NEE's PEG ratio of 2.87, indicating EIX's earnings growth is more favorable relative to its valuation [5] - EIX's P/B ratio is 1.2, while NEE's P/B ratio is 2.81, further supporting EIX's stronger valuation metrics [6] - EIX has a Value grade of A, whereas NEE has a Value grade of D, highlighting EIX's superior valuation profile [6] Earnings Outlook - EIX is experiencing an improving earnings outlook, which enhances its attractiveness in the current market [7]