Atmos Energy stock hits all-time high at $136.35 amid robust growth
Atmos Energy Corporation (NYSE:) stock soared to an all-time high of $136.35, marking a significant milestone for the distributor. This peak reflects a robust year-over-year growth, with the company’s stock price climbing an impressive 17.07% over the past year. Investors have shown increasing confidence in Atmos Energy’s performance and prospects, as the company continues to expand its infrastructure and capitalize on the growing demand for natural gas. The all-time high serves as a testament to Atmos Energy’s strong market position and its consistent focus on delivering value to its shareholders.
In other recent news, Atmos Energy has shown a strong fiscal year-to-date performance. The company’s fiscal 2024 third-quarter earnings revealed a significant increase in diluted earnings per share (EPS), rising from $5.33 to $6. This growth was mainly driven by regulatory outcomes, customer expansion, and robust system revenues. The company also reported an operating income increase in its pipeline and storage segment, largely due to maintenance activities in the Permian region.
Ladenburg Thalmann initiated coverage on Atmos Energy with a “Buy” rating and a price target of $144.00, recognizing the company’s financial stability and expected growth. The company’s rate base is anticipated to grow between 11% to 13% through 2028, supported by a $10 billion long-term financing plan designed to fund this expansion.
Atmos Energy added 57,000 new customers over the past year, mainly in Texas, and welcomed 10 new industrial customers in the third quarter. Despite a 3% increase in O&M expenses, the company maintains a strong financial position with an equity capitalization of 61% and about $4.3 billion in liquidity. Looking ahead, Atmos Energy expects its fiscal ’24 EPS to be at the higher end of the $6.70 to $6.80 range and projects a 6% to 8% EPS growth through fiscal ’28.
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