CMS Energy Corp

CMS: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$26.00	Sqrql	Yqrzfjdr

CMS Energy Earnings: Warm Winter, Storms Set Up Difficult Path To Reach 2023 Goals

Travis Miller

May 1, 2023

We are reaffirming our $55 fair value estimate for CMS Energy after the company reported first-quarter adjusted EPS of $0.70, down from $1.20 in the first quarter of 2022 primarily due to an extreme year-over-year change in winter weather. Earnings are on track to meet our full-year outlook despite the slow start to the year. We are reaffirming our narrow moat and stable moat trend ratings.

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