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Atmos Energy Corp ATO

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Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Increased Confidence in Atmos Energy’s Long-Term Investment Plan; Increasing Fair Value Estimate

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are increasing our fair value estimate to $108 per share from $104 due in large part to our increased confidence in Atmos Energy’s long-term investment plan. Atmos recently advanced its five-year capital expenditure plan, now ending in 2025, to a range of $11 billion-12 billion from the previous range of $10 billion-11 billion.

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Company Profile

Business Description

Atmos Energy is the largest publicly traded, fully regulated, pure-play natural gas utility in the United States, serving more than 3 million customers in Texas, Colorado, Kansas, Kentucky, Louisiana, Mississippi, Tennessee, and Virginia. About 70% of its earnings come from Texas, where it distributes natural gas in northern Texas, including Dallas, and has a 5,700-mile intrastate gas transmission pipeline spanning several key shale gas formations and interconnected with five storage facilities.

Contact
5430 LBJ Freeway, Suite 1800, Three Lincoln Centre
Dallas, TX, 75240
T +1 972 934-9227
Sector Utilities
Industry Utilities - Regulated Gas
Most Recent Earnings Sep 30, 2020
Fiscal Year End Sep 30, 2021
Stock Type High Yield
Employees 4,694

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