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Atmos Energy Corp ATO

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Morningstar’s Analysis

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5-Star Price

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Economic Moat

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Capital Allocation

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Atmos Energy Reports Strong Fiscal-Year Earnings; Forecasts $14 Billion of 2022-26 in Capital Need

Andrew Bischof, CFA, CPA Senior Equity Analyst

Analyst Note

| Andrew Bischof, CFA, CPA |

We are reaffirming our $98 per share fair value estimate after Atmos reported fiscal-year 2021 operating earnings of $5.12 per share, compared with $4.72 in fiscal 2020. Earnings were slightly ahead of management's full-year guidance of $4.90 to $5.10. The company increased its dividend 8.8%, a growth rate among the highest of its utility peers, to $2.72 per share annualized representing a 2.9% dividend yield as of mid-November. Our narrow moat and stable moat trend remain unchanged.

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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, 2021
Fiscal Year End Sep 30, 2021
Stock Type Slow Growth
Employees 4,684

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