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Atmos Energy Corp ATO

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Atmos Energy Reports Strong First Quarter; Reaffirming $108 Fair Value Estimate

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are reaffirming our $108 per share fair value estimate after Atmos Energy reported 2021 first-quarter earnings and reaffirmed full-year guidance. Reported EPS were $1.71 in the recently ended quarter versus $1.47 in the same period last year. The strong results were driven by rate increases from infrastructure investment, solid customer growth, and lower O&M expenses.

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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 Dec 31, 2020
Fiscal Year End Sep 30, 2021
Stock Type Slow Growth
Employees 4,694

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