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Morningstar's CMS Energy Corp Stock Analysis

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CMS' Long-Term Resource Plan Settlement, Usage Growth Support Earnings Outlook

Travis Miller Strategist

Analyst Note

| Travis Miller |

We are raising our CMS Energy fair value estimate to $53 per share from $52 after incorporating the potential upside related to CMS' integrated resource plan settlement and continued steady earnings growth. We are reaffirming our narrow moat and stable moat trend ratings. CMS reported $1.20 per share of adjusted earnings in the first quarter, up from $1.09 in the first quarter of 2021. Management reaffirmed its $2.85-$2.89 EPS guidance range for 2022. We think CMS could exceed that range after a better-than-expected start to the year and potential cost savings later this year.

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CMS Energy Corp's Company Profile

Business Description

CMS Energy is an energy holding company with three principal businesses. Its regulated utility, Consumers Energy, provides regulated natural gas service to 1.8 million customers and electric service to 1.9 million customers in Michigan. CMS Enterprises is engaged in wholesale power generation, including contracted renewable energy. CMS sold EnerBank in October 2021.

One Energy Plaza
Jackson, MI, 49201
T +1 517 788-0550
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Slow Growth
Employees 9,122

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