Atmos Energy (ATO)
Market Price (8/11/2026): $167.7 | Market Cap: $28.2 BilInvestor Relations Sector: Utilities | Industry: Gas Utilities
Atmos Energy (ATO)
Market Price (8/11/2026): $167.7Market Cap: $28.2 BilSector: UtilitiesIndustry: Gas Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, Dividend Yield is 2.2% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 37% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, CFO LTM is 2.0 Bil Low stock price volatilityVol 12M is 16% Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, and Energy Transition & Decarbonization. Themes include Smart Metering, Grid Automation, Show more. | Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -20% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -41% Key risksATO key risks include [1] executing its substantial multi-year capital expenditure program and [2] its critical dependence on timely and favorable regulatory approvals for cost recovery. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, Dividend Yield is 2.2% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 37% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, CFO LTM is 2.0 Bil |
| Low stock price volatilityVol 12M is 16% |
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, and Energy Transition & Decarbonization. Themes include Smart Metering, Grid Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -20% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -41% |
| Key risksATO key risks include [1] executing its substantial multi-year capital expenditure program and [2] its critical dependence on timely and favorable regulatory approvals for cost recovery. |
Qualitative Assessment
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Atmos Energy (ATO) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Perceived Overvaluation of the Stock.
Atmos Energy (ATO) was trading at elevated levels, with a 52-week high of $192.51 and a price of approximately $189.74 on May 2, 2026. By August 5, 2026, the stock had declined to $172.20, with valuation analysis by GuruFocus suggesting it was approximately 10.1% above its intrinsic GF Value of $156.43, indicating the stock was "somewhat overvalued" at its then-current price. This overvaluation likely contributed to a market correction during the period.
2. Analyst Downgrade.
Negative sentiment was fueled by an analyst downgrade during the period. On August 3, 2026, Wall Street Zen cut its rating on Atmos Energy to "Sell," a significant shift that likely prompted investors to reassess their positions and contributed to the downward pressure on the stock.
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Atmos Energy (ATO) stock has lost about 10% since 4/30/2026 because of the following key factors:
1. Perceived Overvaluation of the Stock.
Atmos Energy (ATO) was trading at elevated levels, with a 52-week high of $192.51 and a price of approximately $189.74 on May 2, 2026. By August 5, 2026, the stock had declined to $172.20, with valuation analysis by GuruFocus suggesting it was approximately 10.1% above its intrinsic GF Value of $156.43, indicating the stock was "somewhat overvalued" at its then-current price. This overvaluation likely contributed to a market correction during the period.
2. Analyst Downgrade.
Negative sentiment was fueled by an analyst downgrade during the period. On August 3, 2026, Wall Street Zen cut its rating on Atmos Energy to "Sell," a significant shift that likely prompted investors to reassess their positions and contributed to the downward pressure on the stock.
3. Intensifying Regulatory Pressures.
Despite reporting solid financial performance for fiscal Q3 2026 (which ended June 30, 2026), Atmos Energy noted ongoing challenges related to "intensifying regulatory pressures and increased federal oversight." These factors introduce uncertainty regarding future operational costs and revenue stability for the regulated utility, weighing on investor confidence.
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Stock Movement Drivers
Fundamental Drivers
The -11.1% change in ATO stock from 4/30/2026 to 8/10/2026 was primarily driven by a -18.0% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 188.91 | 167.92 | -11.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,869 | 4,922 | 1.1% |
| Net Income Margin (%) | 25.7% | 28.5% | 11.0% |
| P/E Multiple | 24.6 | 20.2 | -18.0% |
| Shares Outstanding (Mil) | 163 | 168 | -3.3% |
| Cumulative Contribution | -11.1% |
Market Drivers
4/30/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| ATO | -11.1% | |
| Market (SPY) | 7.6% | -31.0% |
| Sector (XLU) | -7.9% | 72.8% |
Fundamental Drivers
The 2.1% change in ATO stock from 1/31/2026 to 8/10/2026 was primarily driven by a 11.8% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 164.49 | 167.92 | 2.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,703 | 4,922 | 4.7% |
| Net Income Margin (%) | 25.5% | 28.5% | 11.8% |
| P/E Multiple | 22.1 | 20.2 | -8.8% |
| Shares Outstanding (Mil) | 161 | 168 | -4.3% |
| Cumulative Contribution | 2.1% |
Market Drivers
1/31/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| ATO | 2.1% | |
| Market (SPY) | 12.0% | -20.3% |
| Sector (XLU) | 0.4% | 75.8% |
Fundamental Drivers
The 10.1% change in ATO stock from 7/31/2025 to 8/10/2026 was primarily driven by a 12.4% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 152.51 | 167.92 | 10.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,486 | 4,922 | 9.7% |
| Net Income Margin (%) | 25.3% | 28.5% | 12.4% |
| P/E Multiple | 21.4 | 20.2 | -5.6% |
| Shares Outstanding (Mil) | 159 | 168 | -5.4% |
| Cumulative Contribution | 10.1% |
Market Drivers
7/31/2025 to 8/10/2026| Return | Correlation | |
|---|---|---|
| ATO | 10.1% | |
| Market (SPY) | 23.3% | -9.4% |
| Sector (XLU) | 2.8% | 69.0% |
Fundamental Drivers
The 48.4% change in ATO stock from 7/31/2023 to 8/10/2026 was primarily driven by a 56.7% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 113.13 | 167.92 | 48.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,564 | 4,922 | 7.8% |
| Net Income Margin (%) | 18.2% | 28.5% | 56.7% |
| P/E Multiple | 19.6 | 20.2 | 2.7% |
| Shares Outstanding (Mil) | 144 | 168 | -14.5% |
| Cumulative Contribution | 48.4% |
Market Drivers
7/31/2023 to 8/10/2026| Return | Correlation | |
|---|---|---|
| ATO | 48.4% | |
| Market (SPY) | 74.8% | 14.9% |
| Sector (XLU) | 39.9% | 71.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ATO Return | 13% | 10% | 6% | 23% | 23% | 3% | 105% |
| Peers Return | 28% | 9% | -3% | 25% | 18% | 4% | 106% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| ATO Win Rate | 42% | 58% | 67% | 58% | 75% | 50% | |
| Peers Win Rate | 53% | 57% | 57% | 60% | 60% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ATO Max Drawdown | -16% | -19% | -17% | -10% | -7% | -13% | |
| Peers Max Drawdown | -11% | -22% | -18% | -12% | -15% | -14% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SRE, SO, CNP, NI, NFG. See ATO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/10/2026 (YTD)
How Low Can It Go
| Event | ATO | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.5% | -9.5% |
| % Gain to Breakeven | 19.8% | 10.5% |
| Time to Breakeven | 284 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.4% | -33.7% |
| % Gain to Breakeven | 47.9% | 50.9% |
| Time to Breakeven | 710 days | 140 days |
| 2013 Taper Tantrum | ||
| % Loss | -10.8% | -0.2% |
| % Gain to Breakeven | 12.1% | 0.2% |
| Time to Breakeven | 21 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -15.5% | -17.9% |
| % Gain to Breakeven | 18.4% | 21.8% |
| Time to Breakeven | 24 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -10.6% | -15.4% |
| % Gain to Breakeven | 11.9% | 18.2% |
| Time to Breakeven | 63 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -24.2% | -53.4% |
| % Gain to Breakeven | 31.9% | 114.4% |
| Time to Breakeven | 138 days | 1085 days |
In The Past
Atmos Energy's stock fell -1.8% during the 2025 US Tariff Shock. Such a loss loss requires a 1.8% gain to breakeven.
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| Event | ATO | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -32.4% | -33.7% |
| % Gain to Breakeven | 47.9% | 50.9% |
| Time to Breakeven | 710 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -24.2% | -53.4% |
| % Gain to Breakeven | 31.9% | 114.4% |
| Time to Breakeven | 138 days | 1085 days |
In The Past
Atmos Energy's stock fell -1.8% during the 2025 US Tariff Shock. Such a loss loss requires a 1.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Atmos Energy (ATO)
Atmos Energy Corporation (ATO) is a regulated natural gas utility operating primarily across the United States. Its core business involves both the distribution of natural gas directly to end-users and the operation of a significant pipeline and storage network that serves the broader natural gas industry. This dual approach establishes ATO as a key player in the reliable delivery and infrastructure management of natural gas.
The company's primary business segment, Distribution, delivers natural gas to approximately three million residential, commercial, public authority, and industrial customers across eight states. This segment manages an extensive network of underground mains, acting as the essential utility provider that ensures natural gas reaches homes and businesses for heating, cooking, and industrial processes.
Complementing its distribution operations is the Pipeline and Storage segment. This division focuses on transporting natural gas for other parties and managing five underground storage reservoirs, primarily in Texas. It also offers crucial ancillary services to the pipeline industry, such as parking arrangements, lending, and inventory sales, thereby supporting the stability and efficiency of the natural gas supply chain.
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1. Like Duke Energy, but focused on natural gas distribution and pipelines.
2. A utility company similar to Con Edison or Southern Company, but focused exclusively on natural gas infrastructure and delivery.
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- Natural Gas Distribution: Delivering natural gas to residential, commercial, public authority, and industrial customers through a regulated network.
- Natural Gas Transportation: Transporting natural gas through pipelines for third parties.
- Natural Gas Storage: Providing underground storage for natural gas.
- Ancillary Pipeline Services: Offering related services to the pipeline industry, including parking arrangements, lending, and inventory sales.
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Atmos Energy (ATO) Major Customers
Atmos Energy primarily sells natural gas to a diverse base of customers, including individuals and various types of organizations. Its Distribution segment, which is its main customer-facing operation, serves the following categories of customers:
- Residential customers
- Commercial customers
- Industrial customers
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Kevin Akers – President and Chief Executive Officer
Kevin Akers was named President and Chief Executive Officer in October 2019. He joined Atmos Energy nearly 29 years ago and has served in multiple leadership roles within the company, including Executive Vice President, Senior Vice President of Safety and Enterprise Services, President of the Kentucky/Mid-States Division, and President of the Mississippi Division. He also led the Mississippi Valley Gas transition team and held Vice President roles in the Louisiana and Kentucky Divisions. Prior to joining Atmos Energy, Mr. Akers served as a senior gas engineer for the Indiana Utility Regulatory Commission from 1989 to 1991. He holds a bachelor's degree in petroleum engineering from the University of Alabama.
Christopher T. Forsythe – Senior Vice President and Chief Financial Officer
Christopher T. Forsythe was named Senior Vice President and Chief Financial Officer in February 2017. He joined Atmos Energy in June 2003 and has held positions as Director of Financial Reporting and Vice President and Controller. Before his tenure at Atmos Energy, Mr. Forsythe was a senior manager at PricewaterhouseCoopers LLP from 1993 to 2003. He is a graduate of Baylor University, where he earned BBA degrees in accounting and management information systems.
Jessica W. Bateman – Senior Vice President, General Counsel and Corporate Secretary
Jessica W. Bateman joined Atmos Energy in January 2025. Before joining the company, she spent over 20 years in private practice at Baker Botts L.L.P. in Dallas. At Baker Botts, she was a partner, handling complex trial and regulatory matters and serving in various administrative capacities.
Travis Cooper – President, Atmos Pipeline-Texas
Travis Cooper was appointed President of Atmos Pipeline – Texas on December 1, 2023. He previously served as Vice President of Pipeline Operations for Atmos Pipeline – Texas, a role he assumed in 2022. Mr. Cooper began his career with Atmos Energy in 2009 as an Engineer in the Mid-Tex Division and has since held diverse roles in engineering, construction management, and operations support, including Vice President of Operations in the Mid-Tex Division.
Richard A. Mitschke – Vice President and Chief Information Officer
Richard A. Mitschke was named Vice President and Chief Information Officer on April 1, 2023. He previously held the role of Vice President of Customer Service, which he started in 2021. Mr. Mitschke joined Atmos Energy in 2008 as Director, IT Strategy and Planning, and later transitioned to Director, Customer Service Systems in 2012. He has also been involved with Atmos Energy's Utility Marketing Council, Utility Operations Council, and the Culture Council. He holds a bachelor's degree from the University of Texas.
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Key Risks to Atmos Energy (ATO)
- Regulatory and Legislative Risks: Atmos Energy operates in a highly regulated environment, and changes in federal, state, and local regulations and legislation pose a significant risk. These changes can affect the company's ability to recover costs through rates, impact its financial performance, and lead to increased compliance expenses. Regulatory scrutiny, especially concerning utility bills during election years, can intensify, further influencing rate case outcomes and cost recovery mechanisms.
- Operational Safety and Aging Infrastructure Risks: The company's extensive network of natural gas distribution and transmission pipelines, some of which are decades old, presents substantial operational and safety challenges. Risks include pipeline leaks, explosions, and third-party damage, which can lead to service interruptions, legal liabilities, increased maintenance costs, and reputational damage. The need for continuous, significant capital expenditure to modernize infrastructure and ensure safety is a persistent operational and financial consideration.
- Environmental Concerns and Climate Risks: As a natural gas utility, Atmos Energy faces increasing pressure related to environmental sustainability, particularly concerning methane emissions, a potent greenhouse gas. The company is subject to regulatory pressure and potential lawsuits regarding methane leaks. Evolving climate change legislation and policies aimed at reducing greenhouse gas emissions could lead to higher operating costs, impact demand for natural gas in the long term, and necessitate significant investments in emission reduction initiatives.
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The clear emerging threat for Atmos Energy is the accelerating trend of **electrification of heating and cooking in residential and commercial buildings**, driven by advancements in technologies like heat pumps and induction stoves, and supported by regulatory actions such as local and state bans on new natural gas hookups in new construction. This trend directly reduces future demand for natural gas distribution and limits growth opportunities for Atmos Energy's core business.
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Atmos Energy (symbol: ATO) operates in the United States within the regulated natural gas distribution, and pipeline and storage businesses. The addressable markets for its main products and services in the U.S. are as follows:
Natural Gas Distribution
The U.S. natural gas distribution market was valued at approximately $170.0 billion in 2024 and is projected to increase to $186.0 billion by 2032. Other estimates place the U.S. natural gas distribution market size at $222.5 billion in 2025, growing to $225.5 billion in 2026.
Natural Gas Pipeline and Storage
The U.S. gas pipeline infrastructure market size was estimated at $1,058.73 billion in 2024, grew to $1,149.26 billion in 2025, and is projected to reach approximately $2,431.55 billion by 2034.
For natural gas storage specifically, the U.S. market generated a revenue of $174.4 million in 2024 and is expected to reach $229.5 million by 2030.
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Atmos Energy (ATO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- Infrastructure Modernization and Safety Investments: Atmos Energy has a substantial, safety-driven capital expenditure program aimed at modernizing its natural gas distribution, transmission, and storage systems. The company plans to invest approximately $4.2 billion in fiscal year 2026, with over 85% of this capital specifically allocated to safety and reliability initiatives, such as pipeline replacement and system integrity enhancements. These investments expand the company's rate base, which is the asset value upon which regulators allow a return, directly translating into increased earnings and revenue.
- Constructive Regulatory Environment and Rate Case Approvals: The company operates in a generally constructive regulatory environment that supports its capital investment strategy. Favorable outcomes from state regulatory commissions and timely rate case approvals are crucial for Atmos Energy to recover its infrastructure investments and earn an approved return on equity. Over 95% of the company's annual capital spending begins earning a return within six months, minimizing regulatory lag. Recent legislation, such as Texas House Bill 4384, has provided additional benefits by enhancing the company's ability to recover costs associated with new assets.
- Customer Growth in High-Growth Markets: Atmos Energy continues to experience solid customer growth, particularly in its Texas service territory, which benefits from strong employment and housing market expansion. For example, in the 12 months ending December 31, 2025, the company added nearly 54,000 new customers, with the majority located in Texas. This ongoing influx of residential, commercial, and industrial customers directly contributes to increased natural gas sales and operating income.
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Share Issuance
- Atmos Energy shareholders approved an increase in authorized common shares from 200 million to 400 million in early February 2026, providing flexibility for future capital raising and funding capital expenditures through potential equity issuance.
- As of December 31, 2025, approximately $1.1 billion in equity forward commitments were outstanding.
- The company settled $472 million through equity forward agreements in the first quarter of fiscal 2026.
Inbound Investments
- Capital International Investors increased its stake in Atmos Energy by 359,780 shares to 10,965,840 shares in the third quarter (ending December 31, 2025), representing a 6.83% ownership valued at approximately $1.87 billion.
Capital Expenditures
- Atmos Energy projects capital expenditures of approximately $4.2 billion for fiscal year 2026, with over 85% allocated to enhancing system safety and reliability.
- The company invested $3.6 billion in capital expenditures in fiscal year 2025, with approximately 87% dedicated to safety and reliability projects, primarily pipeline replacement and modernization.
- Capital expenditures for fiscal year 2024 reached $2.9 billion, largely focused on improving the safety and reliability of its natural gas infrastructure.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 83.06 |
| Mkt Cap | 27.3 |
| Rev LTM | 8,251 |
| Op Inc LTM | 2,050 |
| FCF LTM | -2,358 |
| FCF 3Y Avg | -1,602 |
| CFO LTM | 2,440 |
| CFO 3Y Avg | 2,182 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.8% |
| Rev Chg 3Y Avg | 3.6% |
| Rev Chg Q | 2.8% |
| QoQ Delta Rev Chg LTM | 0.5% |
| Op Inc Chg LTM | 13.1% |
| Op Inc Chg 3Y Avg | 12.9% |
| Op Mgn LTM | 26.3% |
| Op Mgn 3Y Avg | 26.2% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 37.6% |
| CFO/Rev 3Y Avg | 35.5% |
| FCF/Rev LTM | -24.6% |
| FCF/Rev 3Y Avg | -21.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 27.3 |
| P/S | 3.3 |
| P/Op Inc | 13.0 |
| P/EBIT | 11.8 |
| P/E | 22.2 |
| P/CFO | 10.0 |
| Total Yield | 7.3% |
| Dividend Yield | 2.7% |
| FCF Yield 3Y Avg | -6.2% |
| D/E | 0.7 |
| Net D/E | 0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.4% |
| 3M Rtn | -6.0% |
| 6M Rtn | -1.6% |
| 12M Rtn | 3.0% |
| 3Y Rtn | 51.6% |
| 1M Excs Rtn | -8.7% |
| 3M Excs Rtn | -9.9% |
| 6M Excs Rtn | -13.4% |
| 12M Excs Rtn | -19.1% |
| 3Y Excs Rtn | -21.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Distribution | 4,425 | 3,915 | 4,100 | 4,035 | 3,242 |
| Pipeline and Storage | 1,065 | 938 | 785 | 694 | 637 |
| Intersegment revenues | -788 | -688 | -610 | -527 | -472 |
| Total | 4,703 | 4,165 | 4,275 | 4,202 | 3,407 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Distribution | 854 | 693 | 605 | 619 | 528 |
| Pipeline and Storage | 501 | 375 | 316 | 286 | 296 |
| Intersegment revenues | 0 | 0 | 0 | 0 | |
| Total | 1,355 | 1,067 | 921 | 905 | 824 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Distribution | 747 | 671 | 580 | 522 | 446 |
| Pipeline and Storage | 452 | 371 | 305 | 252 | 220 |
| Intersegment revenues | 0 | 0 | 0 | ||
| Total | 1,199 | 1,043 | 886 | 774 | 666 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Distribution | 27,297 | 24,329 | 21,716 | 21,425 | 18,847 |
| Pipeline and Storage | 6,897 | 6,182 | 5,505 | 4,797 | 4,077 |
| Intersegment revenues | -5,944 | -5,316 | -4,704 | -4,029 | -3,315 |
| Total | 28,250 | 25,194 | 22,517 | 22,193 | 19,609 |
Price Behavior
| Market Price | $167.92 | |
| Market Cap ($ Bil) | 28.0 | |
| First Trading Date | 12/28/1983 | |
| Distance from 52W High | -12.2% | |
| 50 Days | 200 Days | |
| DMA Price | $173.18 | $174.97 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -3.0% | -4.0% |
| 3M | 1YR | |
| Volatility | 17.5% | 15.5% |
| Downside Capture | -44.56 | -20.29 |
| Upside Capture | -68.21 | -10.47 |
| Correlation (SPY) | -31.3% | -12.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.81 | -0.51 | -0.43 | -0.24 | -0.12 | 0.16 |
| Up Beta | -1.45 | -0.54 | -0.55 | -0.26 | -0.08 | 0.13 |
| Down Beta | 1.26 | 0.13 | 0.06 | 0.12 | -0.07 | 0.18 |
| Up Capture | -117% | -63% | -61% | -19% | -3% | 6% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 9 | 20 | 26 | 65 | 140 | 414 |
| Down Capture | -141% | -91% | -48% | -58% | -37% | 24% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 13 | 23 | 37 | 61 | 111 | 338 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ATO | |
|---|---|---|---|---|
| ATO | 5.5% | 15.5% | 0.15 | - |
| Sector ETF (XLU) | 1.8% | 14.9% | -0.09 | 68.9% |
| Equity (SPY) | 23.4% | 12.8% | 1.37 | -12.1% |
| Gold (GLD) | 28.7% | 28.4% | 0.88 | -2.5% |
| Commodities (DBC) | 37.2% | 20.1% | 1.46 | -1.3% |
| Real Estate (VNQ) | 12.4% | 13.8% | 0.60 | 49.6% |
| Bitcoin (BTCUSD) | -44.9% | 43.0% | -1.27 | -6.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ATO | |
|---|---|---|---|---|
| ATO | 13.8% | 18.6% | 0.59 | - |
| Sector ETF (XLU) | 8.4% | 17.3% | 0.34 | 77.2% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 31.0% |
| Gold (GLD) | 18.9% | 18.6% | 0.83 | 14.8% |
| Commodities (DBC) | 9.2% | 19.6% | 0.36 | 10.1% |
| Real Estate (VNQ) | 2.1% | 18.9% | 0.01 | 60.1% |
| Bitcoin (BTCUSD) | 10.6% | 52.9% | 0.39 | 10.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ATO | |
|---|---|---|---|---|
| ATO | 10.3% | 21.3% | 0.43 | - |
| Sector ETF (XLU) | 8.5% | 19.3% | 0.37 | 81.9% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 43.8% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 12.3% |
| Commodities (DBC) | 7.7% | 18.1% | 0.34 | 12.0% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.18 | 63.1% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 6.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -0.1% | ||
| 5/6/2026 | -1.6% | -2.6% | -7.3% |
| 2/3/2026 | 1.8% | 3.2% | 10.4% |
| 11/5/2025 | 1.7% | 3.0% | -2.6% |
| 8/6/2025 | 3.6% | 6.3% | 6.6% |
| 5/7/2025 | -0.9% | -6.4% | -5.9% |
| 2/4/2025 | 1.9% | 1.9% | 3.4% |
| 11/6/2024 | 1.8% | 5.5% | 2.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 13 |
| # Negative | 11 | 12 | 11 |
| Median Positive | 1.8% | 3.1% | 3.4% |
| Median Negative | -0.9% | -2.5% | -3.9% |
| Max Positive | 8.4% | 8.9% | 14.8% |
| Max Negative | -2.9% | -6.4% | -7.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -0.1% | ||
| 5/6/2026 | -1.6% | -2.6% | -7.3% |
| 2/3/2026 | 1.8% | 3.2% | 10.4% |
| 11/5/2025 | 1.7% | 3.0% | -2.6% |
| 8/6/2025 | 3.6% | 6.3% | 6.6% |
| 5/7/2025 | -0.9% | -6.4% | -5.9% |
| 2/4/2025 | 1.9% | 1.9% | 3.4% |
| 11/6/2024 | 1.8% | 5.5% | 2.8% |
| 8/7/2024 | -0.9% | 0.4% | 2.7% |
| 5/8/2024 | -0.7% | -2.3% | -4.1% |
| 2/6/2024 | 0.1% | -0.1% | 4.1% |
| 11/8/2023 | 1.8% | 3.9% | 4.6% |
| 8/2/2023 | -2.6% | -3.3% | -3.9% |
| 5/3/2023 | 4.5% | 5.7% | 2.1% |
| 2/7/2023 | -0.4% | -1.0% | -4.8% |
| 11/9/2022 | 8.4% | 8.9% | 14.8% |
| 8/3/2022 | -2.9% | -4.0% | -3.2% |
| 5/4/2022 | -0.2% | -2.3% | 1.3% |
| 2/8/2022 | 2.1% | -1.0% | 7.0% |
| 11/10/2021 | 0.7% | -0.2% | 2.5% |
| 8/4/2021 | 1.9% | 1.8% | -0.5% |
| 5/5/2021 | 0.8% | -3.2% | -1.1% |
| 2/2/2021 | -1.8% | 1.1% | 0.9% |
| 11/12/2020 | -2.0% | -4.5% | -1.0% |
| 8/5/2020 | 1.0% | 1.2% | -4.9% |
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 13 |
| # Negative | 11 | 12 | 11 |
| Median Positive | 1.8% | 3.1% | 3.4% |
| Median Negative | -0.9% | -2.5% | -3.9% |
| Max Positive | 8.4% | 8.9% | 14.8% |
| Max Negative | -2.9% | -6.4% | -7.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 11/14/2025 | 10-K |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/04/2025 | 10-Q |
| 09/30/2024 | 11/18/2024 | 10-K |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-Q |
| 09/30/2023 | 11/14/2023 | 10-K |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 11/14/2025 | 10-K |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/04/2025 | 10-Q |
| 09/30/2024 | 11/18/2024 | 10-K |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-Q |
| 09/30/2023 | 11/14/2023 | 10-K |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-Q |
| 09/30/2022 | 11/14/2022 | 10-K |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/08/2022 | 10-Q |
| 09/30/2021 | 11/12/2021 | 10-K |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/02/2021 | 10-Q |
| 09/30/2020 | 11/13/2020 | 10-K |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 02/04/2020 | 10-Q |
| 09/30/2019 | 11/12/2019 | 10-K |
Recent Forward Guidance
Updated 8/6/2026Latest: Q3 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | 8.4 | 8.45 | 8.5 | 0.0% | Affirmed | Guidance: 8.45 for 2026 | |
| 2026 Capital Expenditures | 4.20 Bil | 0.0% | Affirmed | Guidance: 4.20 Bil for 2026 | |||
| 2026 Dividends | 4 | 0.0% | Affirmed | Guidance: 4 for 2026 | |||
Prior: Q2 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | 8.4 | 8.45 | 8.5 | 2.4% | Raised | Guidance: 8.25 for 2026 | |
| 2026 Capital Expenditures | 4.20 Bil | 0 | Affirmed | Guidance: 4.20 Bil for 2026 | |||
| 2026 Dividends | 4 | 0 | Affirmed | Guidance: 4 for 2026 | |||
Q1 2026 Earnings Reported 2/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | 8.15 | 8.25 | 8.35 | 0 | Affirmed | Guidance: 8.25 for 2026 | |
| 2026 Capital Expenditures | 4.20 Bil | 0 | Affirmed | Guidance: 4.20 Bil for 2026 | |||
| 2026 Dividends | 4 | 0 | Affirmed | Guidance: 4 for 2026 | |||
Q4 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | 8.15 | 8.25 | 8.35 | 11.5% | Higher New | Guidance: 7.4 for 2025 | |
| 2026 Capital Expenditures | 4.20 Bil | 13.5% | Higher New | Guidance: 3.70 Bil for 2025 | |||
| 2026 Dividends | 4 | 14.9% | Higher New | Guidance: 3.48 for 2025 | |||
Investor Activity (13F)
Updated Aug 11, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
| Active Manager |
|---|
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Gas Utilities Resources |
| American Gas Association (AGA) |
| Natural Gas Intelligence (NGI) |
| Pipeline & Gas Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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