Key Highlights

  • Atmos Energy (NYSE:ATO) guided fiscal 2027 diluted EPS to USD 9.05 to USD 9.25 after posting USD 8.49, and declared an indicated annual Dividend of USD 4.36, which is 9.0% higher.
  • Black Hills (NYSE:BKH) earned third-quarter adjusted EPS of USD 0.57, up from USD 0.45, and sees its Google Data Center contracts contributing roughly USD 150 million of yearly Net Income by 2030.
  • MGE Energy (NASDAQ:MGEE) produced USD 1.48 per diluted share in the quarter compared with USD 1.22, helped by 571 cooling degree days versus 504 a year earlier.
  • Eversource Energy (NYSE:ES) recorded USD 0.92 of EPS on a GAAP basis, down from USD 0.99, and yet established 2026 recurring-earnings guidance of USD 4.62 to USD 4.70 per share.

Atmos Energy (NYSE:ATO): A 9.0% Dividend Step-Up and a USD 4.5 Billion Build

Atmos Energy (NYSE:ATO) published results for its fourth fiscal quarter and full fiscal year ended September 30, 2026, in a release dated November 4, 2026. Fiscal-year diluted EPS came to USD 8.49, with net income of USD 1.4 billion. The fiscal 2027 range of USD 9.05 to USD 9.25 has a midpoint of USD 9.15, about 7.8% above fiscal 2026's result by simple arithmetic on two published figures. Fourth-quarter profit and a year-ago comparison were not broken out, so no quarterly change appears here. A quarterly dividend of USD 1.09 was declared, which annualizes to the fiscal 2027 indicated payout of USD 4.36. Fiscal 2026 capital expenditures reached USD 4.2 billion, more than 85% of it directed to safety and reliability, and fiscal 2027 outlays are expected near USD 4.5 billion. Returns on that spending arrive only once regulators permit cost recovery. Atmos put USD 395.4 million of annualized regulatory outcomes into effect, reported Equity at 60% of Capitalization and USD 3.8 billion of liquidity, and flagged Texas concentration and weather as risks.

Black Hills (NYSE:BKH): Google Data Center Contracts and an Earnings Timing Gap

Black Hills (NYSE:BKH) announced third-quarter 2026 results on November 4, 2026. GAAP EPS reached USD 0.54, against USD 0.34, and adjusted EPS came in at USD 0.57 versus USD 0.45. Rate changes and rider recoveries contributed USD 0.15 a share, and better weather added USD 0.06. Merger expenses cost USD 0.03 per share, a drop from USD 0.10. The 2026 adjusted EPS outlook of USD 4.25 to USD 4.45 was affirmed. On September 30 the firm executed binding agreements, running to 2048, to serve a data center planned for Cheyenne, Wyoming. Building 564 megawatts of company-owned generation would require roughly USD 1.8 billion. Contributions from this project are forecast to begin around mid-2027, with net income approaching USD 150 million by 2030, so the benefit arrives gradually. Wyoming Electric has asked for approval of transmission projects valued at USD 80 million and USD 606 million, with decisions anticipated in mid-2027. The all-stock combination with NorthWestern Energy should wrap up by the end of 2026, subject to a final Montana Public Service Commission ruling, and the timing of regulatory approvals and delivery of a large capital plan are the principal risks.

MGE Energy (NASDAQ:MGEE): Rate Base Expansion and a Hot Summer Push Earnings Higher

MGE Energy (NASDAQ:MGEE) submitted its Quarterly Report on November 4, 2026, for the three months ending September 30. Net income moved up to USD 56.4 million, or USD 1.48 per diluted share, from USD 44.5 million, or USD 1.22 a share. Per-share growth works out to about 21% by calculation. Electric Utility earnings grew to USD 47.9 million from USD 36.3 million, a rise the company links to a larger rate base and higher equity AFUDC on Koshkonong, High Noon and Sunnyside. The Gas Utility recorded a seasonal loss of USD 3.6 million. Cooling degree days reached 571, above last year's 504 and a normal 509, boosting residential electric sales Volume by roughly 6%. Nine-month earnings totaled USD 138.2 million, or USD 3.70 per diluted share. The utility's estimated share of project costs is USD 539 million for solar, USD 200 million for batteries and USD 73 million for wind. Solar Import rules and tariffs that could raise project costs, along with uncertainty about large-load customers, are risks. The board declared USD 0.508 per share compared with USD 0.475 before, and the filing contains no numeric earnings guidance.

Eversource Energy (NYSE:ES): Lower Quarterly EPS but a Higher Guidance Midpoint

Eversource Energy (NYSE:ES) reported third-quarter 2026 figures on November 4, 2026. The utility provides electricity and Natural Gas to more than 4 million customers in Connecticut, Massachusetts and New Hampshire. Combined GAAP and non-GAAP earnings were USD 346.0 million, or USD 0.92 a share, down from GAAP earnings of USD 367.5 million, or USD 0.99, and from recurring non-GAAP earnings of USD 1.19 a share a year earlier. Electric distribution contributed USD 200.9 million compared with USD 221.6 million, weighed down by storm expenses that Connecticut regulators disallowed in a July 29, 2026 decision. Gas operations lost USD 43.4 million, and water added nothing following the June 30, 2026 Aquarion sale. Recurring non-GAAP guidance for 2026 moved to USD 4.62 to USD 4.70 per share, implying a midpoint of USD 4.66, but the release neither gives the earlier midpoint nor explains the change. Nine-month GAAP EPS of USD 2.67 reflects charges linked to the Aquarion divestiture, offshore wind and a federal transmission return ruling. Regulatory decisions, storm cost recovery, weather and borrowing costs are the key risks, and the company reaffirmed its 5% to 7% Long-term Growth view.

Where Things Stand

It depends on the measure, because the four utilities cannot be compared on one number. Atmos Energy (NYSE:ATO) pairs a 9.0% dividend increase with a USD 4.5 billion spending plan that relies on regulators approving cost recovery. Black Hills (NYSE:BKH) has the clearest growth project, though its Google contribution starts in mid-2027 and reaches USD 150 million only in 2030. MGE Energy (NASDAQ:MGEE) delivered the cleanest quarterly jump, helped by weather that may not repeat. Eversource Energy (NYSE:ES) earned less per share but guided recurring earnings higher. None of the releases gave a price reaction or consensus comparison. Next markers are the November 5 calls, the Montana decision on the NorthWestern merger and the 2027 fuel plan decision at MGE Energy.