Evergy, MDU Set For Growth But Black Hills Faces EPS Headwinds, Says BofA Analyst
Evergy, MDU Set For Growth But Black Hills Faces EPS Headwinds, Says BofA Analyst
BofA Securities analyst Ross Fowler reinstated coverage on four US utilities in the Great Plains.
美銀證券分析師羅斯·福勒恢復了對大平原四家美國公用事業公司的報道。
The analyst reaffirmed the Buy rating at Evergy, Inc. (NASDAQ:EVRG) and MDU Resources Group, Inc. (NYSE:MDU).
該分析師重申了Evergy, Inc.（納斯達克股票代碼：EVRG）和MDU Resources Group, Inc.（紐約證券交易所代碼：MDU）的買入評級。
Meanwhile, Fowler reiterated the Neutral rating on OGE Energy Corp (NYSE:OGE) and Underperform rating on Black Hills Corporation (NYSE:BKH).
同時，福勒重申了對OGE能源公司（紐約證券交易所代碼：OGE）的中性評級和黑山公司（紐約證券交易所代碼：BKH）的中性評級。
EVRG: The analyst kept the price target at $66. The analyst says that despite trading at a 10% discount compared to peers on a 2026E P/E basis, the improving Kansas regulatory environment, which supports higher rate base growth, appears undervalued.
EVRG：分析師將目標股價維持在66美元。這位分析師表示，儘管按2026年市盈率計算，與同行相比有10％的折扣，但支持更高基準增長的堪薩斯州監管環境的改善似乎被低估了。
The analyst estimates FY24, FY25 and FY26E EPS at $3.86, $4.09 and $4.30, respectively, all above consensus.
該分析師估計，24財年、25財年和 FY26E 每股收益分別爲3.86美元、4.09美元和4.30美元，均高於市場預期。
Fowler writes that consensus EPS estimates for FY26 and FY27 remain largely unchanged despite the benefits from House Bill 2527.
福勒寫道，儘管受益於衆議院第2527號法案，但對26財年和27財年的共識每股收益估計基本保持不變。
MDU: The analyst reiterated the price target of $28. Fowler believes the current 15% discount to the electric utility peer group is unjustified, considering MDU's ongoing transition to a pure-play regulated utility and pipeline operator, along with its projected 6-8% EPS growth rate through the planning period.
MDU：分析師重申了28美元的目標股價。福勒認爲，考慮到MDU正在向純粹的受監管公用事業和管道運營商過渡，而且預計在整個規劃期內其每股收益增長率爲6-8％，因此目前向電力公用事業同行群體提供的15％的折扣是不合理的。
Although the company's multi-jurisdictional presence may lead to some delays in recovery, the analyst expects sustained support for earned ROEs at the electric utility, driven by a strong pipeline of data center customer connections in areas experiencing transmission congestion.
儘管該公司的跨司法管轄區業務可能會導致復甦延遲，但分析師預計，在傳輸擁堵地區的強大數據中心客戶連接渠道的推動下，電力公司獲得的投資回報率將持續得到支持。
Also Read: August Heat Wave Grips US: 12 Stocks To Watch As Blistering Temperatures Affect Nearly 150 Million Americans
另請閱讀：8月熱浪席捲美國：由於氣溫飆升影響了近15000萬美國人，有12只股票值得關注
OGE: The analyst reiterated a $40 price target. While the analyst values OGE's execution and growth potential from data center and crypto-mining load, the challenging regulatory environment in Oklahoma and significant capital investments needed for resource adequacy present risks.
OGE：分析師重申了40美元的目標股價。儘管分析師從數據中心和加密採礦負荷中看重OGE的執行和增長潛力，但俄克拉荷馬州充滿挑戰的監管環境和資源充足所需的大量資本投資存在風險。
Fowler expects EPS estimates of $2.14, $2.28, and $2.43 for FY24, FY25, and FY26, respectively, in line with consensus estimates.
福勒預計，24財年、25財年和26財年的每股收益估計分別爲2.14美元、2.28美元和2.43美元，與市場普遍預期一致。
BKH: The analyst reaffirmed a $59 price target. The analyst says that BKH's electric utility operations are poised for growth with rising residential, commercial, and data center load, which currently contributes 5% to EPS and is expected to exceed 10% by 2028.
BKH：分析師重申了59美元的目標股價。該分析師表示，隨着住宅、商業和數據中心負荷的增加，BKH的電力公用事業業務有望增長，目前佔每股收益的5％，預計到2028年將超過10％。
Fowler expects rate base expansion opportunities in South Dakota and Colorado to support a 7%+ CAGR. However, $1.6 billion in debt maturities from 2023 to 2028, with a 3.03% average interest rate, could create a ~$0.50 EPS headwind, exacerbating risks given BKH's already low 4-6% target EPS CAGR, adds the analyst.
福勒預計，南達科他州和科羅拉多州的利率基礎擴張機會將支持7％以上的複合年增長率。但是，分析師補充說，從2023年到2028年，16億美元的債務到期日，平均利率爲3.03％，每股收益可能會造成約0.50美元的不利影響，鑑於BKH的目標每股收益複合年增長率已經很低，這將加劇風險。
Fowler anticipates EPS estimates of $3.88, $4.13, and $4.35 for FY24, FY25, and FY26, below the consensus estimates of $3.92, $4.14, and $4.40, respectively.
福勒預計，24財年、25財年和26財年的每股收益估計爲3.88美元、4.13美元和4.35美元，分別低於市場普遍預期的3.92美元、4.14美元和4.40美元。
- GM Eyes US-Made Chinese Batteries In Deal With Japan's TDK: Report
- 報告稱，通用汽車着眼於美國製造的中國電池與日本的TDK打交道
譯文內容由第三人軟體翻譯。