Atmos Energy raises 2024 earnings forecast, backed by strong Texas growth and stable business model

Atmos Energy remains a strong buy due to its stable, regulated business and a credible long-term growth outlook of 7%-8%. The company benefits from Texas population migration, strong customer growth, and favorable legislative changes that support rapid capital expenditure recovery. It raised its full-year 2024 earnings per share guidance to $8.40-$8.50, reflecting a strong pipeline and high near-term visibility. Despite ongoing equity issuance that slightly offsets rate base expansion, Atmos Energy maintains a robust balance sheet with a 2.2% dividend yield and a 42-year streak of dividend increases.