DALLAS - Atmos Energy Corporation (NYSE: NYSE:ATO), a leading natural gas-only distributor, announced the election of Telisa Toliver to its board of directors, effective last Monday. Toliver brings a wealth of experience from her current role as General Manager of Renewable Power at Chevron (NYSE:CVX) Pipeline and Power, part of Chevron USA. Since 2019, she has been responsible for overseeing the integration of renewable power projects into Chevron's global operations.
Toliver's career in the energy sector spans various positions, including Vice President, Business Development and Strategy for Chevron Pipeline and Power, and roles at Texaco in natural gas sales, fuels management, business development, and strategic planning. Her expertise extends to governance, human resource management, supply chain and vendor management, environmental and sustainability issues, risk management, and strategic planning.
Kim R. Cocklin, Chairman of the Board of Atmos Energy, praised Toliver's appointment, highlighting her extensive experience and knowledge across multiple areas as valuable assets to the board.
Atmos Energy, headquartered in Dallas, is an S&P 500 company and the largest natural gas-only distributor in the country. The company supplies natural gas to over 3.3 million distribution customers in more than 1,400 communities across eight states, primarily in the South. Atmos Energy is committed to safety, innovation, environmental sustainability, and community investment, managing a significant intrastate natural gas pipeline system in Texas.
The addition of Toliver to the Atmos Energy board comes as the company continues to modernize its business and infrastructure. This news is based on a press release statement.
In other recent news, Atmos Energy has demonstrated robust financial performance in its fiscal year-to-date results. Ladenburg Thalmann has initiated coverage on Atmos Energy with a "Buy" rating, setting a price target of $144.00, recognizing the company's strong balance sheet and growth prospects, particularly in Texas. The company's fiscal 2024 third-quarter earnings revealed a significant rise in diluted earnings per share (EPS), from $5.33 to $6, driven by regulatory outcomes, customer expansion, and robust system revenues.
Atmos Energy added 57,000 new customers over the past year, mainly in Texas, and welcomed 10 new industrial customers in the third quarter. The company's capital expenditures rose to $2.1 billion, focusing on safety and reliability improvements. Despite a 3% increase in O&M expenses due to higher employee-related costs, insurance premiums, and IT software maintenance costs, the company maintains a strong financial position with an equity capitalization of 61% and about $4.3 billion in liquidity.
Looking forward, Atmos Energy anticipates its fiscal '24 EPS to be at the higher end of the $6.70 to $6.80 range and projects a 6% to 8% EPS growth through fiscal '28. These developments underscore the company's financial stability and growth potential, as recognized by Ladenburg Thalmann.
InvestingPro Insights
Atmos Energy Corporation (NYSE: ATO) has recently welcomed Telisa Toliver to its board of directors, signaling a strong commitment to integrating renewable power into its operations. This strategic move comes at a time when Atmos Energy is demonstrating robust financial health and stability in the market. Here are some key insights from InvestingPro that could be relevant for investors and stakeholders following the company's progress:
InvestingPro Data highlights that Atmos Energy currently has a market capitalization of $21.26 billion, underscoring its significant presence in the natural gas distribution sector. The company's price-to-earnings (P/E) ratio stands at 19.99, reflecting investor expectations for future earnings. Additionally, the P/E ratio over the last twelve months as of Q3 2024 is slightly higher at 20.73. These figures suggest that while the company is trading at a value that anticipates growth, it is also important to consider its earnings potential and stability.
Moreover, Atmos Energy's recent financial performance indicates a strong gross profit margin of 57.72%, with an operating income margin of 32.63%. These margins are indicative of the company's ability to manage its costs effectively and maintain profitability. The InvestingPro Tips also reveal that Atmos Energy has maintained dividend payments for an impressive 42 consecutive years and has raised its dividend for 31 consecutive years, showcasing a commitment to returning value to shareholders.
InvestingPro Tips also point out that Atmos Energy's stock generally trades with low price volatility, which may appeal to investors seeking stable returns. The company's liquid assets exceed short-term obligations, suggesting a solid financial position for meeting its immediate liabilities. Furthermore, analysts predict that Atmos Energy will be profitable this year, which aligns with the company's profitable performance over the last twelve months.
For additional insights and tips on Atmos Energy, investors can explore the 9 other InvestingPro Tips available, which provide a deeper analysis of the company's financial health and market performance. These can be found at https://www.investing.com/pro/ATO.
The strategic addition of Toliver to Atmos Energy's board, combined with the company's financial strength and market performance, positions it well to navigate the evolving energy landscape and continue its growth trajectory.
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