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Utilities

46 companies under coverage across 6 industries.

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Utilities companies

Equity Research

PG&E Corp (PCG)

BUY. 12-month probability-weighted target $19 (+47% vs spot). Gross Margin explains 55% of Monte Carlo outcome variance.

PCGEquity ResearchMonte Carlo

10 October 2026Rating: BUY · Fair value vs price +40.3%

Equity Research

NRG Energy Inc. (NRG)

BUY. 12-month probability-weighted target $135 (+25% vs spot). Gross Margin explains 58% of Monte Carlo outcome variance.

NRGEquity ResearchMonte Carlo

10 October 2026Rating: BUY · Fair value vs price +24.0%

Equity Research

Edison International (EIX)

BUY. 12-month probability-weighted target $69 (+25% vs spot). Gross Margin explains 61% of Monte Carlo outcome variance.

EIXEquity ResearchMonte Carlo

10 October 2026Rating: BUY · Fair value vs price +22.1%

Equity Research

Portland General Electric Co (POR)

HOLD. 12-month probability-weighted target $50 (+11% vs spot). Gross Margin explains 66% of Monte Carlo outcome variance.

POREquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +15.6%

Equity Research

Exelon Corporation (EXC)

HOLD. 12-month probability-weighted target $45 (+8% vs spot). Gross Margin explains 62% of Monte Carlo outcome variance.

EXCEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +14.1%

Equity Research

Eversource Energy (ES)

HOLD. 12-month probability-weighted target $71 (+8% vs spot). Gross Margin explains 61% of Monte Carlo outcome variance.

ESEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +14.0%

Equity Research

DTE Energy Company (DTE)

BUY. 12-month probability-weighted target $147 (+16% vs spot). Gross Margin explains 71% of Monte Carlo outcome variance.

DTEEquity ResearchMonte Carlo

10 October 2026Rating: BUY · Fair value vs price +14.0%

Equity Research

CMS Energy Corporation (CMS)

BUY. 12-month probability-weighted target $77 (+18% vs spot). Gross Margin explains 57% of Monte Carlo outcome variance.

CMSEquity ResearchMonte Carlo

10 October 2026Rating: BUY · Fair value vs price +13.7%

Equity Research

Public Service Enterprise Group Inc (PEG)

HOLD. 12-month probability-weighted target $81 (+13% vs spot). P/E Multiple explains 50% of Monte Carlo outcome variance.

PEGEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +12.7%

Equity Research

Sempra Energy (SRE)

BUY. 12-month probability-weighted target $92 (+13% vs spot). P/E Multiple explains 65% of Monte Carlo outcome variance.

SREEquity ResearchMonte Carlo

10 October 2026Rating: BUY · Fair value vs price +12.0%

Equity Research

NiSource Inc (NI)

BUY. 12-month probability-weighted target $48 (+19% vs spot). Gross Margin explains 53% of Monte Carlo outcome variance.

NIEquity ResearchMonte Carlo

10 October 2026Rating: BUY · Fair value vs price +11.1%

Equity Research

WEC Energy Group Inc (WEC)

BUY. 12-month probability-weighted target $118 (+14% vs spot). P/E Multiple explains 52% of Monte Carlo outcome variance.

WECEquity ResearchMonte Carlo

10 October 2026Rating: BUY · Fair value vs price +10.2%

Equity Research

FirstEnergy Corporation (FE)

HOLD. 12-month probability-weighted target $49 (+9% vs spot). Gross Margin explains 68% of Monte Carlo outcome variance.

FEEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +9.4%

Equity Research

Duke Energy Corporation (DUK)

HOLD. 12-month probability-weighted target $130 (+11% vs spot). Gross Margin explains 48% of Monte Carlo outcome variance.

DUKEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +9.3%

Equity Research

Alliant Energy Corp (LNT)

HOLD. 12-month probability-weighted target $72 (+9% vs spot). P/E Multiple explains 56% of Monte Carlo outcome variance.

LNTEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +9.1%

Equity Research

CenterPoint Energy Inc (CNP)

BUY. 12-month probability-weighted target $45 (+16% vs spot). Gross Margin explains 58% of Monte Carlo outcome variance.

CNPEquity ResearchMonte Carlo

10 October 2026Rating: BUY · Fair value vs price +8.7%

Equity Research

Ameren Corp (AEE)

HOLD. 12-month probability-weighted target $115 (+12% vs spot). P/E Multiple explains 51% of Monte Carlo outcome variance.

AEEEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +8.0%

Equity Research

Southern Company (SO)

HOLD. 12-month probability-weighted target $95 (+10% vs spot). P/E Multiple explains 50% of Monte Carlo outcome variance.

SOEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +6.9%

Equity Research

PPL Corporation (PPL)

HOLD. 12-month probability-weighted target $36 (+6% vs spot). Gross Margin explains 49% of Monte Carlo outcome variance.

PPLEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +6.2%

Equity Research

Xcel Energy Inc (XEL)

HOLD. 12-month probability-weighted target $82 (+11% vs spot). P/E Multiple explains 49% of Monte Carlo outcome variance.

XELEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +6.1%

Equity Research

American Electric Power Co Inc (AEP)

HOLD. 12-month probability-weighted target $134 (+9% vs spot). Gross Margin explains 50% of Monte Carlo outcome variance.

AEPEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +6.0%

Equity Research

NewJersey Resources Corporation (NJR)

HOLD. 12-month probability-weighted target $58 (+13% vs spot). Gross Margin explains 49% of Monte Carlo outcome variance.

NJREquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +5.8%

Equity Research

Nextera Energy Inc (NEE)

HOLD. 12-month probability-weighted target $84 (+8% vs spot). P/E Multiple explains 71% of Monte Carlo outcome variance.

NEEEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +5.2%

Equity Research

Dominion Energy Inc (D)

HOLD. 12-month probability-weighted target $66 (+6% vs spot). P/E Multiple explains 51% of Monte Carlo outcome variance.

DEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +5.0%

Equity Research

Evergy, Inc. (EVRG)

HOLD. 12-month probability-weighted target $86 (+6% vs spot). P/E Multiple explains 47% of Monte Carlo outcome variance.

EVRGEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +3.4%

Equity Research

National Fuel Gas Company (NFG)

HOLD. 12-month probability-weighted target $81 (+4% vs spot). P/E Multiple explains 72% of Monte Carlo outcome variance.

NFGEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +3.2%

Equity Research

IDACORP Inc (IDA)

HOLD. 12-month probability-weighted target $144 (+7% vs spot). P/E Multiple explains 57% of Monte Carlo outcome variance.

IDAEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +1.4%

Equity Research

Pinnacle West Capital Corp (PNW)

HOLD. 12-month probability-weighted target $106 (+7% vs spot). Gross Margin explains 68% of Monte Carlo outcome variance.

PNWEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +1.3%

Equity Research

OGE Energy Corporation (OGE)

HOLD. 12-month probability-weighted target $48 (+3% vs spot). Gross Margin explains 51% of Monte Carlo outcome variance.

OGEEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +0.8%

Equity Research

Entergy Corporation (ETR)

HOLD. 12-month probability-weighted target $109 (+6% vs spot). Gross Margin explains 50% of Monte Carlo outcome variance.

ETREquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +0.7%

Equity Research

One Gas Inc (OGS)

HOLD. 12-month probability-weighted target $78 (+8% vs spot). Gross Margin explains 58% of Monte Carlo outcome variance.

OGSEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +0.6%

Equity Research

Consolidated Edison Inc (ED)

HOLD. 12-month probability-weighted target $106 (+0% vs spot). Gross Margin explains 58% of Monte Carlo outcome variance.

EDEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price +0.5%

Equity Research

Southwest Gas Holdings Inc (SWX)

HOLD. 12-month probability-weighted target $93 (+11% vs spot). P/E Multiple explains 50% of Monte Carlo outcome variance.

SWXEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -1.1%

Equity Research

American Water Works (AWK)

HOLD. 12-month probability-weighted target $130 (+1% vs spot). P/E Multiple explains 62% of Monte Carlo outcome variance.

AWKEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -1.4%

Equity Research

Black Hills Corporation (BKH)

HOLD. 12-month probability-weighted target $73 (-5% vs spot). Gross Margin explains 54% of Monte Carlo outcome variance.

BKHEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -1.8%

Equity Research

Essential Utilities Inc (WTRG)

HOLD. 12-month probability-weighted target $39 (+1% vs spot). P/E Multiple explains 65% of Monte Carlo outcome variance.

WTRGEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -2.1%

Equity Research

Spire Inc (SR)

HOLD. 12-month probability-weighted target $81 (+3% vs spot). Gross Margin explains 60% of Monte Carlo outcome variance.

SREquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -2.2%

Equity Research

Atmos Energy Corporation (ATO)

HOLD. 12-month probability-weighted target $175 (+8% vs spot). P/E Multiple explains 74% of Monte Carlo outcome variance.

ATOEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -2.4%

Equity Research

NorthWestern Corporation (NWE)

HOLD. 12-month probability-weighted target $70 (-5% vs spot). Gross Margin explains 54% of Monte Carlo outcome variance.

NWEEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -5.2%

Equity Research

UGI Corporation (UGI)

HOLD. 12-month probability-weighted target $35 (-6% vs spot). Gross Margin explains 72% of Monte Carlo outcome variance.

UGIEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -7.0%

Equity Research

Vistra Corp. (VST)

HOLD. 12-month probability-weighted target $154 (-4% vs spot). P/E Multiple explains 57% of Monte Carlo outcome variance.

VSTEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -16.9%

Equity Research

Constellation Energy Corp (CEG)

SELL. 12-month probability-weighted target $261 (-12% vs spot). P/E Multiple explains 53% of Monte Carlo outcome variance.

CEGEquity ResearchMonte Carlo

10 October 2026Rating: SELL · Fair value vs price -25.3%

Equity Research

Talen Energy Corporation (TLN)

HOLD. 12-month probability-weighted target $351 (-7% vs spot). P/E Multiple explains 66% of Monte Carlo outcome variance.

TLNEquity ResearchMonte Carlo

10 October 2026Rating: HOLD · Fair value vs price -30.5%

Equity Research

Ormat Technologies Inc (ORA)

Rating suspended since 2026-09-29 — valuation method under review. The rating, price target and expected return are withheld until the name is re-valued; the research on the report page predates the review.

ORAEquity ResearchMonte Carlo

10 October 2026Rating: N/A

Equity Research

TXNM Energy, Inc. (TXNM)

Rating suspended since 2026-10-10 — pending acquisition. The rating, price target and expected return are withheld until the name is re-valued; the research on the report page predates the review.

TXNMEquity ResearchMonte Carlo

30 July 2026Rating: N/A

Equity Research

The AES Corporation (AES)

Rating suspended since 2026-10-10 — pending acquisition. The rating, price target and expected return are withheld until the name is re-valued; the research on the report page predates the review.

AESEquity ResearchMonte Carlo

30 July 2026Rating: N/A