Increasing Atmos' Capital Expenditure Forecast and FVE Following Gas-Related Incidents in Dallas
We are increasing our fair value estimate to $85 from $83 per share after Atmos Energy reported solid 2018 second-quarter earnings, reaffirmed 2018 earnings guidance, and increased its 2018 capital expenditure forecast to $1.4 billion, the upper end of its previous range of $1.3 billion-$1.4 billion. The increase to our fair value estimate was driven by our assumption of higher capital expenditures for natural gas line safety and repair following three gas-related incidents in northwest Dallas i...Atmos Energy is engaged in the regulated natural gas distribution and pipeline and storage businesses. The company delivers natural gas through regulated sales and transportation arrangements to residential, commercial, public-authority and industrial customers. The company's segments are: Distribution, which is comprised of its regulated natural gas distribution and related sales operations; and Pipeline and Storage, which consists of the pipeline and storage operations of its Atmos Pipeline-Texas Division (APT) and its natural gas transmission operations in Louisiana. APT has intrastate pipeline operations in Texas with a focus on the natural gas-producing areas of central, northern and eastern Texas.
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