Management Meeting: Atmos Energy Has Potential Top-End Constraints on Capital Investments
We are reaffirming our $85 per share fair value estimate and narrow moat rating after meeting with Atmos Energy's senior management at the American Gas Association Financial Forum in Phoenix, Arizona.As we expected, discussions focused on the gas-related incidents in northwest Dallas that occurred last February. One of the incidents resulted in the death of a 12-year-old girl. Based on public information, we still do not believe Atmos has any material financial risk from the incidents, although...
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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