BofA Securities analyst Ross Fowler reinstated coverage on four US utilities in the Great Plains.
The analyst reaffirmed the Buy rating at Evergy, Inc. (NASDAQ:EVRG) and MDU Resources Group, Inc. (NYSE:MDU).
Meanwhile, Fowler reiterated the Neutral rating on OGE Energy Corp (NYSE:OGE) and Underperform rating on Black Hills Corporation (NYSE:BKH).
EVRG: The analyst kept the price target at $66. The analyst says that despite trading at a 10% discount compared to peers on a 2026E P/E basis, the improving Kansas regulatory environment, which supports higher rate base growth, appears undervalued.
The analyst estimates FY24, FY25 and FY26E EPS at $3.86, $4.09 and $4.30, respectively, all above consensus.
Fowler writes that consensus EPS estimates for FY26 and FY27 remain largely unchanged despite the benefits from House Bill 2527.
MDU: The analyst reiterated the price target of $28. Fowler believes the current 15% discount to ...
