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Launching on Gas LDCs and Further Rounding Out Electric Utility/IPPCoverage; It’s Not All About the Electrics!
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Launching on Gas LDCs and Further Rounding Out Electric Utility/IPPCoverage; It’s Not All About the Electrics!
Equity Research
Industry Update — May 11, 2026
Natural Gas LDCs
Launching on Gas LDCs and Further Rounding
Out Electric Utility/IPPCoverage; It’s Not All
About the Electrics!
We See Select Opportunities in The Pipe
Our Call Constantine Lednev
The utility sector investing thematics continue to skew toward growth and data center Equity Analyst | Wells Fargo Securities, LLC
Constantine.Lednev@wellsfargo.com | 212-214-5438
exposed names, but as we predominately expand coverage into the Gas LDC space, we
Shahriar (Shar) Pourreza, CFAsee some select opportunities to find GARP and/or undervalued assets. LOC distribution
Equity Analyst | Wells Fargo Securities, LLC
adds 4 OW, 2 EW & 2 UW—lead gas coverage, Constantine Lednev. Separately, we add to Shahriar.Pourreza@wellsfargo.com | 212-214-5422
existing team coverage with one water (HTO w/ EW), one IPP (CPX w/ EW) & one electric Alexander Calvert(AQN w/ EW)—lead coverage & sector head, Shar Pourreza Associate Equity Analyst | Wells Fargo Securities, LLC
Alexander.J.Calvert@wellsfargo.com | 212-214-5434
Overall, our stance remains skewed positive on the group, but with the LOC today we Whitney Mutalemwa
are more nimble / selective with OW ratings and see some instances where stocks Associate Equity Analyst | Wells Fargo Securities, LLC
may lag peers (largely valuation calls). Our Gas LDC Launch ratings distribution includes: Whitney.Mutalemwa@wellsfargo.com | 212-214-6428
1) OW on NJR, SR, SWX and UGI; 2) EW on CPK, UTL; and 3) UW on NWN and OGS. In Anders Myhre
the LDC space we are less “barbell” and more focused on underappreciated value vs. our Associate Equity Analyst | Wells Fargo Securities, LLC
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