ONE Gas Inc. (OGS - Free Report) reported fourth-quarter 2021 earnings of $1.12 per share, on par with the Zacks Consensus Estimate.
The bottom line improved 2.8% from the year-ago earnings, primarily due to contribution from new rates in Oklahoma and Texas, demand from expanding residential customer base and a fall in bad debt expenses.
Adjusted earnings of ONE Gas in 2021 were $3.85 per share, meeting the Zacks Consensus Estimate. Annual earnings per share increased 4.6% year over year. Earnings per share came within the guidance of $3.80-$3.90.
Total Revenues
ONE Gas recorded revenues of $593.7 million in the fourth quarter, which surpassed the Zacks Consensus Estimate of $507 million by 17.2%. The top line also improved 22.6% from the year-ago level.
Total revenues in 2021 were $1.8 billion, increasing 17.6% year over year and surpassing the Zacks Consensus Estimate of $1.71 billion by 5.3%.
Highlights of the Release
Total natural gas volumes delivered in 2021 were 387.8 billion cubic feet (Bcf), up 0.7% from 2020 due to improving transportation sales volume and Commercial and industrial sales volume.
Total operating expenses in the reported quarter increased 4.2% from the year-ago figure to $198.9 million.
Operating income in the reported quarter increased 2.4% year over year to $87 million.
It incurred net interest expenses of $14.4 million, down 5.4%.
In 2021, ONE Gas’ customer base rose 0.9% from 2020, primarily due to additions to the residential customer group.
Financial Highlights
As of Dec 31, 2021, ONE Gas had cash and cash equivalents of $8.8 million compared with $8 million as of Dec 31, 2020.
Long-term debt (excluding current maturities) was $3,683.4 million as of Dec 31, 2021, compared with $1,582.2 million as of Dec 31, 2020.
Cash provided by (used in) operating activities during 2021 was ($1,535.6) million versus $364.5 million in 2020.
Guidance
ONE Gas expects 2022 net income in the range of $215-$227 million and earnings per share in the band of $3.96-$4.20. The midpoint of earnings guidance is $4.08, on par with the Zacks Consensus Estimate.
Capital expenditure is expected to be $650 million for 2022, with more than 65% of the planned expenditure for improving system integrity and expansion of services in new regions.
Zacks Rank
Currently, ONE Gas carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
Atmos Energy Corporation (ATO - Free Report) posted first-quarter fiscal 2022 earnings per share of $1.86, in line with the Zacks Consensus Estimate.
Atmos Energy’ long-term (three to five years) earnings growth is currently pegged at 7.3%. The Zacks Consensus Estimate for ATO’s fiscal 2022 earnings implies year-over-year growth of 7.8%.
MDU Resources (MDU - Free Report) fourth-quarter 2021 operating earnings per share of 42 cents missed the Zacks Consensus Estimate of 55 cents by 23.6%.
MDU Resources’ long-term earnings growth is currently pegged at 6.70%. The Zacks Consensus Estimate for MDU’s 2022 earnings implies year-over-year growth of 11.7%.
NewJersey Resources (NJR - Free Report) posted first-quarter fiscal 2022 earnings per share of 69 cents, beating the Zacks Consensus Estimate of 59 cents by 16.9%.
NewJersey Resources’ long-term earnings growth is currently pegged at 6%. The Zacks Consensus Estimate for NJR’s fiscal 2022 earnings implies year-over-year growth of 5.1%.
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ONE Gas Inc. (OGS - Free Report) reported fourth-quarter 2021 earnings of $1.12 per share, on par with the Zacks Consensus Estimate.
The bottom line improved 2.8% from the year-ago earnings, primarily due to contribution from new rates in Oklahoma and Texas, demand from expanding residential customer base and a fall in bad debt expenses.
Adjusted earnings of ONE Gas in 2021 were $3.85 per share, meeting the Zacks Consensus Estimate. Annual earnings per share increased 4.6% year over year. Earnings per share came within the guidance of $3.80-$3.90.
Total Revenues
ONE Gas recorded revenues of $593.7 million in the fourth quarter, which surpassed the Zacks Consensus Estimate of $507 million by 17.2%. The top line also improved 22.6% from the year-ago level.
Total revenues in 2021 were $1.8 billion, increasing 17.6% year over year and surpassing the Zacks Consensus Estimate of $1.71 billion by 5.3%.
Highlights of the Release
Total natural gas volumes delivered in 2021 were 387.8 billion cubic feet (Bcf), up 0.7% from 2020 due to improving transportation sales volume and Commercial and industrial sales volume.
Total operating expenses in the reported quarter increased 4.2% from the year-ago figure to $198.9 million.
Operating income in the reported quarter increased 2.4% year over year to $87 million.
It incurred net interest expenses of $14.4 million, down 5.4%.
In 2021, ONE Gas’ customer base rose 0.9% from 2020, primarily due to additions to the residential customer group.
Financial Highlights
As of Dec 31, 2021, ONE Gas had cash and cash equivalents of $8.8 million compared with $8 million as of Dec 31, 2020.
Long-term debt (excluding current maturities) was $3,683.4 million as of Dec 31, 2021, compared with $1,582.2 million as of Dec 31, 2020.
Cash provided by (used in) operating activities during 2021 was ($1,535.6) million versus $364.5 million in 2020.
Guidance
ONE Gas expects 2022 net income in the range of $215-$227 million and earnings per share in the band of $3.96-$4.20. The midpoint of earnings guidance is $4.08, on par with the Zacks Consensus Estimate.
Capital expenditure is expected to be $650 million for 2022, with more than 65% of the planned expenditure for improving system integrity and expansion of services in new regions.
Zacks Rank
Currently, ONE Gas carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
Atmos Energy Corporation (ATO - Free Report) posted first-quarter fiscal 2022 earnings per share of $1.86, in line with the Zacks Consensus Estimate.
Atmos Energy’ long-term (three to five years) earnings growth is currently pegged at 7.3%. The Zacks Consensus Estimate for ATO’s fiscal 2022 earnings implies year-over-year growth of 7.8%.
MDU Resources (MDU - Free Report) fourth-quarter 2021 operating earnings per share of 42 cents missed the Zacks Consensus Estimate of 55 cents by 23.6%.
MDU Resources’ long-term earnings growth is currently pegged at 6.70%. The Zacks Consensus Estimate for MDU’s 2022 earnings implies year-over-year growth of 11.7%.
NewJersey Resources (NJR - Free Report) posted first-quarter fiscal 2022 earnings per share of 69 cents, beating the Zacks Consensus Estimate of 59 cents by 16.9%.
NewJersey Resources’ long-term earnings growth is currently pegged at 6%. The Zacks Consensus Estimate for NJR’s fiscal 2022 earnings implies year-over-year growth of 5.1%.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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