These companies earn money from electricity, gas or oil. Demand from new data centers has made power a more important topic for them. Their results depend on prices, on the grid and on the speed of new projects.
This is information, not advice (see the disclaimer).
Far below intrinsic value · Analysts: Bullish
The market prices Baker Hughes for weaker oilfield services and the debt from the Chart purchase, and strong gas and power orders with debt reduction over two years can close the gap.
Next checkpoint: Q4 2026 earnings: synergies and debt (Jan 27, 2027 (estimate))
Far below intrinsic value · Analysts: Leaning bullish
Open-ended wildfire liability in California holds the price down, and without a durable legal reform the gap will probably not close before 2028.
Next checkpoint: CPUC proposed decision on Kincade and Dixie fire cost recovery (Nov 13, 2026 (estimate))
Far below intrinsic value · Analysts: Mixed
The market fears that strict Oregon rules will make the large investment plan of PGE hard to fund, and a changed holding company order with approval of the Washington purchase can close the gap.
Next checkpoint: OPUC response on the holding company conditions (Q4 2026 (estimate))
Well below intrinsic value · Analysts: Bullish
The market prices Couche-Tard for the risk that high fuel margins fall and for the debt of the Żabka deal, and steady margins, store sales growth and a smooth deal can close the gap.
Next checkpoint: Q2 fiscal 2027 results: fuel margins and store sales (Nov 24, 2026)
Well below intrinsic value · Analysts: Bullish
The market prices Antero for weak natural gas prices and the debt from its 2026 purchases, and lower unit costs with debt repayment through 2027 can close the gap.
Next checkpoint: Full-year 2026 report and 2027 plan (Jan 28, 2027 (estimate))
Well below intrinsic value · Analysts: Bullish
The market prices DTE for a costly building plan paid partly with new shares, and a fair Michigan rate order in early 2027 with more data center contracts can close the gap.
Next checkpoint: A further data center agreement (Dec 2026 (estimate))
Well below intrinsic value · Analysts: Very bullish
The market prices Devon for lower oil prices and the risk of its large Coterra merger, and synergies on plan with the Eagle Ford sale cash used for buybacks and debt can close the gap.
Next checkpoint: Q4 2026 results and full 2027 guidance (Feb 5, 2027 (estimate))
Well below intrinsic value · Analysts: Leaning bullish
The market prices National Grid for the cost of its large investment plan and the risk of lower allowed returns, and EPS growth on guidance with stable ratings over the next three to five quarters can close the gap.
Next checkpoint: Full-year 2026/27 results: first year of the new plan (May 13, 2027 (estimate))
Well below intrinsic value (AI estimate) · Analysts: Leaning bullish
The market prices Parex for Colombian risk, higher costs and the new Frontera debt, and a recovery in cash margins with lower debt and the planned synergies in 2027 can close the gap.
Next checkpoint: Capital markets day: 2027 plan (Dec 9, 2026)
Well below intrinsic value · Analysts: Bullish
Investors lost trust in Solstice after its failed Element deal, and results that meet guidance with disciplined buybacks over two to four quarters can close the gap.
Next checkpoint: FY 2026 results, 2027 guidance and buybacks (Feb 4, 2027 (estimate))
Well below intrinsic value · Analysts: Mixed
The market prices Westlake for weak chemical prices and slow homebuilding, and the profit improvement plan with stable PVC and polyethylene margins can close the gap over several years.
Next checkpoint: Q4 2026 earnings: PEM profit and the improvement plan (Feb 4, 2027 (estimate))
Below intrinsic value · Analysts: Leaning bullish
The market prices Alcoa for lower aluminum prices and the risk of the South32 asset purchase, and steady metal prices with a clean close in the first half of 2027 can close the gap.
Next checkpoint: Q4 2026 earnings: production and costs (Jan 15, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market prices AEP for the cost of a $100 billion building plan paid partly with new shares, and earnings growth in line with its new guidance as data centers come online can close the gap.
Next checkpoint: Full-year 2026 results and the funding plan (Jan 28, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market doubts the pace of growth in engineering services and the timing of large CANDU contracts, and new nuclear orders with steady margins over the next year can close the gap.
Next checkpoint: Q4 2026 earnings and 2027 outlook (Feb 5, 2027 (estimate))
Below intrinsic value · Analysts: Leaning bullish
The market fears that Caterpillar's record results from data center power and mining are a cycle peak, and steady orders and margins as the backlog turns into sales can close the gap.
Next checkpoint: Q4 2026 results and 2027 outlook (Jan 28, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market doubts that Corning can reach its Springboard growth targets at an acceptable cost, and optical growth with a profitable Solar business through 2028 can close the gap slowly.
Next checkpoint: Q4 2026 results: $20 billion run rate (Jan 27, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market fears that oil prices fall back after the Middle East conflict, and steady output with high free cash flow for debt cuts and buybacks can close the gap over two to four quarters.
Next checkpoint: 2027 plan: production, capital spending and returns (Feb 2, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market prices EQT for low natural gas prices in Appalachia, and new LNG and power plant demand, MVP Southgate in service and a smooth Range merger can close the gap over four to six quarters.
Next checkpoint: MVP Southgate in service (Dec 2026 (estimate))
Below intrinsic value · Analysts: Leaning bullish
The market prices Enbridge for high debt and new shares to pay for acquisitions, and steady growth in cash flow per share as its projects enter service can close the gap over several years.
Next checkpoint: Tallgrass and Salt Creek purchases close (Q4 2026 (estimate))
Below intrinsic value · Analysts: Mixed
The market prices Eversource for a lower FERC return and hard rate cases in Connecticut, and a fair CL&P decision in mid-2027 with steady earnings growth can close the gap.
Next checkpoint: FERC decision on a new transmission return on equity (Dec 2026 (estimate))
Below intrinsic value · Analysts: Bullish
The market doubts that the boom in orders for gas turbines and grid equipment will last, and higher margins as the backlog turns into revenue through 2027 can close the gap.
Next checkpoint: Q4 2026 results and 2027 guidance (Jan 27, 2027 (estimate))
Below intrinsic value · Analysts: Leaning bullish
The market fears that Hubbell's growth slows after two debt-funded deals, and steady data center and grid demand with falling debt over the next four to six quarters can close the gap.
Next checkpoint: Q4 2026 results and 2027 guidance (Feb 2, 2027 (estimate))
Below intrinsic value · Analysts: Mixed
The market fears that LyondellBasell's strong 2026 margins are temporary, and lower debt with margins above the 2025 level after the supply disruption ends can close the gap over two to three years.
Next checkpoint: Q4 2026 earnings: margins after the supply disruption (Jan 30, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market prices Ovintiv for the risk of lower oil prices and weak Canadian gas prices, and steady production with higher shareholder returns over the next three to five quarters can close the gap.
Next checkpoint: Q4 2026 results: 2027 capital plan (Feb 3, 2027 (estimate))
Below intrinsic value · Analysts: Mixed
Range now trades on its all-stock merger with EQT, and a close in Q1 2027 with the planned synergies can close the gap, while gas prices move both stocks.
Next checkpoint: Q4 2026 results, if Range still reports (Feb 23, 2027 (estimate))
Below intrinsic value · Analysts: Bullish
The market prices Sempra for California wildfire risk and the cost of a $65 billion building plan, and a closed KKR sale with steady utility growth over three to six quarters can close the gap.
Next checkpoint: KKR sale closes (Nov 19, 2026 (estimate))
Close to intrinsic value · Analysts: Bullish
Investors doubt the returns on Air Products' clean hydrogen projects, and lower capital spending with a successful NEOM start in 2027 can close the gap.
Next checkpoint: Q1 fiscal 2027 earnings (Feb 5, 2027 (estimate))
Close to intrinsic value · Analysts: Leaning bullish
The market prices Alliant Energy for the new shares and debt that its larger data center building plan needs, and 2027 earnings within guidance with fair Iowa decisions in 2027 can close the gap.
Next checkpoint: Q4 2026 earnings: 2027 guidance (Jan 29, 2027 (estimate))
Close to intrinsic value · Analysts: Leaning bullish
The market prices Amrize for higher energy costs, a cut to its 2026 guidance and many changes of finance leaders, and better price against cost with no more guidance cuts over four to six quarters can close the gap.
Next checkpoint: Full-year 2026 results and 2027 guidance (Jan 28, 2027 (estimate))
Close to intrinsic value · Analysts: Mixed
The market prices Atmos as a safe gas utility that must keep issuing shares and debt, and steady EPS growth under its new five-year plan with fair rate outcomes in Texas can close the gap.
Next checkpoint: Fiscal Q1 2027 earnings: rate outcomes (Feb 4, 2027 (estimate))
Close to intrinsic value · Analysts: Leaning bullish
The market doubts that BP can keep its 2026 cash flow when oil prices and refining margins fall, and lower debt with a clear plan from the December 2026 update can close the gap within one to two years.
Next checkpoint: Strategy and outlook update (Dec 15, 2026)
Close to intrinsic value · Analysts: Mixed
The market expects nitrogen prices to fall after the Middle East supply shock, and tight supply into 2027 with a Yazoo City restart can close the gap over a full price cycle.
Next checkpoint: Q4 2026 results: prices and Yazoo City cost (Feb 4, 2027 (estimate))
Close to intrinsic value · Analysts: Bullish
The market prices Carnival for high debt and the risk of weaker travel demand, and steady yield growth with falling leverage over the next four to six quarters can close the gap.
Next checkpoint: Q4 2026 earnings and 2027 guidance (Dec 29, 2026 (estimate))
Close to intrinsic value · Analysts: Leaning bullish
The market prices CenterPoint for the cost of a large building plan and Houston storm risk, and timely cost recovery with new large-load connections over the next four to six quarters can close the gap.
Next checkpoint: Full-year 2026 results and 2027 guidance (Jan 27, 2027 (estimate))
Close to intrinsic value · Analysts: Bullish
Investors pay a premium for Chevron's cash flow at high oil prices, and only higher earnings at normal prices from growth and lower costs can earn it when the Middle East supply shock ends.
Next checkpoint: Hess Midstream restructuring closes (Dec 2026 (estimate))
Close to intrinsic value · Analysts: Bullish
The market doubts that ConocoPhillips can keep its 2026 earnings when oil prices fall, and steady cash returns with Willow on schedule for the free cash flow rise by 2029 can close the gap.
Next checkpoint: Close of the Kirkuk joint venture purchase (Q4 2026 (estimate))
Close to intrinsic value · Analysts: Mixed
Dominion now trades as a fixed share of NextEra plus deal risk, so the gap closes only if NextEra shares rise or the merger fails and Dominion is valued on its own again.
Next checkpoint: Virginia SCC decision on the merger (Jan 11, 2027 (estimate))
Close to intrinsic value · Analysts: Leaning bullish
The market prices Duke Energy for a very large building plan paid with debt and new shares, and fair North Carolina rate orders with steady earnings growth through 2027 can close the gap.
Next checkpoint: North Carolina rate case orders (Nov 2026 (estimate))
Close to intrinsic value · Analysts: Bullish
The market doubts that the large Equinix build program will earn returns like its existing data centers, and steady AFFO per share growth through 2029 can close the gap slowly.
Next checkpoint: Q4 2026 results and 2027 guidance (Feb 10, 2027 (estimate))
Close to intrinsic value · Analysts: Mixed
The market prices Exelon for political pressure on utility bills and the new shares it must sell, and fair rate decisions with earnings growth near the top of its range can close the gap.
Next checkpoint: Q4 2026 results: 2027 guidance and updated capital plan (Jan 30, 2027 (estimate))
Close to intrinsic value (AI estimate) · Analysts: Very bullish
The market doubts that Hitachi's power grid boom can last, and profit on its raised forecast with growing Energy orders and steady buybacks can close the gap to the AI estimate within one to two years.
Next checkpoint: Q3 fiscal 2026 results: Energy orders and forecast (Jan 28, 2027 (estimate))
Close to intrinsic value · Analysts: Very bullish
The market prices IDACORP for the new shares that fund its large building plan and for wildfire risk, and EPS within guidance with timely rate increases can close the small gap within a year.
Next checkpoint: Q4 2026 results and the 2027 guidance (Jan 29, 2027 (estimate))
Close to intrinsic value · Analysts: Leaning bullish
Investors doubt that Linde can keep its margin with Lincare and helium costs in a weak industrial economy, and a margin recovery in the next two to four quarters can close the gap.
Next checkpoint: Q4 2026 results and 2027 outlook (Jan 29, 2027 (estimate))
Close to intrinsic value · Analysts: Mixed
The market prices MGE Energy as a small utility that issues new shares in a time of high interest rates, and the approved 2027 rate increases with steady rate base growth can close the gap.
Next checkpoint: 2027 Fuel Cost Plan decision (Dec 2026 (estimate))
Close to intrinsic value · Analysts: Bullish
The market prices NextEra Energy for the cost and approval risk of its Dominion Energy deal, and approvals without large new conditions and steady EPS growth over the next four to six quarters can close the gap.
Next checkpoint: FPL signs its first large-load contract (Dec 2026 (estimate))
Close to intrinsic value · Analysts: Bullish
The market prices NiSource for the cost of its large investment plan and the risk of its data center contracts, and results in line with guidance over the next two to four quarters can close the gap.
Next checkpoint: 2026 results: EPS guidance met (Jan 28, 2027 (estimate))
Close to intrinsic value · Analysts: Bullish
The market doubts that PPL can turn data center demand into investment with a fair return, and signed supply deals with a Kentucky generation filing by early 2027 can close the gap.
Next checkpoint: Invitium Energy supply agreement (Dec 2026 (estimate))
Close to intrinsic value · Analysts: Leaning bullish
The market prices Petrobras for state control of fuel prices and investment, and steady dividends with record pre-salt output can close part of the gap, but state control probably keeps the rest.
Next checkpoint: Q3 2026 results: cash and dividends (Nov 10, 2026)
Close to intrinsic value · Analysts: Leaning bullish
The market prices PSEG for political pressure on New Jersey power bills, and steady guidance with a fair result from the state utility review in 2027 can close the gap.
Next checkpoint: Mandatory RTO membership: transmission return adder (Jan 2027 (estimate))
Close to intrinsic value · Analysts: Leaning bullish
The market prices Rio Tinto for lower iron ore prices as new supply arrives, and steady costs, more copper and rising free cash flow as projects finish can close the gap slowly over two to three years.
Next checkpoint: Q4 2026 operations review: Simandou and costs (Jan 2027 (estimate))
Close to intrinsic value · Analysts: Very bullish
The market doubts that Rolls-Royce can keep its higher profit, and results on the path to its 2028 targets with better engine durability can close the gap within one to two years.
Next checkpoint: Trading update: 2026 guidance (Nov 12, 2026)
Close to intrinsic value · Analysts: Leaning bullish
The market doubts that Shell's high 2026 earnings last after the Middle East conflict, and a plan on February 4, 2027 that keeps cash returns at normal prices can close the gap.
Next checkpoint: Capital Markets Update and Q4 2026 results (Feb 4, 2027)
Close to intrinsic value · Analysts: Mixed
The market prices WEC for a record capital plan that depends on a few data center customers, and fair rate orders in late 2026 with data center load on plan can close the gap.
Next checkpoint: Wisconsin and Illinois rate orders (Dec 2026 (estimate))
Close to intrinsic value · Analysts: Bullish
The market prices Weatherford for lower activity in the Middle East after the Iran conflict, and a gradual recovery with strong free cash flow and the move to Delaware can close the gap.
Next checkpoint: Redomestication to Delaware closes (Nov 13, 2026)
Pricey · Analysts: Bullish
Investors fear that AI will cut the number of paid engineering software users, and steady ARR growth with the first paid AI features in 2027 can close the gap.
Next checkpoint: 2027 outlook: AI price model (Feb 5, 2027 (estimate))
Pricey · Analysts: Bullish
The market doubts that data center demand for Eaton's equipment can last and dislikes its new debt, and growing orders, higher margins and lower debt in 2027 can close the gap within about a year.
Next checkpoint: Q4 2026 results and 2027 guidance (Feb 3, 2027 (estimate))
Far above intrinsic value · Analysts: Bullish
The market prices Ameren for a costly building plan paid partly with new shares, and a fair Missouri rate order by May 2027 with new data center demand from late 2027 can close the gap.
Next checkpoint: Q4 2026 earnings: 2027 guidance (Feb 5, 2027 (estimate))
Far above intrinsic value · Analysts: Bullish
Investors pay a premium for Emerson's control systems and software and its strong orders, and only sales growth and margins on its fiscal 2027 guidance can earn it.
Next checkpoint: Q1 fiscal 2027 results (Feb 2, 2027 (estimate))
Far above intrinsic value · Analysts: Leaning bullish
Investors pay a premium for Marathon Petroleum's record refining margins and MPLX cash, and only margins that stay high through 2027 can earn it.
Next checkpoint: Q4 2026 results: margins and the refinery sale (Feb 3, 2027 (estimate))
Far above intrinsic value · Analysts: Leaning bullish
Investors pay a premium for Phillips 66's record refining profit and steady Midstream cash, and only high margins through 2027 with debt on target can earn it.
Next checkpoint: Q4 2026 results and 2027 capital budget (Feb 3, 2027 (estimate))
Far above intrinsic value · Analysts: Very bullish
Investors pay a premium for Siemens' automation software and its data center growth, and steady software growth, strong data center orders and a completed Healthineers spin-off can earn it.
Next checkpoint: Q4 fiscal 2026 results and fiscal 2027 outlook (Nov 12, 2026)
Pass rate counts thesis checkpoints that came true. It is not an investment return. Past results do not predict future results.
Every result is on the checkpoints page.
Picks gives general opinions about stocks, including a "Top pick" label. They are not tailored to your needs, goals or risk tolerance. Kevin is not a registered adviser and relies on the general-advice exemption in Canadian securities law (NI 31-103 s.8.25). Do your own research, or ask a registered adviser. Kevin may hold any stock on this site. Read the Disclaimer.