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NatGas '25: Transition & Merchant Utilities
5 tickers · $164.33B total market cap
Group: NatGas
The natural gas market is shifting to a demand-pull dynamic, driven by surging LNG exports and AI data center power needs. This unprecedented demand, coupled with price-sensitive supply and infrastructure bottlenecks, necessitates structurally higher natural gas prices, making the bullish investment case compelling despite near-term volatility.
NatGas '25: Transition & Merchant Utilities tracks 5 publicly listed stocks in this theme: AES, D, EVRG, NRG, XEL. See the constituent table for details.
Thesis update: 2026-03-04
Constituents
Build 20260519T212339
| Company | Previous Quarter Report Date | Next Expected Report Date | Last Quarter Earnings Move % | Earnings Move % | Intra-Quarter Move % | Since Last Report % | Market cap | Weight |
|---|---|---|---|---|---|---|---|---|
Dominion Energy, Inc.D | 05/01/2026 (BMO) | 05/01/2026 (BMO) | -4.38% | -0.87% | 2.27% | 6.55% | $59.42B | 20.0000 |
Xcel Energy Inc.XEL | 04/30/2026 (BMO) | 04/30/2026 (BMO) | -0.39% | 4.77% | 3.85% | -3.45% | $48.76B | 20.0000 |
NRG Energy, Inc.NRG | 05/06/2026 (BMO) | 05/06/2026 (BMO) | 4.01% | -9.89% | -14.25% | -12.79% | $26.93B | 20.0000 |
Evergy, Inc.EVRG | 05/07/2026 (BMO) | 05/07/2026 (BMO) | -0.17% | 0.98% | 0.91% | 1.46% | $18.87B | 20.0000 |
The AES CorporationAES | 05/05/2026 (BMO) | 05/05/2026 (BMO) | -17.94% | 0.42% | 0.71% | 1.60% | $10.36B | 20.0000 |
| Average | -3.78% | -0.92% | -1.30% | -1.33% | $32.87B | 20.0000 | ||
| Median | -0.39% | 0.42% | 0.91% | 1.46% | $26.93B | 20.0000 | ||
| Std Dev | 7.56% | 4.86% | 6.57% | 6.55% | $18.41B | 0.0% | ||
| Min | -17.94% | -9.89% | -14.25% | -12.79% | $10.36B | 20.0000 | ||
| Max | 4.01% | 4.77% | 3.85% | 6.55% | $59.42B | 20.0000 | ||
| % Positive Tickers | 20.00% | 60.00% | 80.00% | 60.00% |
* Provisional value: before LstRpt% reaches its 2-day post-report lock window (BMO/AMC adjusted), EarningsPerf is calculated from current vs pre-report and then locks to final LstRpt%.