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Jeremy Tornette

Research Analyst at JPMorgan Chase & Co.

Jeremy Tonet is an Executive Director and Senior Equity Research Analyst at J.P. Morgan, specializing in equity research coverage of the energy, utilities, and basic materials sectors. He follows over 50 public companies, including leaders such as Constellation Energy Corp, Kinder Morgan, Targa Resources Corp, and Calumet Specialty Products, with a strong track record reflected by a 58% success rate and an average return of 8.3% per rating over the past decade. Tonet began his analyst career in the early 2010s, has issued more than 1,000 stock ratings, and has become recognized for high-performing calls—most notably achieving a 124.5% annualized return with Targa Resources and a 72% short-term gain with Vonage Holdings. He holds professional registrations as an Executive Director and maintains regulatory credentials required for senior research analysts at major investment banks.

Jeremy Tornette's questions to ATMOS ENERGY (ATO) leadership

Question · Q4 2025

Jeremy Tornette (via Eli) inquired about Atmos Energy's strategy for managing large load customers, specifically asking for quantification of demand included in the Refresh Capital plan and potential incremental growth opportunities. He also sought clarification on the capital recovery process, particularly how the accelerated recovery optimizes future growth, and asked about the company's target for the upper half of the 6-8% EPS CAGR through 2030.

Answer

President and CEO Kevin Akers explained that 85% of capital spending is dedicated to safety and reliability, with modest growth included for fortifications based on long-range planning models. He emphasized that the capital recovery cadence has been consistent since 2011-2012, driven by robust planning and system needs. Senior Vice President and CFO Chris Forsythe confirmed the company's intention to pursue the 6-8% EPS growth rate from the rebased guidance midpoint.

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