Sign in

Julian Demoulin Smith

Managing Director and Senior Equity Research Analyst at Jefferies Financial Group Inc.

Julien Dumoulin-Smith is a Managing Director and Senior Equity Research Analyst at Jefferies Financial Group, specializing in utilities, clean energy, and infrastructure companies with coverage that includes industry leaders like SolarEdge Technologies, Pinnacle West Capital, Shoals Technologies Group, First Solar, and GE Vernova. Over his career, Dumoulin-Smith has rated more than 100 stocks and currently covers 61 listed companies, maintaining a 54% success rate and averaging a 5% return per rating; notably, his top-performing recommendation yielded a 315% return on Vistra Energy. He began his analyst career over a decade ago and joined Jefferies after holding positions at other leading financial firms, quickly rising to a leadership role. Dumoulin-Smith is FINRA registered and licensed, holding relevant securities credentials as verified by official industry records.

Julian Demoulin Smith's questions to ATMOS ENERGY (ATO) leadership

Question · Q4 2025

Julian Demoulin Smith (via Clark Allen) inquired about the Texas House Bill 4384 benefits, specifically asking if the 60% distribution and 40% APT split of benefits would change meaningfully year over year given potential CapEx cadence differences. He also asked if the recent 15% dividend increase, driven by the HB 4384 uplift, should be viewed as a long-term guide up for the dividend.

Answer

President and CEO Kevin Akers stated that the 60/40 split of HB 4384 benefits is not expected to change meaningfully year over year due to the consistent and robust five-year planning process. Senior Vice President and CFO Chris Forsythe clarified that the 15% dividend increase was to rebase the dividend in line with the rebased EPS guidance, and the company intends to grow the dividend 6-8% over the next five years.

Ask follow-up questions

Question · Q4 2025

Julian Demoulin-Smith asked if the 60% distribution and 40% APT split of Texas House Bill 4384 benefits would change meaningfully year-over-year due to varying CapEx cadences. He also inquired if the recent dividend guide-up, driven by the durability of the HB 4384 uplift, should be viewed as a long-term guide-up.

Answer

Kevin Akers, President and CEO, stated that the company does not expect the 60/40 split of HB 4384 benefits to change meaningfully year-over-year, expressing confidence in the well-laid-out five-year plan. Chris Forsythe, Senior Vice President and Chief Financial Officer, clarified that the 15% dividend increase was to rebase it in line with the rebased EPS guidance, with an intention to grow the dividend 6-8% over the next five years.

Ask follow-up questions

Best AI for Equity Research

Performance on expert-authored financial analysis tasks

Fintool-v490%
Claude Sonnet 4.555.3%
o348.3%
GPT 546.9%
Grok 440.3%
Qwen 3 Max32.7%