Southern Company (The)NYSE: SO
Utilities · Electric Utilities
$93.26
+0.78%
Vol: 7.0M
Research Digest
Friday, June 19, 2026
Southern Company in focus after regulators approve 20-year license renewal for Edwin I. Hatch nuclear plant
Southern Company (SO) is in focus after the NRC approved a 20-year license renewal for both reactors at its Edwin I. Hatch nuclear plant, extending operations and supporting long-term clean-baseload generation. The stock recently traded around $93.91, down about 1.9% and underperforming the S&P 500. Barclays analyst Nicholas Campanella trimmed his price target to $98 from $99 while keeping an Equal Weight rating. Ahead of its next quarterly report, analysts expect EPS of about $1.01 on revenue of roughly $7.39B. Southern is also raising its annualized dividend by 8 cents to $3.04 per share. The consensus rating is "Hold" with a 12-month target near $101, implying modest upside; the main risk is rate-case and regulatory exposure across its Southeastern utilities.
Previous Market Intelligence
13 daysJun 18No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 17No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 16No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 15No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 14No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 21No significant overnight updatesNeutral▶
No material news in the last 48 hours. The most recent catalysts (May 13 annual meeting director approvals and May 14 House Energy & Commerce testimony on transmission infrastructure) are now outside the 48-hour window.
May 20Southern Company shareholders elected 12 directors and filed an amended certificate of incorporation at the May 13 annual meeting amid surging data-center power demand and renewed analyst price-target hikes.Positive▶
Southern Company held its 2026 Annual Meeting on May 13, 2026, where shareholders elected twelve directors with 97-99% support each and the company filed both a Certificate of Amendment and a Restated Certificate of Incorporation effective the same day. Q1 2026 retail electricity sales grew 2.3% YoY driven by data centers, which consumed 42% more power versus Q1 2025, with 28 large load projects totaling 11 GW under contract. Georgia Power increased Q1 capital spending from $1.6B to over $2B and filed for an additional 2-6 GW of new all-source capacity. The stock closed at $93.91 on May 18, 2026 within a 52-week range of $83.80-$100.84. Raymond James raised its price target to $104 from $103 (Outperform) and Mizuho raised to $105 from $104 (Outperform), both on May 1, 2026, citing the $81B regulated capex plan and 9% rate base growth visibility through 2030.
May 19No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 18Southern Company stockholders elect twelve directors at May 13 annual meeting; Georgia Power and Alabama Power secured $26.5B DOE loan guarantees disclosed in May 14 testimonyPositive▶
Southern Company held its annual meeting on May 13, 2026 where stockholders elected twelve director nominees with 97-99% support and approved new charter amendments. On May 14, Senior VP of System Planning Clay Rikard testified to the House Energy & Commerce Committee that Georgia Power and Alabama Power secured up to $26.5 billion in Department of Energy loan guarantees, expected to reduce annual interest expense by more than $300 million. The company declared a $0.76 quarterly dividend with ex-date May 18. Q1 2026 adjusted EPS came in at $1.32, up 7% YoY, and Raymond James raised its price target to $104 (from $103) while Mizuho raised to $105 (from $104). Shares traded around $92.50 on May 17. Bear case: the broader S&P 500 Utilities index is down ~5% in May 2026 amid rising Treasury yields that pressure capital costs for the capital-intensive industry; SO's $81B regulated capex plan amplifies rate-sensitivity.
May 15Mizuho raised Southern Company's price target to $105 and Raymond James to $104 (Outperform) on strong demand visibility and an $81B capex plan.Positive▶
Mizuho raised its Southern Company price target to $105 from $104 while maintaining Outperform, citing the company's strong demand visibility. Raymond James earlier (May 1) raised its target to $104 (Outperform), pointing to an $81B regulated capex plan expected to drive 9% rate base growth through 2030. SO announced a $0.76 quarterly dividend with ex-date May 18. Shares are trading around $93.33, near multi-period highs. The company is also benefiting from a record $26.5B DOE loan, strong Q1 earnings, and strategic renewable partnerships. Southern faces typical regulatory and rate case execution risk.
May 14Southern Company shares hold near $93 with Mizuho and Raymond James lifting price targets on rate base growthPositive▶
Southern Company shares traded between $92.14 and $93.18 on May 13, 2026, supported by analyst upgrades on a strong demand and contracted load pipeline outlook. Raymond James on May 1 raised its price target to $104 from $103 and maintained Outperform, citing an $81 billion regulated capex plan driving an expected 9% rate base growth through 2030. Mizuho also lifted its target to $105 from $104 with an Outperform rating. Q1 2026 net income was $1.4 billion with adjusted EPS of $1.32, up 7% year over year, and the company guided Q2 adjusted EPS to $1.00. CEO Chris Womack issued a statement on May 6 noting Ted Turner's passing and his role alongside Southern in pioneering utility-scale solar. The bear case is regulatory and execution risk on the multi-decade capex pipeline.
May 13Raymond James and Mizuho raise Southern Company price targets, citing strong demand visibility and $81B capex plan.Positive▶
Raymond James raised its price target on Southern Company to $104 from $103 with an Outperform rating on May 1, while Mizuho lifted its target to $105 from $104, both citing strong execution, contracted load pipeline, and an $81B regulated capex program driving ~9% rate base growth through 2030. On May 6, CEO Chris Womack issued a statement on Ted Turner passing, noting Turner partnerships with Southern on utility-scale solar projects. Q1 2026 results were already strong, with adjusted EPS of $1.32 (up 7% YoY) and revenue of $8.4B beating expectations. The stock traded in a $92.44-$94.10 range on May 12. Risks include rising regulatory costs and execution on the large capex backlog. Sentiment is constructive on rate base growth tied to data center load.
May 12Southern Company gets price target hikes from Raymond James to $104 and Mizuho to $105 on $81B regulated capex plan and 9% rate base growth visibility.Positive▶
On May 1, Raymond James raised its Southern Company price target to $104 from $103 (Outperform), citing strong demand visibility, a large contracted load pipeline, and the $81B regulated capital expenditure plan expected to drive 9% rate base growth through 2030. Mizuho also raised its target to $105 from $104 with an Outperform rating. Q1 2026 adjusted EPS of $1.32 was up 7% YoY and on track to hit the high end of management's full-year guidance. CEO Chris Womack issued a May 6 statement on the passing of media mogul Ted Turner, noting Turner's past partnership with Southern on utility-scale solar projects including Cimarron, Campo Verde and Morelos del Sol. Southern declared a quarterly dividend of $0.76/share, payable June 8. Stock traded at $93.50 on May 11 with a 3.2% dividend yield and ~$105B market cap. Risk: regulatory delays on the large capex pipeline could pressure rate base growth realization.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| SOSOUTHERN | $93.26 | +0.78% | +2.4% | 19.9x | 0.33 | $110.5B |
| DUKDUKE | $123.92 | +0.15% | +2.4% | 18.1x | 0.37 | $101.0B |
| CEGCONSTELLATION | $274.07 | +2.58% | -3.7% | 17.6x | 1.12 | $85.4B |
| AEPAMERICAN | $127.69 | -0.45% | +1.2% | 20.2x | 0.50 | $75.4B |
| ETRENTERGY | $111.04 | +0.16% | +0.2% | 22.7x | 0.49 | $53.7B |
| VSTVISTRA | $163.79 | +3.12% | -4.8% | 14.0x | 1.41 | $50.9B |
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Price between 50d and 200d. Testing 50d support.