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ATLANTA - Southern Company Gas has announced the appointment of Walt Farrell as president and chief executive officer of Atlanta Gas Light and Chattanooga Gas, effective March 31. Farrell will join the Southern Company Gas Management Council and manage the company’s operations in Georgia and Tennessee, serving roughly 1.8 million customers. The appointment comes as parent company Southern Company (NYSE:SO), currently valued at nearly $99 billion, maintains a "GOOD" overall financial health score according to InvestingPro analysis.
Farrell transitions to his new role from Georgia Power, where he served as vice president of economic development. His leadership contributed to Georgia Power’s recognition as a "Top Utility in Economic Development" for multiple years by Site Selection and Business Facilities magazines.
James Y. Kerr II, Chairman, President, and CEO of Southern Company Gas, praised Farrell’s experience and leadership, particularly in economic and workforce development, as vital for the companies during a period of growing energy demand in the region.
Previously, Farrell’s career includes a position as manager of statewide economic development for Georgia Power and a directorship at the Georgia Department of Economic Development. His work has spanned various facets of economic development, including business recruitment and site certification programs.
Farrell’s community engagement is reflected in his board memberships with organizations such as the Georgia Lottery Corporation and the Georgia Chamber of Commerce. His academic credentials include an MBA from Auburn University and a Bachelor of Science in marketing from Clemson University.
Southern Company Gas, a subsidiary of Southern Company (NYSE:SO), provides natural gas to approximately 4.4 million customers across four states and maintains a portfolio that includes interstate pipelines and natural gas storage facilities. The parent company has demonstrated strong financial performance, generating annual revenue of $26.7 billion and maintaining dividend payments for 55 consecutive years. InvestingPro analysis reveals additional insights about Southern Company’s performance, with over 30 exclusive financial metrics and tips available to subscribers.
Atlanta Gas Light, part of Southern Company Gas, has been operational since 1856 and serves about 1.7 million customers in Georgia. Chattanooga Gas, also a subsidiary, caters to around 71,000 customers in southeast Tennessee.
This leadership change is based on a press release statement and reflects the company’s strategy to address the energy needs of its customer base in the southern United States. With a current dividend yield of 3.2% and analysts predicting continued profitability, Southern Company appears positioned for stable performance. For detailed analysis and valuation insights, investors can access the comprehensive Pro Research Report available on InvestingPro, which provides in-depth coverage of Southern Company among 1,400+ top US stocks.
In other recent news, Southern Company reported its fourth-quarter 2024 earnings, which did not meet analyst expectations for earnings per share (EPS), coming in at $0.50 against an estimated $0.53. However, the company slightly exceeded revenue projections, reporting $6.34 billion compared to the expected $6.31 billion. For the full year, Southern Company achieved earnings of $4.4 billion, or $4.02 per share, reflecting an increase from the previous year. In another financial move, Southern Company has issued $1.8 billion in junior subordinated notes due in 2055, with a 6.375% fixed-to-fixed reset rate. This issuance is intended for general corporate purposes, including potential infrastructure investments and debt repayment.
Additionally, Southern Company announced the election of James O. Etheredge as an independent director to its Board of Directors, effective April 1, 2025. Etheredge’s extensive experience in the utilities industry and leadership roles aligns with Southern Company’s strategic objectives. On the analysts’ front, Mizuho Securities raised its price target for Southern Company to $90 from $85, maintaining a neutral rating, following the company’s announcement of a $62.8 billion capital investment plan for 2025-2029. This plan is expected to enhance the company’s growth prospects, with potential additional upside in rate base growth. Meanwhile, BofA Securities also adjusted its price target for Southern Company to $96, citing the company’s strong operational track record and favorable regulatory environment.
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