JACKSON, Mich. – CMS Energy (NYSE:CMS)'s Board of Directors announced a quarterly dividend of 51.50 cents per share on the company's common stock today. The dividend is scheduled to be paid on August 30, 2024, to shareholders who are on record as of August 2, 2024.
CMS Energy (NYSE: CMS), a Michigan-based corporation, operates primarily through its subsidiary, Consumers Energy, in addition to managing independent power generation businesses. Shareholders can expect the forthcoming dividend to be distributed at the end of August as stated.
The company, in its commitment to maintaining transparent financial practices, has made additional information regarding the tax implications of its dividend distributions accessible. Shareholders and interested parties are directed to the Tax Information section of CMS Energy's website for further details.
This announcement reaffirms CMS Energy's position in the market and its ongoing efforts to deliver shareholder value. The company, recognized for its primary business, Consumers Energy, continues to engage in the energy sector with a focus on both power generation and distribution.
While CMS Energy maintains a comprehensive website with details about its operations and financial status, it also encourages investors and the public to sign up for email alerts. These notifications are designed to provide timely updates on financial news and other relevant information concerning the company's performance and strategic direction.
Today's press release statement from CMS Energy is the source of this information, outlining the company's dividend declaration and providing insight into its financial practices and shareholder communications.
In other recent news, CMS Energy reported a slight miss in first-quarter earnings per share (EPS) and revenue, with an adjusted EPS of $0.97 and revenue of $2.17 billion. Despite this, CMS Energy's adjusted EPS showed an improvement from the same quarter last year, attributed to higher weather-normalized sales and lower storm restoration costs. The company reaffirmed its full-year 2024 adjusted EPS guidance, projecting a range of $3.29 to $3.35.
In the realm of analyst ratings, BMO (TSX:BMO) Capital Markets adjusted its price target for CMS Energy, increasing it to $71.00, and reaffirmed its Outperform rating. This followed a series of meetings between BMO analysts and CMS Energy's executive team that provided a clearer view of the company's growth prospects. KeyBanc Capital Markets also increased its price target for CMS Energy to $68, acknowledging the company's potential in the clean-energy sector.
These developments highlight CMS Energy's strategic initiatives like the Electric Reliability Roadmap and NorthStar, which are expected to drive reliability and customer value. The company's management, including EVP/CFO Rejji Hayes, has been recognized for its ability to execute against strategic plans effectively. These factors, combined with a supportive regulatory climate in Michigan, position CMS Energy for sustained growth.
InvestingPro Insights
CMS Energy (NYSE: CMS) has demonstrated a strong commitment to its shareholders with a consistent track record of dividend payments. In fact, CMS has raised its dividend for 17 consecutive years, showcasing a stable and reliable income stream for investors. This aligns with the latest dividend announcement, reinforcing the company's dedication to delivering shareholder value.
InvestingPro Data indicates that CMS Energy has a market capitalization of $18.39 billion, with a dividend yield of 3.36% as of the last dividend ex-date on May 14, 2024. Additionally, the company's P/E ratio stands at 18.71, suggesting that it is trading at a reasonable valuation relative to near-term earnings growth. This could be particularly appealing to value-oriented investors seeking solid financial performance combined with income generation.
For those interested in further analysis and metrics, InvestingPro offers additional insights on CMS Energy, including a fair value estimate and future earnings projections. Investors can unlock more InvestingPro Tips by visiting InvestingPro's CMS Energy page. Plus, with the exclusive coupon code PRONEWS24, users can get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, providing access to a wealth of data and expert analysis to inform investment decisions. Currently, there are 9 additional InvestingPro Tips available for CMS Energy, which could offer valuable guidance in evaluating the company's financial health and growth prospects.
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