One Gas downgraded to Neutral at BofA after ‘surprisingly sharp’ reset

BofA analyst Julien Dumoulin-Smith downgraded One Gas to Neutral from Buy with a price target of $79, down from $85, calling the company’s reset of its outlook "surprisingly sharp." Operating and financing expense pressures have led management to "materially" cut the EPS outlook to a 4%-6% compound annual growth rate from 6%-8% in its recent announcement of FY23 guidance.