One Gas downgraded to Sell at Guggenheim after ‘disappointing’ five-year plan

As previously reported, Guggenheim analyst Shahriar Pourreza downgraded One Gas to Sell from Neutral with a price target of $64, down from $70, after the company released lower than expected 2023 guidance and a "disappointing" roll forward of its five-year plan after yesterday’s close. The stock "isn’t cheap" and the company is cutting its long-term growth guidance due to macro headwinds and increased equity needs, said Pourreza, whose downgrade and new target are driven by lower revised estimates and "the resulting implied overvaluation."