Northwestern (NWZA) AI Stock Analysis

Company Guidance

NorthWestern is affirming 2026 earnings guidance range of $3.8 to $3.83 and long term rate base and EPS growth rate targets of 4% to 6%; stand-alone 2026 adjusted earnings per share guidance is $3.68 to $3.83 with a bias towards the lower half of the range, and the company expects to be in the lower half of its guidance range on a standalone basis for 2026, assuming approval of the PCCAM waiver note that is only approved on an interim basis and power prices sufficient to recover operating expenses from the incremental of this and future posters. The capital plan is $3.2 billion, remains on track, and a CapEx refresh is expected in early 27; the company expects to file a rate review in Montana by the end of 26, expects to provide 2027 guidance at its February earnings call if the merger is approved, and anticipates completing the merger with Black Hills Corporation by the year end 2026 if final, with a satisfactory approval is received. For large-load customers, Atlas could go from 75 up to 150 starting in late 27, while Quantica is from a studying load at this point, 25 megawatts going up to 1.1 gig, with a target to start there of early 29.