Atmos Energy Corp (NYSE:ATO) announced the appointment of Michelle H. Faulk as Vice President and Controller, effective October 1, 2024. The announcement, made today, follows the board's decision on September 18, 2024. Faulk, 47, will take over as the company's principal accounting officer.
Faulk has been with Atmos Energy since 2009, initially serving as Manager of Financial Reporting. In 2017, she was promoted to Director of Financial Reporting, and in 2020, she took on the role of Director of Accounting Services and Financial Reporting. Prior to her tenure at Atmos Energy, Faulk was a Senior Manager with KPMG LLP in their audit group, a position she assumed after graduating from Texas Christian University in May 2001.
As part of her new role, Faulk's base salary will be set at $265,000. She will also be eligible for participation in incentive programs, benefits, change-in-control, and other executive compensation plans applicable to corporate officers of Atmos Energy. The company has stated that Faulk has not received any grants or awards in connection with her appointment.
Faulk succeeds Richard M. Thomas, who has been promoted to Vice President of Financial Services, also effective October 1, 2024. The company has not entered into any employment agreement with Faulk.
Atmos Energy, headquartered in Dallas, Texas, is engaged in the natural gas distribution sector and is incorporated in both Texas and Virginia. The information regarding these executive changes is based on a press release statement.
In other recent news, Atmos Energy has demonstrated strong fiscal performance with diluted earnings per share (EPS) increasing from $5.33 to $6, driven by regulatory outcomes, customer expansion, and robust system revenues. This growth was supported by the addition of 57,000 new customers, predominantly in Texas, and the inclusion of 10 new industrial customers in the third quarter.
Edward Jones maintains a Buy rating on Atmos Energy, citing potential for above-average earnings growth, while Ladenburg Thalmann initiated coverage with a Buy rating, acknowledging the company's strong balance sheet and growth prospects. The company anticipates its fiscal '24 EPS to be at the higher end of the $6.70 to $6.80 range, projecting a 6% to 8% EPS growth through fiscal '28.
Furthermore, Atmos Energy has recently welcomed Telisa Toliver to its board of directors, leveraging her extensive experience from her current role as General Manager of Renewable Power at Chevron (NYSE:CVX) Pipeline and Power.
InvestingPro Insights
In light of Michelle H. Faulk's recent appointment as Vice President and Controller at Atmos Energy Corp (NYSE:ATO), investors may find the following insights from InvestingPro valuable. Atmos Energy has demonstrated a strong commitment to its shareholders, as evidenced by its track record of raising dividends for 31 consecutive years, and maintaining dividend payments for 42 consecutive years. The company's liquid assets also surpass its short-term obligations, indicating a robust financial position.
From a market performance perspective, Atmos Energy is currently trading near its 52-week high, with a high return over the last three months. In terms of valuation, the company's P/E ratio stands at 20.1, which is high when compared to its near-term earnings growth, suggesting that investors are paying a premium for the stock. Moreover, Atmos Energy's stock generally trades with low price volatility, which may appeal to investors seeking stability in their portfolio.
For those interested in exploring further, there are additional InvestingPro Tips available, which provide deeper insights into Atmos Energy's financial health and market performance. These can be accessed by visiting the InvestingPro platform for Atmos Energy at https://www.investing.com/pro/ATO.
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