Sempra's Stock Analysis

Sempra's SDG&E Seeks FERC Approval for Rate Settlement

San Diego Gas & Electric Company (SDG&E), a subsidiary of Sempra, has filed an unopposed offer of settlement in its TO6 proceeding with the U.S. Federal Energy Regulatory Commission (FERC). This settlement proposes to increase SDG&E’s authorized base return on equity from 10.10% to 10.28% and establish a hypothetical capital structure with 54% equity. The terms are pending FERC approval, expected in the second half of 2026, and if approved, would be effective retroactively from June 1, 2025.

The anticipated impact of the settlement on Sempra’s diluted earnings-per-common-share (EPS) is expected to align with previously announced EPS guidance for 2026 and 2027. Investors should note that the information provided does not constitute a filing under the Securities Exchange Act of 1934 and should be considered within the context of ongoing regulatory and operational risks faced by the company.

Mar 26, 2026 16:18:30

Sempra's San Diego Gas & Electric Raises $1.1 Billion in Bonds

San Diego Gas & Electric Company, a subsidiary of Sempra, completed a public offering of $1.1 billion in First Mortgage Bonds on March 20, 2026. This includes $625 million in Series DDDD Bonds with a 5.200% interest rate due in 2036 and $475 million in Series EEEE Bonds with a 5.950% interest rate due in 2056. The proceeds from the sale, after underwriting discounts, were approximately $1.1 billion, with estimated offering expenses around $2.6 million.

The Series DDDD Bonds will pay interest semiannually starting September 15, 2026, and are redeemable before maturity under specified conditions. Similarly, the Series EEEE Bonds will also pay interest semiannually beginning September 15, 2026, and are redeemable prior to maturity. The bond offerings were registered under the Company’s Registration Statement on Form S-3, and additional details are available in the filed supplemental indentures and underwriting agreement.

Mar 20, 2026 16:05:26

Sempra's San Diego Gas & Electric Issues $1.1 Billion in Bonds

San Diego Gas & Electric Company, a subsidiary of Sempra, has entered into an underwriting agreement to issue $625 million in 5.200% First Mortgage Bonds, Series DDDD, due in 2036, and $475 million in 5.950% First Mortgage Bonds, Series EEEE, due in 2056. The bonds will be sold to underwriters at slightly below their aggregate principal amounts, specifically at 99.754% for the Series DDDD Bonds and 99.392% for the Series EEEE Bonds.

This offering is part of a registered public offering under an effective shelf registration statement. The securities are only available through the related prospectus and prospectus supplement filed with the U.S. Securities and Exchange Commission. The report clarifies that this announcement does not constitute an offer to sell or a solicitation to buy these securities in any jurisdiction where such actions would be unlawful.

Mar 17, 2026 16:17:07

Sempra Closes $800 Million Public Offering of Notes

Sempra has successfully closed its public offering of $800 million in 5.250% Notes due March 15, 2036. After deducting underwriting discounts and estimated offering expenses, the company received approximately $793.4 million from this transaction. The notes were registered under a prospectus and sold through an underwriting agreement with several financial institutions.

The notes will accrue interest at 5.250% per year, with interest payments scheduled semi-annually starting September 15, 2026. The company retains the option to redeem the notes prior to maturity at specified prices. The issuance is governed by an indenture with U.S. Bank Trust Company as the trustee, reflecting the company's ongoing financing activities.

Mar 13, 2026 16:05:33

Sempra Reports 2025 Earnings and Announces Capital Expansion Plans

Sempra reported full-year 2025 earnings of $1.80 billion, or $2.75 per diluted share, a decrease from $2.82 billion, or $4.42 per diluted share in 2024. Adjusted earnings for 2025 were $3.07 billion, or $4.69 per diluted share, compared to $2.97 billion, or $4.65 per diluted share in the previous year. The company also announced a quarterly dividend of $0.6575 per share, increasing the annualized dividend to $2.63 from $2.58 in 2025. Sempra's fourth-quarter earnings were $352 million, or $0.54 per diluted share, down from $665 million, or $1.04 per diluted share in Q4 2024.

For the next five years, Sempra has set a capital plan of approximately $65 billion, focusing over 95% of expenditures on regulated utility investments in Texas and California. The company aims to enhance its operational efficiency and has initiated strategic transactions, including a $10 billion equity stake sale in Sempra Infrastructure Partners. Sempra is also affirming its adjusted earnings-per-share guidance for 2026 in the range of $4.80 to $5.30, along with a 2030 outlook of $6.70 to $7.50 per share, indicating a commitment to long-term value creation for shareholders.

Feb 26, 2026 10:57:36

Oncor Seeks Rate Increase Approval from Texas Regulators

Oncor Electric Delivery Company LLC, in which Sempra holds an 80.25% interest, has filed a stipulation with the Public Utility Commission of Texas for a comprehensive settlement in its base rate review. This stipulation requests approval for an annual revenue requirement of approximately $6.975 billion, representing an 8.8% increase over current revenues, which would result in an estimated annualized revenue increase of $560 million. The proposed changes also include adjustments to the capital structure and authorized returns on equity and debt.

The Public Utility Commission of Texas is expected to issue a final order regarding the stipulation in the first half of 2026. If approved, new billing rates would be implemented retroactively to January 1, 2026, and Oncor anticipates that these changes will positively impact its future earnings, cash flow, and credit metrics.

Jan 29, 2026 16:29:33

Sempra Reports Third-Quarter 2025 Financial Results and Updates

Sempra reported third-quarter 2025 earnings of $77 million, or $0.12 per diluted share, a decrease from $638 million or $1.00 per diluted share in the same quarter of 2024. Adjusted earnings for the quarter were $728 million, or $1.11 per diluted share, compared to $566 million, or $0.89 per diluted share in the prior year. For the first nine months of 2025, Sempra's GAAP earnings totaled $1.444 billion, or $2.21 per diluted share, down from $2.152 billion, or $3.38 per diluted share in 2024, while adjusted earnings increased to $2.253 billion, or $3.45 per diluted share, from $1.987 billion, or $3.12 per diluted share in the same period last year.

During the quarter, Sempra announced a strategic plan to sell a 45% equity interest in Sempra Infrastructure Partners to KKR, which is expected to close in mid-2026. Additionally, Oncor Electric Delivery Company is set to increase its capital spending by over 30% for its 2026-2030 plan, reflecting ongoing infrastructure investments in Texas. In California, the enactment of Senate Bill 254 aims to enhance the stability of the wildfire fund, benefiting Sempra's California utilities. Sempra is also advancing major projects in LNG development, including the Port Arthur LNG Phase 2, and has updated its full-year 2025 earnings guidance.

Nov 05, 2025 10:51:06

Sempra Raises $800 Million Through Junior Subordinated Notes

Sempra has successfully completed a public offering of $800 million in 6.375% Fixed-to-Fixed Reset Rate Junior Subordinated Notes, which are due in 2056. After deducting underwriting discounts and estimated offering expenses, the net proceeds are approximately $792 million. The company plans to utilize these proceeds to partially redeem its outstanding 4.875% Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock, Series C, pending board approval.

The notes will accrue interest from August 29, 2025, at a fixed rate of 6.375% until April 1, 2031, after which the interest rate will reset based on the Five-year U.S. Treasury Rate plus a spread. Sempra has the option to defer interest payments for up to 20 consecutive semi-annual periods and can redeem the notes under specified conditions. The offering was managed by several underwriters, including Barclays Capital Inc. and Citigroup Global Markets Inc.

Aug 29, 2025 16:20:22

Sempra Reports Increased Earnings and Strategic Investments for 2025

Sempra announced its first-quarter 2025 earnings of $906 million, or $1.39 per diluted share, up from $801 million, or $1.26 per diluted share in the same quarter of 2024. Adjusted earnings for the quarter were $942 million, or $1.44 per diluted share, compared to $854 million, or $1.34 per diluted share in the prior year. The company highlighted its commitment to a disciplined growth strategy and continued progress on strategic initiatives aimed at delivering reliable energy to nearly 40 million consumers.

In Texas, Oncor Electric Delivery Company is advancing a $36.1 billion capital plan to meet rising electricity demand, with a notable increase in active transmission requests. In California, Sempra's utilities are modernizing energy networks and have filed for updated capital costs. The company is also progressing on five infrastructure construction projects in the LNG and energy sectors. Sempra updated its full-year 2025 earnings guidance to a range of $4.25 to $4.65 per share, affirming its growth strategy and value creation initiatives aimed at enhancing long-term shareholder value.

May 08, 2025 10:53:36

Sempra Adjusts EPS Guidance and Increases Capital Plan to $56B

Sempra reported full-year 2024 earnings of $2.82 billion, or $4.42 per diluted share, a decrease from $3.03 billion or $4.79 per diluted share in 2023. Adjusted earnings for 2024 were $2.97 billion, or $4.65 per diluted share, slightly up from $2.92 billion or $4.61 per diluted share in the previous year. The company announced a record five-year capital plan of $56 billion and increased its long-term EPS growth rate to 7%-9%. Sempra also revised its 2025 EPS guidance to a range of $4.30 to $4.70 and issued a new 2026 EPS guidance of $4.80 to $5.30, reflecting a 12% year-over-year increase from the midpoint of 2025 guidance.

However, Sempra's fourth-quarter earnings of $665 million, or $1.04 per diluted share, were lower compared to $737 million or $1.16 per diluted share in the fourth quarter of 2023. The company faced challenges including regulatory disallowances and foreign currency impacts, which affected overall financial performance. Additionally, the impact of inflation and recent regulatory decisions has led to adjustments in earnings guidance, highlighting the company's need to navigate a higher-cost environment.

Feb 25, 2025 10:54:18