Themes / Group
Active · established relationshipLatest completed snapshot · Aug 21 · 16:11 ET

MARKET-DISCOVERED GROUP

Regulated Utilities

THE TRADER READBroad price confirmation, weak flow alignment

14 of 14 measured members are falling. Capital-flow agreement is 6%, so the basket is not yet clean.

Price breadth14 of 14 fallingRelative median unavailable
Capital-flow alignment6%Price breadth is not yet confirmed by flow
Activity nowExtremeActivity score 96/100 · lift 1.3×
Evidence depth5 episodes62 observed active sessions
EVIDENCE CLOCK

What happened, in timestamp order

1 timed event
TIMING READA causal timing read is unavailable because no material member price onset could be timestamped.
  1. Retained observationGroup activity qualified live

    71% breadth · Hot activity

2 earlier filing context receipts

MON, AUG 3DUK filing documented shared operating contextcredit / rates affecting interest expense · date precision only

WED, AUG 5CPK filing documented shared operating contextcredit / rates affecting interest expense · date precision only

Headline times and retained activity confirmations are point-in-time evidence. Price order is inferred from aligned 5-minute bars. Filing evidence has date precision only and is context, not an intraday catalyst claim.

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations
Price sequence unavailableA timestamped price sequence is unavailable.
RELATIVE CO-MOVEMENT

How the members are behaving together

Session-normalized

Observed intraday paths are not available for this group yet.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast
WHY NOW

Verified recent context

0 items

No verified recent catalyst is attached to this move. The relationship may be market-led rather than news-led.

WHY THIS GROUP EXISTS

Shared filing context

12/14 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across ATO, CMS, CNP, CPK, DUK, ED, OGS, SO, SOMN, SR, SWX.

credit / rates affecting interest expense

“The increase was partially offset by lower interest expense resulting from reduced average outstanding Revolver borrowings, scheduled debt repayments, and higher capitalized interest compared to the prior-year period.”

CPK 10-Q · 2026-08-06
capital investment / capacity affecting capex

“Capital spending increased $478.5 million primarily as a result of increased system modernization.”

ATO 10-Q · 2026-08-05
credit / rates

“Additionally, our earnings are affected by changes in short-term interest rates as a result of our issuance of short-term commercial paper and our other short-term borrowings.”

ATO 10-K · 2025-11-14
CONFIRMATION NETWORK

Outsiders and cross-asset links

5 outsiders confirming
KEP → BNDInverse historical lead/lag · strength -0.35
KEP → EMBInverse historical lead/lag · strength -0.35

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

ETRMoving with group

SO · text peer

NFGMoving with group

NJR · text peer

AEEMoving with group

CNP · text peer

PEGMoving with group

NJR · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately
ATOSRCNPOGSSOEDSWXEMADUKFTSCMSCPKNJRSOMN

14/14 active0 rising · 14 falling

MemberUnusual activityToday's moveRead now
ATOAtmos Energy Corporation
Most unusual · 100/100
-2.1%
Active; unclassifiedActive in 32.3% of observed group sessions
SRSpire Inc.
Elevated · 82/100
-2.8%
Active; unclassifiedActive in 48.4% of observed group sessions
CNPCenterPoint Energy, Inc.
Elevated · 70/100
-3.6%
Flow divergenceActive in 8.1% of observed group sessions
OGSONE Gas, Inc.
Elevated · 68/100
-2.9%
Active; unclassifiedActive in 45.2% of observed group sessions
SOSouthern Company (The)
Elevated · 64/100
-2.7%
Flow divergenceActive in 16.1% of observed group sessions
EDConsolidated Edison, Inc.
Elevated · 64/100
-1.8%
Flow confirmerActive in 19.4% of observed group sessions
SWXSouthwest Gas Holdings, Inc.
Elevated · 53/100
-2.4%
Active; unclassifiedActive in 29% of observed group sessions
EMAEmera Incorporated
Elevated · 51/100
-3.3%
Active; unclassifiedActive in 16.1% of observed group sessions
DUKDuke Energy Corporation
Elevated · 47/100
-2.4%
Flow divergenceActive in 9.7% of observed group sessions
FTSFortis Inc.
Elevated · 45/100
-2.4%
Active; unclassifiedActive in 12.9% of observed group sessions
CMSCMS Energy Corporation
Elevated · 34/100
-2.2%
Flow confirmerActive in 12.9% of observed group sessions
CPKChesapeake Utilities Corporation
Elevated · 31/100
-1.3%
Active; unclassifiedActive in 29% of observed group sessions
NJRNew Jersey Resources Corporation
Elevated · 31/100
-2.4%
Active; unclassifiedActive in 29% of observed group sessions
SOMNThe Southern Company
Elevated · 20/100
-1.2%
Active; unclassifiedActive in 6.5% of observed group sessions
View exact member values
TICKERCompanyRole nowTodayObserved historyTrader interpretation
ATOAtmos Energy CorporationMost unusual-2.1%32.3% of 62 sessionsMost unusual activity in this snapshot; performance direction may differ.
SRSpire Inc.Participating-2.8%48.4% of 62 sessionsPrice participation is not yet confirmed by per-name flow.
CNPCenterPoint Energy, Inc.Participating-3.6%8.1% of 62 sessionsPrice participation with distributing signed flow.
OGSONE Gas, Inc.Participating-2.9%45.2% of 62 sessionsPrice participation is not yet confirmed by per-name flow.
SOSouthern Company (The)Participating-2.7%16.1% of 62 sessionsPrice participation with distributing signed flow.
EDConsolidated Edison, Inc.Participating-1.8%19.4% of 62 sessionsPrice participation with accumulating signed flow.
SWXSouthwest Gas Holdings, Inc.Participating-2.4%29% of 62 sessionsPrice participation is not yet confirmed by per-name flow.
EMAEmera IncorporatedParticipating-3.3%16.1% of 62 sessionsPrice participation is not yet confirmed by per-name flow.
DUKDuke Energy CorporationParticipating-2.4%9.7% of 62 sessionsPrice participation with distributing signed flow.
FTSFortis Inc.Participating-2.4%12.9% of 62 sessionsPrice participation is not yet confirmed by per-name flow.
CMSCMS Energy CorporationParticipating-2.2%12.9% of 62 sessionsPrice participation with accumulating signed flow.
CPKChesapeake Utilities CorporationParticipating-1.3%29% of 62 sessionsPrice participation is not yet confirmed by per-name flow.
NJRNew Jersey Resources CorporationParticipating-2.4%29% of 62 sessionsPrice participation is not yet confirmed by per-name flow.
SOMNThe Southern CompanyParticipating-1.2%6.5% of 62 sessionsPrice participation is not yet confirmed by per-name flow.

04 · HAS THIS HAPPENED BEFORE

Identity history versus measured outcomes

Structural recurrence is not the same as a validated trading outcome
POINT-IN-TIME LIVE OUTCOMES

Observed follow-through

10/10 events completed
30 minutes-0.04%43% continuation · n=7Median MFE +0.41% · MAE -0.37%
60 minutes-0.11%29% continuation · n=7Median MFE +0.41% · MAE -0.37%
Session close+0.02%57% continuation · n=7Median MFE +0.41% · MAE -0.37%
Next-session close+0.22%67% continuation · n=6Median MFE +0.37% · MAE -0.38%
Only point-in-time live watcher observations and conservative same-day EOD observations are included. Later backfills and replay runs are excluded.
moderate structural support

5 completed episodes across 62 active sessions provide moderate historical support. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support99 daysHow often the cohort identity was observed
Completed episodes5Separate periods of broad group activity
Active sessions62Completed session observations, not trades
2026-06-23 → 2026-08-2138 active sessionsNo name was active through every recorded session
2026-06-15 → 2026-06-184 active sessionsNo name was active through every recorded session
2026-05-29 → 2026-06-096 active sessionsNo name was active through every recorded session
2026-05-13 → 2026-05-206 active sessions9.1% composition consistency through the episode
2026-04-27 → 2026-05-088 active sessionsNo name was active through every recorded session
MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS
SR48.4% · 5 episodes
OGS45.2% · 5 episodes
ATO32.3% · 5 episodes
CPK29% · 5 episodes
NJR29% · 5 episodes
SWX29% · 5 episodes
ED19.4% · 1 episode
EMA16.1% · 1 episode
SO16.1% · 1 episode
CMS12.9% · 1 episode
FTS12.9% · 1 episode
DUK9.7% · 1 episode
CNP8.1% · 1 episode
SOMN6.5% · 1 episode