RELATIVE CO-MOVEMENT
SPY-adjustedHow the members are behaving together
Group median +0.90Strongest path SWXWeakest path D
Observed member paths adjusted against SPY. The median is emphasized; shading marks the latest observation window.
MARKET-DISCOVERED GROUP
Regulated Utilities
8 of 8 members show broad activity, but direction is mixed. Treat this as shared attention—not yet a clean group trade.
Participation8 of 8100% active now
DirectionMixed33% agreement—not a clean directional move
Outside confirmation2 of 8filing-linked outsiders moving with the group
Observed history1 episode8 active sessions
01 · WHAT IS HAPPENING
The move and its drivers
02 · WHY IT MATTERS
The business context around the move
WHY THIS GROUP EXISTS
8/8 members coveredShared filing context
Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across AVA, CPK, D, OGS, POR, SR, SWX.
credit / rates affecting interest expense
“MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued) Net income increased approximately $16.9M during the nine months ended June 30, 2026, compared with the nine months ended June 30, 2025, due primarily to the following factors: • $41.0M increase in Utility Gross Margin, as previously discussed; partially offset by • $11.1M increase in depreciation expense as a result of additional utility plant being placed into service; • $6.6M increase in interest expense due to higher outstanding long-term debt; • $4.2M increase in O&M due to higher employee expenses; and • $3.1M increase in income tax expense related to higher operating income.”
NJR 10-Q · 2026-08-04
capital investment / capacity affecting capex
“Consolidated assets increased approximately $445.7M as of June 30, 2026, compared with September 30, 2025, due primarily to the following factors: • $246.8M increase in utility plant expenditures, net at NJNG; • $144.2M increase in nonutility plant and equipment, net at CEV due primarily to additional capital expenditures for commercial solar projects; and • $85.2M increase in cash and customer receivables at NJNG, due to seasonality; partially offset by • $62.9M decrease in gas in storage mainly at NJNG, due to seasonality.”
NJR 10-Q · 2026-08-04
credit / rates
“Capital Resources Capital Structure Our consolidated capital structure, including the current portion of long-term debt and short-term borrowings consisted of the following as of June 30, 2026 and December 31, 2025 (dollars in millions): June 30, 2026 December 31, 2025 Amount Percent of total Amount Percent of total Current portion of long-term debt and leases $ 9 0.2 % $ 9 0.1 % Short-term borrowings 226 3.7 388 6.5 Long-term debt to affiliated trusts 52 0.8 52 0.9 Long-term debt and leases 3,073 49.7 2,846 47.4 Total debt 3,360 54.4 3,295 54.9 Total shareholders’ equity 2,821 45.6 2,709 45.1 Total $ 6,181 100.0 % $ 6,004 100.0 % Our shareholders’ equity increased $112 million during the first half of 2026 primarily due to net income and the issuance of common stock, which was partially offset by dividends paid.”
AVA 10-Q · 2026-08-03
WHERE IT COULD SPREAD
2 confirming nowFiling-linked outsiders
Companies outside the group that have disclosed links to its members. Their current state is a confirmation check, not a forecast.
DUKMoving with group
SR · supplier
Filing receipt
“the Tennessee assets of Piedmont Natural Gas, a wholly-owned subsidiary of Duke Energy, to acquire its Tennessee natural gas business for a total cash purchase price of…”
CTRINot confirming
SWX · customer
Filing receipt
“Revenue from Southwest Gas Corporation totaled $26.1 million for the current period compared to $28.7 million in the prior year period.”
PWCurrent read unavailable
D · customer
Filing receipt
“2024 Net income attributable to Dominion Energy increased 8%, primarily due to higher rider equity returns reflecting capital investments at Virginia Power and an increa…”
03 · WHO IS IN IT
Member participation
NJRDCPKSWXAVAPOROGSSR
8/8 active3 rising · 5 falling
MemberUnusual activityToday's moveRead now
NJRNewJersey Resources Corporation
Most unusual
-1.7%
Most unusualActive; direction differs
DDominion Energy, Inc.
Elevated
-2.1%
ElevatedActive; direction differs
CPKChesapeake Utilities Corporatio
Participating
-0.5%
ParticipatingActive; direction differs
SWXSouthwest Gas Holdings, Inc.
Participating
+2.1%
ParticipatingActive; direction differs
AVAAvista Corporation
Participating
-1.1%
ParticipatingActive; direction differs
PORPortland General Electric Co
Participating
-1.3%
ParticipatingActive; direction differs
OGSONE Gas, Inc.
Participating
+0.5%
ParticipatingActive; direction differs
SRSpire Inc.
Participating
+0.1%
ParticipatingActive; direction differs
View exact member values
| TICKER | Company | Role now | Today | Trader interpretation |
|---|---|---|---|---|
| NJR | NewJersey Resources Corporation | Most unusual | -1.7% | Most unusual activity in this snapshot; performance direction may differ. |
| D | Dominion Energy, Inc. | Participating | -2.1% | Active, but the group has not aligned on direction. |
| CPK | Chesapeake Utilities Corporatio | Participating | -0.5% | Active, but the group has not aligned on direction. |
| SWX | Southwest Gas Holdings, Inc. | Participating | +2.1% | Active, but the group has not aligned on direction. |
| AVA | Avista Corporation | Participating | -1.1% | Active, but the group has not aligned on direction. |
| POR | Portland General Electric Co | Participating | -1.3% | Active, but the group has not aligned on direction. |
| OGS | ONE Gas, Inc. | Participating | +0.5% | Active, but the group has not aligned on direction. |
| SR | Spire Inc. | Participating | +0.1% | Active, but the group has not aligned on direction. |
04 · HAS THIS HAPPENED BEFORE