moneyheap
SRE · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Sempra (SRE) stock moving?
Sempra reported Q3 2026 adjusted EPS of $1.40 (adjusted earnings $917M) against a $1.22 estimate and $1.11 a year earlier, and GAAP EPS of $1.34. Sales of $3.191B missed the $3.313B estimate. Management affirmed FY2026 adjusted EPS guidance of $4.80-$5.30, with the midpoint below the $5.14 consensus, but said it expects the high end. FY2026 GAAP EPS guidance was raised to $7.41-$8.41, mainly from one-time items such as the Ecogas gain and tax items, and FY2027 GAAP EPS guidance of $5.10-$5.70 was affirmed. The company also expects a 20% increase to Oncor's base capital plan, a growth signal for its Texas utility, and it plans to sell an equity stake in Sempra Infrastructure Partners to support that growth and strengthen its balance sheet. The shares fell from $85.97 on Nov 2 to $79.83 on Nov 5, with heavy volume of about 11.7M shares on both Nov 4 and Nov 5 against a typical 3M to 4M. The news items do not state why the stock fell, and the first heavy-volume down day (Nov 4) comes before the Nov 5 release date in the feed. Since then the stock has held around $78 (lows of $77.86 to $77.95 from Nov 6 to Nov 10), volume has normalized to 3.8M, and Nov 10 closed at $78.38, about 9% below the Oct 30 close of $86.06. Upside rests on the Oncor capital plan and the pending stake sale; the revenue miss and the adjusted guidance midpoint are the main offsets.
News behind the analysis
- Sempra Q3 2026 Earnings Call TranscriptTranscript of the company's Q3 2026 earnings call, held after it reported third-quarter results on Thursday.
- Sempra Says Too Soon To Tell What New Administration In Texas Would Mean For Data Center DevelopmentManagement said it is too early to judge how a new Texas administration would affect data center development.
- Sempra Reports Third-Quarter 2026 Financial ResultsAdjusted EPS of $1.40 beat analyst expectations, with GAAP EPS of $1.34. The company also announced an expected 20% increase to Oncor's base capital plan.
- Sempra Affirms FY2027 GAAP EPS Guidance of $5.10-$5.70 vs $5.53 EstFY2027 GAAP EPS guidance of $5.10-$5.70 was affirmed, with the midpoint slightly above the $5.53 consensus.
- Sempra Raises FY2026 GAAP EPS Guidance from $5.02-$5.55 to $7.41-$8.41 vs $5.57 EstFY2026 GAAP EPS guidance was raised to $7.41-$8.41 from $5.02-$5.55. The change reflects one-time items such as the Ecogas gain and tax items.
- Sempra Affirms FY2026 Adj EPS Guidance of $4.80-$5.30 vs $5.14 EstFY2026 adjusted EPS guidance of $4.80-$5.30 was affirmed, with the midpoint below the $5.14 consensus. Management said it expects the high end of the range.
- Sempra Q3 Adj. EPS $1.40 Beats $1.22 Estimate, Sales $3.191B Miss $3.313B EstimateQ3 adjusted EPS of $1.40 beat the $1.22 estimate, while sales of $3.191B missed the $3.313B estimate.
About Sempra
Sempra is a San Diego-based energy infrastructure holding company. It owns SDG&E and SoCalGas in California and a large stake in Texas power-delivery utility Oncor. Through Sempra Infrastructure it is also building LNG export projects, such as Port Arthur LNG, and recently signed a 20-year LNG supply deal with Petrobras.
How it makes money
Most of its earnings come from regulated utilities. These are Oncor in Texas (owned through an approximately 80% stake) and SDG&E and SoCalGas in California. Regulators let them earn a set return on the money they invest in power lines, pipelines and other assets, and customers pay for that through their rates. A smaller share comes from Sempra Infrastructure, which earns fees from long-term LNG export contracts and energy infrastructure. Sempra has been selling some of its Mexico assets, including Ecogas México in 2026. It also pays a quarterly dividend, recently about $0.66 per share.
What usually moves SRE
- Utility rate case and regulatory decisions in Texas and California
- Texas electricity demand growth, including from data centers
- California wildfire liability and reform
- LNG export project progress and contracts
- Interest rates and capital spending funding needs