CMS Energy (CMS)
Parent of Consumers Energy, serving Michigan electricity and natural gas customers.
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Owns Consumers Energy, which earns primarily regulated revenue from electricity and natural gas service across Michigan's Lower Peninsula, alongside a smaller independent-power operation. The group is exiting non-utility renewables development and plans to divest primarily out-of-state renewable projects while retaining Michigan-based NorthStar assets.
Runs Michigan's regulated electric and natural gas businesses through Consumers Energy, which generates or purchases electricity and distributes power and gas across the Lower Peninsula. The electric utility and gas utility segments supply the substantial majority of the group's business, while NorthStar Clean Energy operates and markets independent power generation.
Operations center on maintaining and expanding generation, electric distribution, gas transmission, storage, and distribution infrastructure under state and federal oversight. A board-approved transition is ending non-utility renewables development and seeking buyers for primarily out-of-state renewable projects, while retaining Michigan-based NorthStar assets including Dearborn Industrial Generation. Results depend on Michigan rate regulation, federal energy rules, weather, energy commodity prices, interest rates, credit access, and reliable operation of utility infrastructure.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 8, 2026 | BMO Capital | Reiterate | Rating: —Target: $86 | Target: $77 |
| Aug 21, 2026 | Morgan Stanley | Reiterate | Rating: —Target: $77 | Target: $79 |
| Aug 4, 2026 | Truist Financial | Target | Target: $83 | Target: $81 |
| Jul 29, 2026 | UBS | Reiterate | Rating: —Target: $81 | Target: $84 |
| Jul 23, 2026 | KeyBanc | Downgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $241.0M · Total debt $19.30B · Total assets $41.10B · Shareholders' equity $9.77B
- Revenue
- $1.83B
- Operating income
- $264.0M
- Net income
- $120.0M
HistoryDividendAnnual yield
| Institutions | ≈ 80.04% | 318.30M shares | |
|---|---|---|---|
| 827 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 0.45% | 1.78M shares | |
| 22 holders · as of Aug 3, 2026 | |||
| Other | ≈ 19.51% | 77.61M shares | |
| remainder | |||
397.69M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (397.69M in the company's Sep 22, 2026 report, 313.58M elsewhere); stakes use the report.
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 8.32% | 33.07M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 5.07% | 20.17M | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.79% | 19.05M | as of Jun 30, 2026 |
State Street CorpInstitution | 4.45% | 17.71M | as of Jun 30, 2026 |
JPMorgan Chase & CoInstitution | 4.13% | 16.41M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jul 31, 2026 | Srikanth Maddipati | officer: EVP/CFO | +200 | $72.46 |
| May 26, 2026 | Brandon J. Hofmeister | officer: Senior Vice President | −3,000 | $74.31 |
| Mar 2, 2026 | Scott B. McIntosh | officer: VP, Controller, CAO | −1,750 | $78.21 |
| Feb 27, 2026 | Brandon J. Hofmeister | officer: Senior Vice President | −4,000 | $78.24 |
| Feb 25, 2026 | Diane Leopold | director | +2,000 | $76.70 |
- DTE Energy
Michigan electric and gas utility peer
- WEC Energy Group
Midwest electric and gas utility benchmark
- NiSource
Gas-heavy Midwest regulated utility peer
- Ameren
MISO-region electric, gas, and transmission peer
- Alliant Energy
Upper Midwest electric and gas utility peer
- Xcel Energy
Multistate electric-gas utility and decarbonization peer
- NextEra Energy
Clean-energy developer and IPP overlap for NorthStar
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| CMS Energy | $64.45 | −0.39% | $20.29B | 19.1 | 15.5 | 2.3 | −0.5% |
| DTE Energy | $125.85 | −0.22% | $26.25B | 19.8 | 15.4 | 1.6 | −1.5% |
| WEC Energy Group | $102.98 | −0.48% | $33.71B | 20.1 | 19.3 | 3.3 | +2.6% |
| NiSource | $40.13 | −0.97% | $19.42B | 21.6 | 18.5 | 2.8 | +4.6% |
| Ameren | $101.72 | −0.11% | $28.18B | 17.9 | 18.5 | 3.2 | −5.8% |
| Alliant Energy | $64.84 | −0.20% | $16.78B | 20.6 | 18.7 | 3.8 | +1.0% |
| Xcel Energy | $72.02 | +0.24% | $44.88B | 19.6 | 17.0 | 3.1 | −5.1% |
| NextEra Energy | $79.43 | −0.25% | $166.11B | 17.9 | 19.6 | 5.7 | +12.5% |
| Median | 19.8 | 18.5 | 3.2 | +1.0% |