Evergy is the regulated electric utility behind roughly 1.7 million meters across Kansas and Missouri, and it has just spent the past eighteen months converting a slow-growth rate base into a genuinely growing one. In early 2026 the company signed electric service agreements with several large load customers to serve data centers, layered on top of prior projects already in the pipeline. The deal flow marks a clear break from the flat-demand baseline that defined the previous decade. Management reaffirmed its long-run annual adjusted EPS growth target through 2030, with acceleration expected in the back half of that window.
The stock trades near $81.50 against forward guidance that implies a multiple in the mid-teens and a dividend yield just above 3%. The central question is whether the Kansas and Missouri commissions keep approving the rate case cadence that turns new rate base into earnings at the authorized return, and whether the physical buildout of generation and transmission keeps pace with a capital plan now running at a level the company has never sustained.