With a market cap of $23 billion, CMS Energy Corporation (CMS) operates through electric utility, gas utility, and clean energy segments, serving approximately 1.9 million electric customers and 1.8 million natural gas customers across the state. It generates and distributes electricity from a diverse mix of sources, including coal, natural gas, wind, nuclear, oil, and renewable energy, while also developing and operating renewable power projects through its NorthStar Clean Energy segment.

Shares of the Jackson, Michigan-based company have lagged behind the broader market over the past 52 weeks. CMS stock has returned 7.5% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 27.9%. Moreover, shares of the company are up 6.6% on a YTD basis, compared to SPX's 9.2% rise.

Looking closer, shares of the energy company have underperformed the State Street Utilities Select Sector SPDR ETF's (XLU) 13.2% increase over the past 52 weeks.

CMS Energy reported stronger Q1 2026 results on Apr. 28, with EPS increasing to $1.10 from $1.01 a year earlier and adjusted EPS rising to $1.13 from $1.02 in 2025. The company reaffirmed its full-year 2026 adjusted EPS guidance range of $3.83 to $3.90 and maintained its long-term adjusted EPS growth outlook of 6% to 8%. However, the stock fell marginally on that day.

For the fiscal year ending in December 2026, analysts expect CMS' adjusted EPS to grow 7.2% year-over-year to $3.87. The company's earnings surprise history is promising. It beat the consensus estimates in the last four quarters.

Among the 17 analysts covering the stock, the consensus rating is a “Moderate Buy.” That’s based on nine “Strong Buy” ratings and eight “Holds.”

On May 21, Morgan Stanley cut its price target for CMS Energy to $77 while maintaining an “Equal Weight” rating.

The mean price target of $81.86 represents a 9.8% premium to CMS’ current price levels. The Street-high price target of $88 suggests a 18.1% potential upside. 

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