With a market cap of $21.4 billion, CMS Energy Corporation (CMS) provides electric and gas services to 1.9 million and 1.8 million customers, respectively, through its Electric Utility, Gas Utility, and NorthStar Clean Energy segments. It generates power from various sources and operates an extensive distribution and storage infrastructure.

Shares of the Jackson, Michigan-based company have slightly outperformed the broader market over the past 52 weeks. CMS Energy stock has returned 13.2% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 12.5%. Moreover, CMS shares are up 7.2% on a YTD basis, compared to SPX's 1.3% gain.

Looking closer, the energy company has slightly lagged behind the Utilities Select Sector SPDR Fund's (XLU) 13.7% return over the past 52 weeks and an 8.6% YTD gain.

Despite missing Q1 2025 adjusted EPS estimates with $1.02, CMS Energy shares recovered marginally on Apr. 24 due to stronger-than-expected revenues of $2.5 billion and rose 12.5% year-over-year. Net income also improved to $295 million. The company reaffirmed its 2025 adjusted EPS guidance of $3.54 - $3.60, aligning closely with the consensus estimate, and maintained its long-term EPS growth target of 6% - 8%.

For the fiscal year ending in December 2025, analysts expect CMS' EPS to grow 7.5% year-over-year to $3.59. The company's earnings surprise history is mixed. It beat the consensus estimates in three of the last four quarters while missing on another occasion.

Among the 17 analysts covering the stock, the consensus rating is a “Moderate Buy.” That’s based on 10 “Strong Buy” ratings and seven “Holds.”

This configuration is slightly more bullish than three months ago, with nine “Strong Buy” ratings on the stock.

On Apr. 23, Morgan Stanley analyst David Arcaro reiterated a “Hold” rating on CMS Energy and set a price target of $74.

As of writing, CMS is trading below the mean price target of $77.44. The Street-high price target of $83 implies a potential upside of 16.1%.