Alliant Energy Corporation (LNT): A Bull Case Theory 

We came across a bullish thesis on Alliant Energy Corporation on MaxDividends’s Substack by Serhio MaxDividends. In this article, we will summarize the bulls’ thesis on LNT. Alliant Energy Corporation’s share was trading at $66.53 as of February 3rd. LNT’s trailing and forward P/E were 20.92 and 19.49  respectively according to Yahoo Finance.

Alliant Energy (LNT) is a Midwest-focused regulated utility that combines old-school stability with a clear growth runway driven by renewables and surging data-center demand. Operating electric utilities in Iowa and Wisconsin, the company serves roughly 1.01 million electric customers and 430,000 gas customers, with earnings anchored in predictable, regulator-backed cash flows.

Over the past two decades, Alliant has steadily evolved from coal and gas into a renewables leader, building one of the largest wind portfolios in the Midwest and rapidly expanding solar and storage capacity. This early and aggressive push into clean energy has lowered fuel volatility, supported rate-base growth, and made Alliant an attractive partner for hyperscalers seeking green power.

The investment case is reinforced by powerful demand tailwinds. Alliant has secured approximately 3 GW of long-term data-center contracts, including a landmark deal tied to its renewable footprint, which could drive a roughly 50% increase in peak load by 2030. To support this growth, management has outlined a $13.4 billion capital expenditure plan through 2029, focused on renewables, grid modernization, and selective gas investments. This capex program is expected to lift the regulated rate base to nearly $23 billion by 2028, underpinning steady earnings growth.

Shareholder returns remain a core pillar. Alliant pays an annual dividend of $2.03, yielding about 3.04%, and has increased its payout for 22 consecutive years. The payout ratio near 64% leaves room for reinvestment while supporting continued dividend growth, with management signaling confidence in future increases. Recent quarterly results showed rising revenues and operating income, reflecting rate hikes and renewable additions, even as higher maintenance and depreciation weighed modestly on margins. Overall, Alliant offers a compelling blend of income, visibility, and renewables-driven growth, making it a durable utility investment with a modern edge.

Previously, we covered a bullish thesis on Evergy, Inc. (EVRG) by Hidden Market Gems in April 2025, which highlighted the company’s defensive regulated utility model and resilience amid macro uncertainty. EVRG’s stock price has appreciated by approximately 19.38% since our coverage. Serhio MaxDividends shares a similar view but emphasizes renewables-driven growth and data-center demand at Alliant Energy.

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Disclosure: None.