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  • Roger S. Conrad

Roger S. Conrad needs no introduction to individual and professional investors, many of whom have profited from his decades of experience uncovering the best dividend-paying stocks for accumulating sustainable wealth.

Roger built his reputation with Utility Forecaster, a publication he founded more than 20 years ago that The Hulbert Financial Digest routinely ranked as one of the best investment newsletters. He’s also a sought-after expert on master limited partnerships (MLP) and former Canadian royalty trusts.

In April 2013, Roger reunited with his long-time friend and colleague, Elliott Gue, becoming co-editor of Energy & Income Advisor, a semimonthly online newsletter that’s dedicated to uncovering the most profitable opportunities in the energy sector.

Although the masthead may have changed, readers can count on Roger to deliver the same high-quality analysis and rational assessment of the best dividend-paying utilities, MLPs and dividend-paying Canadian energy names.


Investing Like It’s 1999

By Roger S. Conrad on Sep. 11, 2023

With money market funds and CDs paying 5 percent plus, many investors are asking how dividend stocks can compete on yield.

The far more relevant question: How they stack up on total return, over a meaningful period of time. And on this score, cash alternatives don’t come close to matching up.

Not since 1999 have essential services sectors lagged market averages by this great a margin. Year to date, the Dow Jones Utility Average has dropped by nearly -10 percent. The S&P 500, in contrast, is ahead by 16 percent. And despite losing some momentum recently, the Nasdaq 100 is up better than 40 percent.

Essential Utilities: Top Quality Water Utility at an Historic Discount

By Roger S. Conrad on Sep. 11, 2023

Adding water and wastewater customers by acquiring cash-poor systems on the cheap, then upgrading systems under reliable rate plans: That’s been the formula for Essential Utilities’ (NYSE: WTRG) reliable 7 to 10 percent annual earnings and dividend growth since the early 1990s, when it was known as Philadelphia Suburban.

Outperforming Businesses Ultimately Mean Outperforming Stocks

By Roger S. Conrad on Sep. 11, 2023

In the short-term, the stock market is basically a popularity contest. Investors large and small chase the upside momentum of the hottest themes. Concepts like what a business is actually worth are given lip service at best. And every once in a while, things run so far in one direction that even safe, generous dividends lose their luster. But if you’ve invested for more than a cycle or two, you’ve by now learned the long-term market is more of a weighing machine. And outperforming businesses that gain strength and size over time are eventually rewarded with higher stock prices.

Hawaiian Electric Cuts, UGI Corp May Be Next

By Roger S. Conrad on Sep. 11, 2023

Hawaiian Electric Industries (NYSE: HE) suspended its dividend last month, saving roughly $158 million if continued over the next year. That’s a key piece of the utility’s defense against a wave of lawsuits resulting from Maui’s devastating wildfire, which wiped out the town of Lahaina and killed upwards of 100 people. Management has also drawn down most of the company’s $375 million in credit lines. And it’s considering restructuring moves including spinning out its American Savings Bank unit.

Utilities Face Headwinds: These Stocks Will Take Advantage

By Roger S. Conrad on Sep. 11, 2023

Nine times since the end of World War II, the S&P Utilities Index has dropped by more than -20 percent from its previous high. The most recent occurred over the space of just one month: February 2020 to March 2020 in the wake of the pandemic panic. Over the following 30 months or so, utilities generally moved higher greatly outperforming the broader stock market for most of 2022. But since then, headwinds have generally overwhelmed tailwinds, though the S&P Utilities to date has sustained less damage than any of the periods highlighted in my table “Utilities’ Post-War Ups and Downs.”

Why Utilities Could Get a Post-Storm Season Boost

By Roger S. Conrad on Aug. 31, 2023
Historically, the best storm season outcome for utility investors has been a lack of catastrophic events, when service outages are relatively contained and quickly resolved. And most important, when the work is done and power restored, customers, regulators and politicians are generally satisfied with management’s response.

Hawaiian Electric: Wildfire Survivor But More Pain Likely

By Roger S. Conrad on Aug. 24, 2023
Just weeks after earning an upgrade to A- from credit rater Fitch and reporting solid Q2 results, Hawaiian Electric's (NYSE: HE) stock has dropped by more than two thirds. The reason: A devastating wildfire on the island of Maui August 8, which whipped up by hurricane winds reduced the town of Lahaina to rubble, killed over 100 people and left thousands homeless.

Five Key Takeaways from Q2 and What They Portend

By Roger S. Conrad on Aug. 11, 2023
Nine more CUI Portfolio recommendations have announced Q2 results and updated guidance since the August issue went to post. I’ll have a full recap and analysis for each in the September issue. But here’s what you need to know now.

Utility Earnings and Stock Prices: Behind the Divergence

By Roger S. Conrad on Aug. 7, 2023

The Dow Jones Utility Average is now underwater by nearly -7 percent including dividends so far in 2023. That’s more than 25 percentage points behind the S&P 500, which continues to be pushed higher by momentum-fueled big technology stocks.

In contrast, twice as many companies in my coverage universe (18) have so far raised their 2023 guidance following Q2 earnings as reduced it. And none have cut the longer-term growth guidance that will ultimately drive their share prices higher.