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Aggressive Income Feature

FirstEnergy Corp: Ready for the Next Leg Up

By Roger S. Conrad on May. 11, 2023

In December 2020, I added FirstEnergy Corp (NYSE: FE) to the Aggressive Holdings on a simple premise: Investor expectations for the outcome of the Ohio bribery scandal were far too pessimistic—and a less gloomy outcome would trigger a big rebound for the stock. As it turned out, the utility’s former management was found guilty of bribing key state officials to pass legislation favorable to the company. But Ohio contributed only about 16 percent of FirstEnergy’s earnings, meaning the state needed the utility more than the other way around. And state and federal regulators have as result focusing on the executives rather than the company, allowing fresh management to repair frayed regulatory relations.

National Fuel Gas: Get Ready for Another Run

By Roger S. Conrad on Apr. 10, 2023

Between mid-2020 and summer 2022, shares of Aggressive Holding National Fuel Gas (NYSE: NFG) roughly doubled—for a time exceeding my “consider taking profits” level. They’ve since retreated about -25 percent and are positioned to make another run.

Vistra Energy: Cash Rich and Going Nuclear

By Roger S. Conrad on Mar. 10, 2023
Long deeply discounted, Aggressive Holding Vistra Energy (NYSE: VST) suddenly caught fire this week—and for three very good reasons. First, the energy generation and retail company announced yet another earnings beat, boosting 2022 EBITDA 53.5 percent and handily beating the mid-point of management’s most recent guidance. Despite a 26 percent year-over-year lift in CAPEX, free cash flow topped projections. And the company set robust 2023 guidance, with the mid-point of the EBITDA range an 18.8 percent increase.

America Movil: High Percentage Bet on Emerging Markets with a Big Dividend

By Roger S. Conrad on Feb. 9, 2023

Mexico’s Peso is up almost 9 percent against the US dollar since the beginning of 2022. That’s as the US Dollar Index (DXY) is up 8 percent, and has gained even more against the Euro and other developed world currencies. The Peso’s strength has made Aggressive Holding America Movil (Mexico: AMXL, NYSE: AMX) a sector outperformer over the past year.

Atlantica Yield: Big Dividend and Possibly for Sale

By Roger S. Conrad on Jan. 10, 2023

Algonquin Power & Utilities (TSX: AQN, NYSE: AQN) will update strategy on January 12 with an “Investor Update Call.” One potential course of action: The sale of its 42.49 percent interest in Aggressive Holding Atlantica Yield (NSDQ: AY). Expectations were high when Algonquin purchased ownership in the yieldco from its initial parent, bankrupt Spanish engineering firm Abengoa SA. And while the pace of drop downs to fuel growth has been tepid, the association has been positive for both sides—Atlantica’s dividend is now 6 percent higher than in December 2015, when it suspended its payout to deal with Abengoa’s cross-defaults.

Enel SpA: Non-Core Asset Sales Keep Growth and Dividends onTrack

By Roger S. Conrad on Dec. 12, 2022

Europe’s unfolding energy crisis, rising interest rates and a heavy debt load: That accounts for elevated investor skepticism this year that Italy-based Enel SpA (Italy: ENEL, OTC: ENLAY) can hold to guidance of 10 to 13 percent earnings growth or even its generous dividend.

Nippon Telegraph and Telephone: Solid Franchise with a Currency Kicker

By Roger S. Conrad on Oct. 10, 2022

Since the beginning of 2022, the Japanese Yen has dropped by almost -20 percent against the US dollar. That’s shrunk a 29.8 percent year-to-date local market gain in shares of dominant Japanese telecom Nippon Telegraph and Telephone (Tokyo: 9432, OTC: NTTYY) to a return of just 1.3 percent in US dollar terms.

Avangrid Inc: Unloved Stock with 3 Big Upside Drivers

By Roger S. Conrad on Sep. 8, 2022

Shares of Aggressive Holding Avangrid Inc (NYSE: AGR) trade basically where they began 2022. That underperformance of the Dow Jones Utility Average is no surprise, with the US arm of 81.65 percent owner Iberdrola SA (Spain: IBE, IBDRY) facing regulatory and operating uncertainty on three fronts. And Wall Street is obviously skeptical, with six “underweight/underperform/sell” recommendations by Bloomberg Intelligence-tracked analysts last month.

MDU Resources Group: Betting on the Sum of the Parts

By Roger S. Conrad on Aug. 8, 2022

Companies operating in multiple businesses frequently trade at a “conglomerate discount” to more focused rivals. This month, Aggressive Holding MDU Resources (NYSE: MDU) became the latest utility to simplify—announcing a tax-free spinoff to shareholders of its Knife River construction materials division.

AES Corp: Still Growing and Going Cheap Again

By Roger S. Conrad on Jul. 11, 2022

Last month, Aggressive Holding AES Corp (NYSE: AES) bought a 183-megawatt capacity wind power facility in Mississippi from Vestas Wind Systems (Denmark: VWS, OTC: VWSYF). It started up 96 MW of solar/storage projects in Massachusetts and New York. And it forged a consortium with Clearway Energy (NYSE: CWEN) to buy 7 gigawatts of solar panels annually from US manufacturers starting in 2024.

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