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Executive Summary

Solid Earnings Drive Strong Returns

By Roger S. Conrad on Nov. 14, 2022

Q3 numbers and guidance updates are almost all in. And rarely if ever have I seen results so immediately consequential for utilities and essential service stocks—as investors ascertain whether business growth plans will withstand headwinds from inflation, rising interest rates and a potentially severe recession.

The 42 Utility Report Card companies raising guidance have answered any questions about their strength for now. And their stocks have staged a big recovery rally from October lows. That includes several companies that faced extreme doubt going into reporting season, notably Aggressive Focus stock AT&T Inc (NYSE: T) and Hannon Armstrong Sustainable Infrastructure (NYSE: HASI).

Conversely, investors have ruthlessly punished disappointment. The worst hit have been the 17 coverage universe companies reducing their guidance, including Portfolio recommendations Algonquin Power & Utilities (TSX: AQN, NYSE: AQN), Dominion Energy (NYSE: D) and Telephone & Data Systems (NYSE: TDS).

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