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Executive Summary

Utilities and Dividend Stocks: After the Crash

By Roger S. Conrad on Oct. 9, 2023

Focus on quality. Invest incrementally, and keep a generous pile of cash to scoop up bargains when prices become too low to resist.

That’s been our basic strategy in 2023, in anticipation of worse to come for the economy and markets. And tough times are exactly what we’ve seen over the past month. Since September 15, the Dow Jones Utility Average has lost more than -10 percent, taking its year to date loss to -14.6 percent including dividends.

As always happens in major downturns, some of the biggest losses are in places where we least expected them. A good example is NextEra Energy (NYSE: NEE). America’s leading producer of solar, wind and energy storage reduced dividend growth guidance at its affiliate NextEra Energy Partners (NYSE: NEP). And the result was several days of the worst selling for utilities since March 2020.

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