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Executive Summary

Utility Values: Holding Guidance is the Key

By Roger S. Conrad on Aug. 8, 2022

The Dow Jones Utility Average has returned roughly 6 percent year to date. That compares with a -12 percent decline for the S&P 500, even after the past month’s torrid rally.

Re-shoring of investment to the US, growing popularity of domestic businesses, low relative valuations and utilities’ well-earned reputation for resilience are four good reasons for outperformance. And as the feature article highlights, benefits from the Inflation Reduction Act of 2022 are a solid fifth.

Ultimately, however, utilities’ ability to hold their ground in a difficult economy and stock market depends on individual companies being able to hold onto their guidance—especially the longer-term variety that for best in class companies is 6 to 8 percent annual growth in earnings and dividends.

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