分析师预计，公用事业公司2023年每股收益的增长速度几乎与标准普尔500指数10%的涨幅持平，如果经济增长放缓，这一涨幅可能会下降，主因可再生能源的需求推动了公用事业板块的稳步增长。
债券收益率的上升正在搅乱股市。公用事业股已经从中受益，而且它们的上涨趋势似乎还没有结束。
10年期美国国债收益率已从2021年底的1.51%飙升至2.83%，原因是美联储提高了借贷成本以遏制通胀。美联储已经开始加息，预计很快将减持债券——这对工业、非必需消费品和银行等风险较高行业来说是个坏兆头，但有助于提振公用事业等防御性行业。
美联储的举措导致标普500指数今年下跌了7.8%，与此同时，$公用事业精选行业指数ETF-SPDR(XLU.US)$上涨6.3%。
通常情况下，较高的债券收益率会打击公用事业类股，因为伴随着经济需求的增强，投资者会青睐周期类股。而当经济走强时，公用事业公司的收益增长并没有增加。
然而，目前债券收益率上升是美联储试图放缓经济增长的结果，这种放缓将削弱周期性行业的利润增长，促使投资者涌入公用事业等防御性股票。公用事业公司的盈利增长应该是稳定的，因为它们可以继续提高住宅和商业客户的价格，这正是摩根士丹利策略师最近上调公用事业行业评级的原因。
分析师预计，公用事业公司2023年每股收益的增长速度几乎与标准普尔500指数10%的涨幅持平，如果经济增长放缓，这一涨幅可能会下降。可再生能源的需求推动了公用事业公司的稳步增长(高于过去几年的低个位数百分比)。
国家监管机构只允许公用事业公司实现其资产的固定回报，大约10%。当他们投资于可再生能源项目时，会增加他们的总资产。随着他们的资产增加，收益几乎同样快速增长。
富国银行分析师尼尔·卡尔顿(Neil Kalton)说：「现在宏观不确定性很大，而这个行业有很多吸引人的特点。如果有一些回调，他们想介入并加仓。
以$道明尼资源(D.US)$为例，该公司在最近的财报中表示，计划从今年开始，每年将资产基础扩大9%。FactSet的数据显示，这将推动其2023年的每股收益增长近7%，达到4.38美元。推动其资产扩张的将是零碳发电11%的增长，相当于74亿美元年度投资总额中的54亿美元。
古根海姆公司(Guggenheim)分析师沙赫里亚·普尔雷扎(Shahriar Pourreza)表示：「道明尼能源主要依靠脱碳和可再生能源，他对该股的评级为买入，该股的收益将以6%至8%的速度持续增长。」
「这可能会推高道明尼能源的股价，因为它并不像看上去那么昂贵。在经济不确定性加剧的情况下，公用事业公司的交易成本较高是正常的。如果投资者担心经济衰退，Dominion将会对投资者有利，」瑞穗分析师东尼•克劳德尔(Anthony Crowdell)说。
Analysts expect utilities' earnings per share to grow at almost the same rate as the s & p 500's 10% rise in 2023, which could fall if economic growth slows, mainly because demand for renewable energy has driven steady growth in the utilities sector.
Rising bond yields are roiling the stock market. Utilities have benefited from it, and their upward trend does not seem to be over.
The yield on 10-year Treasuries has soared to 2.83% from 1.51% at the end of 2021 as the Fed raised borrowing costs to curb inflation. The Fed has begun to raise interest rates and is expected to reduce its bond holdings soon-which bodes ill for riskier industries such as industry, consumer discretionary goods and banks, but helps boost defensive sectors such as utilities.
The Fed's move sent the S & P 500 down 7.8% this year, while at the same timeSelected Public Utilities Industry Index ETF-SPDR (XLU.US) $Up 6.3%.
Typically, higher bond yields hit utilities, as investors favor cyclical stocks as economic demand increases. When the economy strengthened, the revenue growth of utility companies did not increase.
However, the current rise in bond yields is the result of the Fed's attempt to slow economic growth, which will weaken profit growth in cyclical sectors and prompt investors to pour into defensive stocks such as utilities. Earnings growth for utility companies should be stable because they can continue to raise prices for residential and commercial customers, which is why Morgan Stanley, a strategist, recently upgraded the utility industry.
Analysts expect utility earnings per share to grow at almost the same rate as the s & p 500's 10 per cent rise in 2023, which could slow if economic growth slows. Demand for renewable energy has contributed to the steady growth of utilities (higher than the low single-digit percentage of the past few years).
State regulators only allow utility companies to achieve a fixed return on their assets, about 10%. When they invest in renewable energy projects, they increase their total assets. As their assets grow, earnings grow almost as fast.
"there is a lot of macro uncertainty right now, and the industry has a lot of attractive features," said Neil Kalton, an analyst at Wells Fargo & Co. If there are some pullbacks, they want to step in and increase their positions.
To$Dominion Resources (D.US) $For example, the company said in its most recent earnings report that it plans to expand its asset base by 9 per cent a year starting this year. This will boost its earnings per share by nearly 7 per cent to $4.38 in 2023, according to FactSet. Its asset expansion will be driven by an 11 per cent increase in zero-carbon power generation, equivalent to $5.4 billion of total annual investment of $7.4 billion.
Shahriar Pourreza, an analyst at Guggenheim, said: "Dominique Energy relies mainly on decarbonization and renewable energy. He has a buy rating on the stock, and its earnings will continue to grow at a rate of 6 to 8 per cent. "
"this could push up the share price of Dow Minnie Energy, because it is not as expensive as it seems. In the case of increased economic uncertainty, it is normal for public utility companies to have high transaction costs. If investors are worried about a recession, Dominion will be good for investors, "said Anthony Crowdell, an analyst at Mizuho.
