- Basic Materials
- Consumer Cyclical
- Consumer Defensive
- Financial Services
- Health Care
- Real Estate
- Tech & Communication Services
Morningstar Outlook For Utilities
"Languishing power and gas prices continue to weigh on earnings for diversified utilities and power producers. Year to date, gas prices are down 13% and power prices are down 6%.[...] We now count 35 GW of planned or executed coal plant shutdowns since late 2010, up from 30 GW last quarter and closing in on our 53 GW estimate. Gas generation in March hit its highest share of total U.S. generation in at least 40 years at 30%, while coal's share fell to its lowest level at 34%"
Exelon är en av Morningstars favoriter:
"Even though we believe Exelon's $7 billion acquisition of Constellation in March was value dilutive, the addition of Constellation's countercyclical retail business comes at just the right time. As power and gas markets have plunged, Constellation's retail business and regulated utility offer an offset to Exelon's huge generation fleet. [...] For those who concur with Exelon management that power prices will stay low for many years, the merger should easily be accretive. But if you believe Exelon can be the utility sector's big winner from environmental regulations, then Constellation will be a drag.[...] We still think Exelon offers a compelling value"
Ohållbart pris på naturgas?
På tal om naturgas refererar Morningstar till en intervju med Exxons VD Rex Tillerson:
[Exxon is] making "no money" on U.S. natural gas due to low prices that have fallen below the cost of production. [U.S. natural-gas prices] are not sustainable, as energy companies won't be able to continue drilling unless prices rise,