We see the best values in high-quality gas utilities.
We believe tighter environmental regulations are a net positive for most utilities.
We think not, and the market's misperception results in an attractive share price for NiSource.
We are reaffirming our fair value estimates and moat ratings.
Clean energy plans could be long-term growth opportunities.
The global power company's dividend is yielding above 4%.
Infrastructure investments supporting generation changes drive utility earnings and dividend growth.
We expect natural gas and renewable energy, particularly solar and wind, to battle for the top spot.
Renewable energy has policy momentum, but gas generation offers reliability.
Scana, tax reform, and the FERC required the utility to rethink its financing plans.
We modestly reduced our outlook for the utility as we think the a renewal of Ohio Distribution Modernization Rider is unlikely and industrial sales growth is expected to slow.
After nuclear exit, we've upgraded our moat rating and fair value estimate for the utility.
FirstEnergy is one of the best utility performers this year, with solid earnings growth and a growing dividend.
The natural gas explosion at wholly owned Columbia Gas of Massachusetts will likely result in further acceleration of NiSource's safety program to replace bare steel and cast iron pipe.
We think the shares still have room to run following the FES resolution.
Three undervalued utilities are positioned to benefit from the shift to natural gas and renewables.
The main issue for shareholders will be the size of settlement payment to creditors.
Some negative developments driven by regulators and legislators ding growth prospects for the wide-moat utility.
We upgraded First Energy's economic moat rating to narrow and think the market is overly concerned with the pending bankruptcy of one of the firm's units.
There is opportunity for investors when the market revalues the company as a fully regulated narrow-moat utility.
We have a high level of confidence that FirstEnergy can separate itself from FES in 2018, and shares are trading at a near-25% discount to our fair value estimate.
The narrow-moat, soon-to-be-regulated utility is being overly penalized in the market due to the pending FES bankruptcy.
Dominion Energy's conservative strategy means future dividend increases are almost locked in for investors.
This wide-moat utility has two infrastructure projects that should provide plenty of cash to support dividend growth.
Management has done a good job allocating capital.
We like this producer and transporter of energy for its free cash flow and dividend growth prospects.
Growth projects and the Questar acquisition will add to its scale.
Duke Energy’s competitive advantages give us confidence that the utility can grow its dividend by 4% a year for the foreseeable future, says Morningstar's Charles Fishman.
The shift from coal to natural gas is good news for wide-moat Dominion, but investors should wait for a better price.
The utility provides returns that are well above its cost of capital.
ITC Holdings' continued expansion into wind and solid dividend growth over the next few years will likely result in an attractive total return for investors.
Companies operating in constructive regulatory environments as well as those with cleaner and more efficient energy production will be better positioned, says Morningstar's Charles Fishman.
Dominion is uniquely positioned to invest in high-ROIC energy infrastructure.
Several years of depressed power prices have challenged its deregulated businesses.
ITC Holdings, American Electric Power, and Public Service Enterprise Group are aggressively expanding into a wide-moat area of electric transmission.
Carbon-emissions laws have forced several coal-oriented utilities to improve their plants with multi-million-dollar investments, which, in turn, should contribute to dividend-growth opportunities.
It has among the best prospects of any regulated utility we cover.