U.S. utility stocks have started to look like bargains after being considered expensive relative to the broader market for well over a year. Still, the outlook is far from certain as demand this summer is set to be hard hit by the contraction in commercial and industrial usage.
Some utilities may be more vulnerable to lockdown pressures, depending on the regions they serve. “Utilities with large commercial-industrial customers could see record-breaking demand drops,” wrote Andrew Bischof, senior equity analyst at Morningstar, in a research note.
Public Service Enterprise Group Inc noted a similar decline in electric load from the end of March through April, and said the reduction could extend through the second quarter. Still, after underperforming the broader market over the last 12 months, utilities, considered a “safe-haven” bond proxy, have appeared relatively cheap.
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