The utilities sector lagged every major sector in 2013 with a 14% total return as the threat of rising interest rates left investors running scared.
Regulated utilities are the cheapest they have been in several years, although they still trade at a 6% premium to our fair value estimates. Diversified utilities are slightly more attractive.
The frigid winter weather in the Eastern U.S. resulted in a windfall for some of the best-positioned utilities such as Calpine CPN, NRG Energy NRG, Public Service Enterprise Group PEG and NJR Holdings NJR.
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