Company Reports

We expect PPL to invest more than $17 billion at its utilities through 2028. These regulated utility growth opportunities support our expectations for 7% annual earnings growth, in line with management's 6%-8% earnings growth target.

We are maintaining our $29 per share fair value estimate for PPL after the company reported full-year 2023 operating earnings of $1.60 per share compared with $1.41 in 2022. The company narrowed its full-year 2024 EPS guidance range to $1.63-$1.75, in line with our estimate. The company's 6%-8% annual earnings and dividend growth outlook was extended through 2027, consistent with our 7% earnings growth estimate. The company also announced a 7.3% dividend increase, in line with our expectations. PPL trades at a 9% discount to our fair value estimate as of Feb. 15 in a sector we view as 11% undervalued. The company has near-term regulatory clarity, with no rate cases planned across its service territories in 2024, after the company received a better-than-expected outcome at its Kentucky subsidiary.

We expect PPL to spend $12 billion at its U.S. utilities through 2026. These regulated utility growth opportunities support our expectations for 7% annual earnings growth, in line with management's 6%-8% earnings growth target.

With the U.N. Climate Change Conference, otherwise known as COP28, starting this week, we are reasserting our view that the market underappreciates utilities' critical role in limiting global warming.

We are maintaining our $29 fair value estimate for narrow-moat PPL after the company reported third-quarter operating earnings per share of $0.43 compared with $0.41 in the year-ago period. The company narrowed its full-year EPS guidance to $1.55-$1.60 from $1.50-$1.65.

We are reaffirming our fair value estimates and economic moat ratings for all U.S. utilities after the sector fell nearly 5% on Monday. We think the sector's 11% drop since last week offers a rare opportunity for investors to buy high-quality utilities at very attractive prices.

We expect PPL to spend $12 billion at its U.S. utilities through 2026. These regulated utility growth opportunities support our expectations for 7% annual earnings growth, in line with management's 6%-8% earnings growth target.

We are maintaining our $29 per share fair value estimate for PPL after the company reported second-quarter operating earnings of $0.29 compared with $0.30 per share in the same year-ago period.

We expect PPL to spend more than $15 billion at its U.S. utilities through 2027. These regulated utility growth opportunities support our expectations for 7% annual earnings growth, in line with management's 6%-8% earnings growth target.

We are maintaining our $29 per share fair value estimate for PPL after the company reported first-quarter operating earnings of $0.48 per share, up from $0.41 in the same year-ago period. The company reaffirmed its $1.50-$1.65 EPS guidance range, in line with our expectations.

We expect PPL to spend more than $15 billion at its U.S. utilities through 2027. These regulated utility growth opportunities support our expectations for 7% annual earnings growth, in line with management's 6%-8% earnings growth target through 2026.

We are maintaining our $29 per share fair value estimate for PPL after the company reported full-year 2022 operating earnings of $1.41, up from $1.05 per share in 2021 and in line with the company's earnings guidance of $1.35 to $1.45 per share. Our narrow economic moat and stable moat trend remain unchanged.

We expect PPL to spend nearly $14 billion at its U.S. utilities through 2026, including its recent acquisition of Narragansett Electric. These regulated utility growth opportunities support our expectations for 7% annual earnings growth, in line with management's 6%-8% earnings growth target through 2026.

We are increasing our PPL fair value estimate to $29 per share from $27 after the company provided what we consider several positive updates for investors. Our narrow economic moat and stable moat trend remain unchanged.

We expect PPL to spend nearly $12 billion at its U.S. utilities through 2026, including its recent acquisition of Narragansett Electric. Through 2030, PPL sees $27 billion in total capital investment opportunities. These regulated utility growth opportunities support our expectations for 6% annual earnings growth, the low end of management's 6%-8% earnings growth target through 2025.

We are maintaining our $27 per share fair value estimate for PPL after the company reported third-quarter operating earnings of $0.41, up from $0.36 per share in the same year-ago period. The company narrowed 2022 earnings guidance to $1.35-$1.45 per share from $1.30-$1.45. Management also reaffirmed its 6%-8% long-term annual earnings and dividend growth expectations. Our narrow economic moat and stable moat trend remain unchanged.

We are reaffirming our fair value estimates for U.S. utilities after raising our 10-year annual U.S. electricity demand growth forecast to 1.4%, up from 1.2% in our previous forecast two years ago. We also are reaffirming our economic moat and moat trend ratings for all U.S. utilities.

Our initial analysis of the U.S. Inflation Reduction Act that President Joe Biden plans to sign on Aug. 16 has led us to reaffirm or make slight increases to our fair value estimates for U.S. utilities. We are reaffirming our moat and moat trend ratings.

We are maintaining our $27 fair value estimate for PPL after the company reported second-quarter operating earnings per share of $0.30, up from $0.19 in the year-ago period. The company reaffirmed its 2022 EPS guidance of $1.30-$1.45 and long-term annual earnings and dividend growth expectations of 6%-8%. Both are consistent with our expectations. Our narrow economic moat and stable moat trend ratings are unchanged.

We expect PPL to spend nearly $12 billion at its U.S. utilities through 2026, including its recent acquisition of Narragansett Electric. Through 2030, PPL sees $27 billion in total capital investment opportunities. These regulated utility growth opportunities support our expectations for 6% annual earnings growth, the low end of management's 6%-8% earnings growth target through 2025.