Utilities Up as Treasury Yields Fall -- Utilities Roundup
Shares of power-plant operators ticked up as Treasury yields retreated and traders fled sectors more exposed to global trade. Shares of utility NRG Energy rallied after it said it would buy back $1 billion in stock. Keith Parker, chief U.S. equity strategist at Swiss bank UBS, said the utilities' reluctance to buy back stock was part of the reason the sector had fallen out of favor recently. At a recent conference convened by Morgan Stanley, regulated utility officers raised concerns about "equity needs due to tax reform, benefits of increasingly cheap renewables, energy storage and grid modernization," said analysts at the brokerage, in a research note. "On the unregulated side, the key themes were state-level support for at-risk nuclear power plants, power price reform next steps, energy storage, and the outlook for energy and capacity prices."
-Rob Curran, email@example.com
(END) Dow Jones Newswires
March 01, 2018 17:02 ET (22:02 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.