Utilities' Valuations Reach Another Peak, but Yield Paradox Persists
U.S. utilities' valuations reached a 14-month high this week when the median price/fair value ratio hit 1.17 for the 40 U.S. utilities in Morningstar's coverage.This is the highest median P/FV ratio for U.S. utilities since the all-time peak of 1.21 in July 2016. Other valuation metrics such as price/earnings (22) and price/book (2.1) for U.S. utilities also hit 2017 highs this week and are approaching peak levels from mid-2016. Morningstar's U.S. Utilities Sector Total Return Index also hit a...
CMS Energy is a holding company. The company has several subsidiaries, including: Consumers Energy Company, an electric and gas utility that serves individuals and businesses operating in the alternative energy, automotive, chemical, food, and metal products industries, as well as a group of other industries; CMS Enterprises Company, through its subsidiaries and equity investments, is engaged in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production; and EnerBank USA, an industrial bank located in Utah that provides unsecured consumer installment loans, primarily for financing home improvements.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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