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Pampa Energia S.A.’s PAM strategic investments continue to maintain asset quality and help expand its generation portfolio. The company benefits from its efforts to expand its operations in the generation, transmission and distribution of electricity in Argentina. Given its strong growth, PAM makes for a solid investment option in the utility sector.
Let’s focus on the factors that make this Zacks Rank #2 (Buy) company a strong investment option at the moment.
PAM’s Growth Projections & Surprise History
The Zacks Consensus Estimate for Pampa Energia’s 2024 earnings per share (EPS) has moved up 20.6% to $9.54 in the past 60 days.
The Zacks Consensus Estimate for 2024 sales is pinned at $1.88 billion, indicating year-over-year growth of 8.5%.
The company delivered an average earnings surprise of 62% in the past four quarters.
PAM’s Return on Equity (ROE)
ROE indicates how efficiently a company has been utilizing its funds to generate higher returns. Currently, Pampa Energia’s ROE is 12.59%, higher than the industry’s average of 10.34%. This indicates that the company has been utilizing its shareholders' funds more constructively (to generate income) than its peers in the electric power utility industry.
PAM’s Debt Position
Currently, PAM’s total debt to capital is 34.73%, better than the industry’s average of 60.86%.
The time-to-interest earned ratio at the end of the second quarter of 2024 was 2.8. The ratio, being greater than one, reflects the company’s ability to meet future interest obligations without difficulties.
PAM’s Liquidity
Its current ratio of 2.33 is better than the industry’s average of 0.85. A current ratio greater than one indicates that the company has enough short-term assets to liquidate for covering all short-term liabilities, if necessary.
PAM’s Focus on Clean Power Generation
Since 2018, Pampa Energia has been actively developing wind energy, establishing itself as one of Argentina’s leading renewable energy companies. It continues to add more renewable power through inorganic growth and development of MAT ER projects. During the second quarter of 2024, the company’s net power generation was 5,067 gigawatt-hour, including hydro, wind and thermal.
Its PEPE VI project is expected to add 140 megawatts (MW) of wind power. The total completion is expected by October 2024. PAM’s investment of more than $250 million should bring its total installed wind power capacity to 427 MW, positioning it as one of the country’s leading renewable power producers.
PAM’s Stock Price Performance
In the past three months, Pampa Energia’s shares have risen 31% compared with the industry’s 12% growth.
Other Stocks to Consider
A few other top-ranked stocks from the same industry are DTE Energy DTE, Evergy EVRG and Xcel Energy XEL, each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DTE’s long-term (three to five years) earnings growth rate is 8.14%. The Zacks Consensus Estimate for 2024 EPS implies a year-over-year increase of 16.9%.
EVRG’s long-term earnings growth rate is 5.85%. The Zacks Consensus Estimate for 2024 EPS implies year-over-year growth of 8.8%.
XEL’s long-term earnings growth rate is 6.39%. The company delivered an average earnings surprise of 0.7% in the past four quarters.
Zacks Investment Research
Looking for broad exposure to the Utilities - Broad segment of the equity market? You should consider the First Trust Utilities AlphaDEX ETF (FXU), a passively managed exchange traded fund launched on 05/08/2007.
Passively managed ETFs are becoming increasingly popular with institutional as well as retail investors due to their low cost, transparency, flexibility and tax efficiency. They are excellent vehicles for long term investors.
Sector ETFs are also funds of convenience, offering many ways to gain low risk and diversified exposure to a broad group of companies in particular sectors. Utilities - Broad is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 4, placing it in top 25%.
Index Details
The fund is sponsored by First Trust Advisors. It has amassed assets over $283.70 million, making it one of the average sized ETFs attempting to match the performance of the Utilities - Broad segment of the equity market. FXU seeks to match the performance of the StrataQuant Utilities Index before fees and expenses.
The StrataQuant Utilities Index is a modified equal-dollar weighted index designed by the AMEX to objectively identify and select stocks from the Russell 1000 Index that may generate positive alpha relative to traditional passive style indices through the use of the AlphaDEX screening methodology.
Costs
When considering an ETF's total return, expense ratios are an important factor, and cheaper funds can significantly outperform their more expensive counterparts in the long term if all other factors remain equal.
Annual operating expenses for this ETF are 0.64%, making it one of the most expensive products in the space.
It has a 12-month trailing dividend yield of 2.44%.
Sector Exposure and Top Holdings
It is important to delve into an ETF's holdings before investing despite the many upsides to these kinds of funds like diversified exposure, which minimizes single stock risk. And, most ETFs are very transparent products that disclose their holdings on a daily basis.
This ETF has heaviest allocation in the Utilities sector--about 94.50% of the portfolio.
Looking at individual holdings, Evergy, Inc. (EVRG) accounts for about 4.30% of total assets, followed by Entergy Corporation (ETR) and National Fuel Gas Company (NFG).
The top 10 holdings account for about 39.28% of total assets under management.
Performance and Risk
So far this year, FXU has gained about 18.60%, and is up about 23.70% in the last one year (as of 09/16/2024). During this past 52-week period, the fund has traded between $27.35 and $37.18.
The ETF has a beta of 0.67 and standard deviation of 17.45% for the trailing three-year period, making it a medium risk choice in the space. With about 41 holdings, it has more concentrated exposure than peers.
Alternatives
First Trust Utilities AlphaDEX ETF sports a Zacks ETF Rank of 4 (Sell), which is based on expected asset class return, expense ratio, and momentum, among other factors. FXU, then, is not a suitable option for investors seeking exposure to the Utilities/Infrastructure ETFs segment of the market. Instead, there are better ETFs in the space to consider.
Vanguard Utilities ETF (VPU) tracks MSCI US Investable Market Utilities 25/50 Index and the Utilities Select Sector SPDR ETF (XLU) tracks Utilities Select Sector Index. Vanguard Utilities ETF has $6.51 billion in assets, Utilities Select Sector SPDR ETF has $18.38 billion. VPU has an expense ratio of 0.10% and XLU charges 0.09%.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
NiSource Inc.’s NI ongoing strategic investments to modernize infrastructure should further enhance the reliability of its operations. The company continues to add clean assets to its portfolio, which helps boost its overall performance. Given its growth opportunities, NiSource makes for a solid investment option in the utility sector.
Let’s focus on the factors that make this Zacks Rank #2 (Buy) company a strong investment pick at the moment.
NI’s Growth Projections & Surprise History
The Zacks Consensus Estimate for 2024 earnings per share (EPS) has increased 0.6% to $1.72 in the past 90 days.
The Zacks Consensus Estimate for third-quarter 2024 sales is pinned at $1.12 billion, indicating a year-over-year increase of 8.6%.
NiSource’s long-term (three to five years) earnings growth rate is 6%. It delivered an average earnings surprise of 20.6% in the past four quarters.
NI’s Debt Position
Currently, NiSource’s total debt to capital is 57.85%, better than the industry’s average of 60.86%.
The time-to-interest earned ratio at the end of the second quarter of 2024 was 2.8. The ratio, being greater than one, reflects the company’s ability to meet future interest obligations without difficulties.
NI’s Dividend Growth
NiSource has been consistently paying dividends to its shareholders. Currently, NiSource’s quarterly dividend is 26.5 cents per share, resulting in an annualized dividend of $1.06, up 6% from the previous level of $1. The company expects an annual dividend payout ratio of 60-70%. Its current dividend yield is 3.15%, better than the Zacks S&P 500 composite’s 1.28%.
NI’s Systematic Investments
NiSource continues to work on a long-term utility infrastructure modernization program. The company expects investments to be in the range of $3.3-$3.5 billion for 2024. It also projects an investment of $16.4 billion during 2024-2028. NiSource expects an annual rate base growth of 8-10% in 2023-2028, caused by its capital expenditures.
The company has a 100% regulated utility business model. NI’s planned regulated investments should improve the reliability and safety of its services and provide efficient electric and natural gas services to its increasing customer base.
NI’s Stock Price Performance
In the past six months, the stock has returned 25.4% compared with the industry’s growth of 20%.
Other Stocks to Consider
A few other top-ranked stocks from the same industry are Evergy EVRG, DTE Energy DTE and Xcel Energy XEL, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
EVRG’s long-term earnings growth rate is 5%. The Zacks Consensus Estimate for 2024 EPS implies an improvement of 8.8% from the bottom line recorded in 2023.
DTE’s long-term earnings growth rate is 8.14%. The Zacks Consensus Estimate for 2024 EPS implies an improvement of 16.9% from the bottom line recorded in 2023.
XEL’s long-term earnings growth rate is 6.4%. The company delivered an average earnings surprise of 0.7% in the trailing four quarters.
Zacks Investment Research
BofA Securities analyst Ross Fowler reinstated coverage on four US utilities in the Great Plains.
The analyst reaffirmed the Buy rating at Evergy, Inc. and MDU Resources Group, Inc. .
Meanwhile, Fowler reiterated the Neutral rating on OGE Energy Corp and Underperform rating on Black Hills Corporation .
EVRG: The analyst kept the price target at $66. The analyst says that despite trading at a 10% discount compared to peers on a 2026E P/E basis, the improving Kansas regulatory environment, which supports higher rate base growth, appears undervalued.
The analyst estimates FY24, FY25 and FY26E EPS at $3.86, $4.09 and $4.30, respectively, all above consensus.
Fowler writes that consensus EPS estimates for FY26 and FY27 remain largely unchanged despite the benefits from House Bill 2527.
MDU: The analyst reiterated the price target of $28. Fowler believes the current 15% discount to the electric utility peer group is unjustified, considering MDU’s ongoing transition to a pure-play regulated utility and pipeline operator, along with its projected 6-8% EPS growth rate through the planning period.
Although the company’s multi-jurisdictional presence may lead to some delays in recovery, the analyst expects sustained support for earned ROEs at the electric utility, driven by a strong pipeline of data center customer connections in areas experiencing transmission congestion.
OGE: The analyst reiterated a $40 price target. While the analyst values OGE’s execution and growth potential from data center and crypto-mining load, the challenging regulatory environment in Oklahoma and significant capital investments needed for resource adequacy present risks.
Fowler expects EPS estimates of $2.14, $2.28, and $2.43 for FY24, FY25, and FY26, respectively, in line with consensus estimates.
BKH: The analyst reaffirmed a $59 price target. The analyst says that BKH’s electric utility operations are poised for growth with rising residential, commercial, and data center load, which currently contributes 5% to EPS and is expected to exceed 10% by 2028.
Fowler expects rate base expansion opportunities in South Dakota and Colorado to support a 7%+ CAGR. However, $1.6 billion in debt maturities from 2023 to 2028, with a 3.03% average interest rate, could create a ~$0.50 EPS headwind, exacerbating risks given BKH’s already low 4-6% target EPS CAGR, adds the analyst.
Fowler anticipates EPS estimates of $3.88, $4.13, and $4.35 for FY24, FY25, and FY26, below the consensus estimates of $3.92, $4.14, and $4.40, respectively.
Read Next:
Latest Ratings for EVRG
Date | Firm | Action | From | To |
---|---|---|---|---|
Jan 2022 | Evercore ISI Group | Downgrades | Outperform | In-Line |
Jan 2022 | Goldman Sachs | Downgrades | Buy | Neutral |
Sep 2021 | Wells Fargo | Maintains | Equal-Weight |
View More Analyst Ratings for EVRG
View the Latest Analyst Ratings
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