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As of Sept. 16, 2024, two stocks in the utilities sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro.
Here's the latest list of major overbought players in this sector.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Whether it's through stocks, bonds, ETFs, or other types of securities, all investors love seeing their portfolios score big returns. However, when you're an income investor, your primary focus is generating consistent cash flow from each of your liquid investments.
Cash flow can come from bond interest, interest from other types of investments, and of course, dividends. A dividend is the distribution of a company's earnings paid out to shareholders; it's often viewed by its dividend yield, a metric that measures a dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.
NiSource in Focus
Based in Merrillville, NiSource (NI) is in the Utilities sector, and so far this year, shares have seen a price change of 26.67%. Currently paying a dividend of $0.26 per share, the company has a dividend yield of 3.15%. In comparison, the Utility - Electric Power industry's yield is 3.28%, while the S&P 500's yield is 1.59%.
Taking a look at the company's dividend growth, its current annualized dividend of $1.06 is up 6% from last year. NiSource has increased its dividend 5 times on a year-over-year basis over the last 5 years for an average annual increase of 6.06%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. NiSource's current payout ratio is 60%. This means it paid out 60% of its trailing 12-month EPS as dividend.
NI is expecting earnings to expand this fiscal year as well. The Zacks Consensus Estimate for 2024 is $1.72 per share, with earnings expected to increase 7.50% from the year ago period.
Bottom Line
Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. However, not all companies offer a quarterly payout.
Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. Income investors must be conscious of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. That said, they can take comfort from the fact that NI is not only an attractive dividend play, but also represents a compelling investment opportunity with a Zacks Rank of #2 (Buy).
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.
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