Research Articles

Investing in Western Utility Stocks - Do Today’s Valuations Make Sense Part 2

Chuck Carnevale - Tuesday, July 31, 2012

Introduction

In part 1 of this series on utilities published on July 26, 2012, we looked at the utility sector with a broad brush. In this part 2, we will focus on utilities located in the western part of the United States. The series was inspired because of the apparent general impression that utility stocks are overvalued.

This impression stems from the fact that utilities have been the best performing sector over the past year.  Therefore, people automatically assume that because an asset class has risen in price, that it must also be overvalued. However, if they have risen from previously undervaluation levels, this may not be the case. The following comparison of the performance of US ETF’s by sector first reported in part 1 on July 26, 2012, illustrates their recent outperformance.

On the other hand, with all the volatility there is today, it’s amazing the difference just a few days can make.  Here is an update of the above graph through July 30, 2012, just five days later.  Here we discover that utilities’ performance over the past year has still been exceptional.  However, they have now moved into second place behind consumer staples but just ahead of technology, which is making a homestretch charge.

Western Utilities - A Review Of Valuation

The following table compares the valuations of the major Western utility stocks utilizing the FAST Graphs portfolio review tool.  The first two columns compare each company’s current PE ratio to the PE ratio that the market has historically applied to each stock. Based on this cursory analysis, the Western utility group appears fully valued, but not necessarily overvalued.

Based on this analysis, 3 of the 15 companies covered could technically be called moderately overvalued.  However, we would not call any of them dangerously so.  Another 5 of the 15, we would classify as sitting on the upper end of fair value, and the remainder we would call fairly valued. On the other hand, we did not see any that we would be willing to call undervalued companies in this Western region of the utility sector.

There are several issues regarding investing in utilities stocks that are important to consider. As a general rule, the utility industry has been a low growth industry due to the regulated nature of the majority of its business. Many utilities are attempting to diversify their businesses away from the regulated side. The third column of the table below lists the historical past 15 years earnings growth.  As a review of the table shows, only El Paso Electric Co. (EE), Portland General (POR) and Sempra Energy (SRE) display any acceptable historical growth.

However, the reviewer might also notice by the estimated EPS column, that estimated growth for most companies is more optimistic. Many of the utilities in the Western region are currently involved in regulatory activity, which is nothing new for utilities in this region.  Then there is the issue of capital expenditures requiring cost of capital filings. Consequently, a large part of the future growth prospects of utility stocks are at the mercy of their various regulatory commissions.

In addition to the uncertainties mentioned above, utilities are facing issues in Washington DC.  In addition to proposed increases in dividend tax rates, tax credits for certain alternative energy investments are also scheduled to expire.  Add it all up and there’s a lot of uncertainty regarding future earnings and dividends for this essential sector.

The typical utility stock attracts investor interest primarily with their yields; Western utility stocks are no different.  However, their long-term dividend records are spotty at best. Below when we showcase individual examples, we will elaborate more on the dividend records of several Western utility companies.

Evaluating Western Utilities - A More Specific Approach

As we reviewed the individual earnings and price correlated graphs on Western utilities, we were struck by the lack of consistency in their operating histories.  Consequently, our general view of the utility sector as a conservative income generating equity asset class was challenged.  Although there are exceptions, the variability of earnings within the Western utility sector is a concern.

What follows is a look at specific examples of Western utilities based on valuation.  What we found as we examined utilities from the Western geographic region was a rather vague determination of value.  Although many in this group could be considered reasonably or fairly priced, we found none that we would consider compelling. On the other hand, we saw none that we would call ridiculously or dangerously overvalued either.

(For the readers convenience, follow this link to free sample live FAST Graphson the six Western utilities featured in this article)

Overvalued Examples

Black Hills Corporation (BKH)

Directly from the company’s website:

“Black Hills Corporation is a strong, diversified energy company with a vision to be the energy partner of choice. Our utility operations include Black Hills Power - an electric utility and our legacy business that provides service to approximately 68,000 customers in the Black Hills region and sells surplus power in wholesale markets - and Cheyenne Light Fuel & Power, serving 39,300 electric customers and 34,500 natural gas customers in the greater Cheyenne, Wyo., area.

Additionally, our recently acquired Black Hills Energy utility operations provide electric services to approximately 94,000 customers in southeastern Colorado and natural gas utility services to approximately 527,000 customers in Colorado, Iowa, Kansas and Nebraska.

Our energy portfolio also includes non-utility businesses; Black Hills Exploration & Production produces oil and natural gas in New Mexico, Wyoming and Colorado. The Wyodak coal mine in Wyoming's Powder River Basin supports the Company's low-cost, mine-mouth power generation. Black Hills also has a fleet of power generation facilities in Colorado, Wyoming and South Dakota that produce more than 1,000 MW of energy annually for our own utility customers as well as others.”

Black Hills Corp. represents a classic example of the Western utility with inconsistent historical operating results.  In addition to earnings generally growing very slowly, we discover more than one instance of earnings collapsing and/or even disappearing altogether.

The current higher than average blended PE ratio of 20.3 can be attributed to weak fiscal 2011 earnings. Therefore, overvaluation in this case is more a function of sagging earnings than high stock price.

When you analyze Black Hills Corp.’s performance since 1998, you discover a reasonably steady record of consistent dividend payments with moderate growth.  Moreover, notice how dividend growth has slowed down in recent years consistent with recent inconsistent earnings performance.

Consensus estimates for future earnings growth for 2012 look for a 5% per annum average growth rate. Given the company’s history, I find it hard to accept a consistent record of future growth.  However, if it were to happen, this stock would not really be as overvalued based on future earnings, as it looks now based on current earnings.

 

Moderate Overvaluation Examples

Hawaiian Electric Industries, Inc. (HE)

Directly from the company’s website:

“Hawaiian Electric Industries, Inc. (HEI) supplies power to 95% of Hawaii's population through its electric utilities, Hawaiian Electric Company, Inc., Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited, and provides a wide range of financial services to individuals and businesses through American Savings Bank, F.S.B., one of Hawaii’s largest financial institutions.”

Hawaiian Electric has had a lot of trouble generating any earnings growth due to difficulty in getting regulatory cooperation or relief. However, according to the Value Line Investment Survey, a new regulatory mechanism has been enacted providing for annual rate adjustments for capital spending. However, it is still questionable as to whether this will have any meaningful impact on future returns.

The stock is rated as moderately overvalued based on historic norms.  However, overvaluation is not significantly high, especially considering stronger future earnings forecasts, which I will examine later. On the other hand, as I discussed in part 1, and will restate in the summary of this article, overvaluation at any level for a slow growth utility is more troublesome than it would be with a business with greater growth potential.

 

When you review the performance of this utility, you discover that the company has not increased their dividend since 1998. Moreover, capital appreciation, although it has generally mirrored the S&P 500, has not been very attractive either.

When we check current consensus earnings estimates, we discover a more positive outlook than history has justified. Perhaps this is attributed to the new regulatory mechanism.  However, if history is any guide, this may still not translate into any meaningful change in dividend policy.

Pinnacle West capital Corp. (PNW)

Directly from the company’s website:

“For 125 years, Pinnacle West and our affiliates have provided energy and energy-related products to people and businesses throughout Arizona. Based in Phoenix, Pinnacle West has consolidated assets of about $11 billion.

Our largest affiliate, Arizona Public Service (APS), generates, sells and delivers electricity and energy-related products and services. APS serves more than a million customers in 11 of Arizona’s 15 counties, and is the operator and co-owner of the Palo Verde Nuclear Generating Station – a primary source of electricity for the Southwest.

Our other affiliate is El Dorado Investment Company, a venture capital and investment firm.”

Here we find another example of low and inconsistent earnings growth.  Also, based on historical norms, the company’s shares do appear to be overvalued at this time.  This is another company that faces significant regulatory hurdles that could severely cripple their ability to consistently grow their business.

When we calculate the historical performance of this Western utility, we discover another example of a spotty dividend growth record, and low capital appreciation that is consistent with its earnings record.  Therefore, with returns historically this low, even moderate overvaluation may prove to be a significant long-term problem.

Once again, we see another example where consensus estimates exceed historical earnings growth.  However, even these more optimistic earnings estimates can hardly justify the risk of investing at today’s moderate overvaluation.

PNM Resources Inc. (PNM)

Directly from the company’s website:

“Based in Albuquerque, N.M., PNM Resources is an energy holding company with 2011 consolidated operating revenues of $1.3 billion. Through its utilities - PNM and TNMP, PNM Resources serves electricity to nearly 730,000 homes and businesses in New Mexico and Texas.

Our generation capacity of more than 2,530 megawatts reflects a balanced mix of coal, natural gas, nuclear, wind and solar generation.”

We included the earnings and price correlated 15 year historical graphs on PNM Resources to illustrate how cyclical utility earnings can be.  Moreover, price volatility that is justified by earnings volatility may be more than one might be willing to accept from this typical regulated utility.

When looking at the performance of this utility, there are a couple of significant points that need to be considered.  First of all, capital appreciation is very weak, even though the company’s stock price is technically moderately overvalued. Typically, when we see overvaluation, we expect to see excess return as a result. Next, significant dividend cuts in 2008 and 2009 do not instill a lot of confidence.

PNM Resources look to be a company in transition.  They recently exited the competitive energy arena which makes them more dependent on the regulated business. Consequently, estimates for future earnings growth are much higher than normal.  However, I question the sustainability of the currently expected future growth.

Fairly Valued Examples

IDACORP, Inc. (IDA)

Directly from the company’s website:

“IDACORP, Inc. (NYSE: IDA) is based in Boise, Idaho and was formed in 1998 as a holding company. IDACORP subsidiaries include: Idaho Power, a regulated electric utility; IDACORP Financial, an investor in affordable housing projects and real estate; and Ida-West Energy, an operator of small hydroelectric projects. IDACORP’s origins lie with Idaho Power and operations beginning in 1916. Today, Idaho Power employs approximately 2,000 people who serve nearly 500,000 customers throughout a 24,000-square-mile area in southern Idaho and eastern Oregon.”

Once again, we see another example of inconsistent earnings results and low growth.  Technically, this company would be considered fairly valued today, but only because of an atypical expected earnings advance this fiscal year. This again confirms our belief that ascertaining fair value for utility stocks is more art than science.

When examining the long-term performance of this company once again we discover low capital appreciation and a spotty dividend record.  We had no increases, a couple of dividend cuts and a frozen dividend since the last cut. However, this electric utility has increased its dividend for this fiscal year.

Even though this company appears to be fairly valued, low expectations for future growth past this fiscal year do not paint a compelling picture.

El Paso Electric Co (EE):  Not a Typical Utility

Directly from the company’s website:

“Today, El Paso Electric is a regional electric utility providing generation, transmission and distribution service to approximately 380,000 retail and wholesale customers in a 10,000 square mile area of the Rio Grande valley in west Texas and southern New Mexico. Its service territory extends from Hatch, New Mexico to Van Horn, Texas and includes two connections to Juarez, Mexico and the Comisión Federal de Electricidad (CFE), Mexico’s national utility. EPE’s principal industrial and large customers include steel production, copper and oil refining, and United States military installations including the United States Army Air Defense Center at Fort Bliss in Texas and the White Sands Missile Range and Holloman Air Force Base in New Mexico.

EPE has a net dependable generating capability of 1,795 MW. It’s facilities include a 15.8 percent interest in the Palo Verde Nuclear Generating Station in Wintersburg, Arizona, a 7 percent interest in the Four Corners Station in northwestern New Mexico, the Rio Grande Power Station in Sunland Park, New Mexico, the Newman Power Station and the Copper Power Station in El Paso and the Hueco Mountain Wind Ranch in Hudspeth County, Texas.”

My final example of Western utilities looks at El Paso Electric, a utility stock that does not fit the typical utility mold. First of all, the company’s earnings growth rate is significantly above the average Western utility.  On the other hand, the company instituted its first dividend in 2011.  However, continuing disputes with their regulatory commission puts future earnings growth at risk.

Thanks to stronger than average historical earnings growth, this Western utility has provided the best performance amongst its peers in spite of the lack of the dividend.  However, a lot has changed its regulatory environment, therefore, the past is clearly no indicator of the future in this specific case.

Although this company appears fairly valued both on a historical and a future basis, long-term future returns based on reduced earnings expectations are not very promising.

Summary and Conclusions

After examining the predominant companies in the Western utility group we came away with several impressions.  First of all, these utility stocks are not the ultra conservative investments that many people believe that utilities normally are.  Furthermore, in our opinion, rather anemic historical and forecast returns do not warrant the required extensive level of due diligence and research that would be required to invest in any one of these companies.  The capital structure, sources of revenue, and various regulatory challenges appear foreboding.  Especially when you weigh the potential below-average returns that all this effort stands to reward you with.

Furthermore, we want to emphasize that this article has reviewed the Western utility sector solely on the basis of their historical earnings and price correlations, plus consensus forecasts.  As we have alluded to in the past, this industry is going through a lot of changes; many of them mandated by the difficulty these companies have had growing their businesses.  Therefore, there’s a lot of uncharted territory that will be the driver of tomorrow’s returns.  Investors need to ask themselves if the rewards are worth the risks.

Finally, the primary emphasis of this series of articles is intended to determine the relative valuation of utility stocks today. However, this has presented us with a conundrum of sorts. Although we did not find a lot of excessive overvaluation so far, we are not finding any significant undervaluation either.  Since utility stocks are typically very low growth enterprises, we believe that the prudent investor is best served and, in our opinion, must insist on very low valuation before they can prudently invest in this equity class, if they should even invest in all.  Utility companies provide great and essential services to their customers.  Therefore, it may be acceptable for them to be regulated as they are.  However, the total package doesn’t add up to a great investment story.  There is little growth, however, usually decent dividend yields, all wrapped up in a lot of uncertainty.  Caveat emptor.

Disclosure:  No positions at the time of writing.

Disclaimer: The opinions in this document are for informational and educational purposes only and should not be construed as a recommendation to buy or sell the stocks mentioned or to solicit transactions or clients. Past performance of the companies discussed may not continue and the companies may not achieve the earnings growth as predicted. The information in this document is believed to be accurate, but under no circumstances should a person act upon the information contained within. We do not recommend that anyone act upon any investment information without first consulting an investment advisor as to the suitability of such investments for his specific situation.

Comments
Anonymous commented on 22-Oct-2012 12:31 PM
I do trust all of the ideas you have offered on your post. They are very convincing and will certainly work. Still, the posts are very short for beginners. May just you please lengthen them a bit from subsequent time? Thank you for the post.kasino
Anonymous commented on 22-Oct-2012 12:31 PM
Great awesome issues here. I¡¦m very glad to see your post. Thanks so much and i'm looking forward to touch you. Will you please drop me a e-mail?netti casino
Anonymous commented on 22-Oct-2012 12:31 PM
you are in reality a just right webmaster. The website loading velocity is incredible. It seems that you are doing any unique trick. Also, The contents are masterwork. you've performed a magnificent task in this matter!netti kasino
Anonymous commented on 22-Oct-2012 01:15 PM
bHkwxXpwdL china jerseys on sale tYvobUhspOcheap china jerseys rIjqaCbksOcheap nfl jerseys china
aDypnBqppX2012 nfl jerseys zWsnvXrmaFnike jerseys on sale aOztfAsrkT nfl jerseys sale
sSpxyRinuY cheap nfl jerseys oQuncJmvtS cheap nfl jerseys zOjggYgjjC nfl jerseys cheap
hEbooHfkcC wholesale jerseys zOuonJxdlI nfl jerseys china gUjvmLvxfOwholesale jerseys
jHjodPqnbCcheap nfl jerseys rRohsMzrvGnfl jerseys china jUdijNzzaMcheap nfl jerseys
Anonymous commented on 22-Oct-2012 01:17 PM
Once your two year old can talk, ask her to talk about how she feels or what she wants.In addition, online printing company always offers discounted decals printing service to its valued customers worldwide.isabel marant merry sandals The waistbad shouldn't be too tight, to avoid "muffin top".And so for the big five: elephant, lion, buffalo, leopard and rhino.
It's cheap, includes lunch and all park entrance fees, and it's done on a state-of-the-art luxury bus.Nothing draws internet traffic quite like images and graphics.isabel marant us Its zipperless design is extremely durable, and the net bottom drains quickly.Video extension products such as VGA, DVI, S-Video or HDTV extenders via CAT5 are used to extend video displays.
Some people want to make their jacket look unique.Wat is groene stroom? Groene stroom is energie die opgewekt is uit natuurlijke bronnen, bijvoorbeeld energie die wordt opgewekt door windmolens, waterkrachtcentrales en zonnepanelen. http://www.isabelmarantsneakersboutique.com/#34861 If an end is wired incorrectly, the tester will indicate which end is incorrect.The trompe l boots are some of the jewelry pieces of the complete parade.
Anonymous commented on 22-Oct-2012 01:31 PM
jYeaxFqscD cheap moncler jackets uHlfwXfivScheap moncler jackets wLtctAavmV
dAdzkGqpiDcheap moncler vests lMiqsFjkkS moncler vests kIzziGaizF
Anonymous commented on 22-Oct-2012 02:55 PM
sRUqpStFnjsoszXLI casino online 60748
Anonymous commented on 22-Oct-2012 04:06 PM
3101, uggs on sale
Anonymous commented on 22-Oct-2012 04:31 PM
8229, uggs on sale
Anonymous commented on 22-Oct-2012 04:55 PM
I really enjoy studying on this internet site , it contains superb content . "The longing to produce great inspirations didn't produce anything but more longing." by Sophie Kerr.Dehumidifier reviews |best coffee grinder | generators | Humidifier reviews |leaf blowers |paint sprayer
Anonymous commented on 22-Oct-2012 04:55 PM
Great blog here! Also your web site loads up very fast! What host are you using? Can I get your affiliate link to your host? I wish my web site loaded up as quickly as yours lolbest Dehumidifier |coffee grinder review | generator reviews |Humidifier |best leaf blower | paint sprayers
Anonymous commented on 22-Oct-2012 04:55 PM
I've been surfing on-line greater than three hours nowadays, yet I never found any interesting article like yours. It¡¦s beautiful price sufficient for me. In my opinion, if all web owners and bloggers made excellent content as you did, the internet shall be a lot more helpful than ever before. Dehumidifier reviews | best coffee grinder 2012 |generators |Humidifier reviews | leaf blowers |best paint sprayer
Anonymous commented on 22-Oct-2012 04:55 PM
I really appreciate this post. I've been looking everywhere for this! Thank goodness I found it on Bing. You've made my day! Thanks again!Dehumidifiers reviews |best coffee grinder 2012 | generator |Humidifiers | leaf blower reviews | best paint sprayer
Anonymous commented on 22-Oct-2012 04:55 PM
Keep functioning ,splendid job! best Dehumidifier |coffee grinder reviews |Best Generator | http://humidifierreviews.us |leaf blower reviews |paint sprayer reviews
Anonymous commented on 22-Oct-2012 04:55 PM
Some truly good articles on this site, regards for contribution. "I finally know what distinguishes man from other beasts financial worries. - Journals" by Jules Renard.Dehumidifier review |best coffee grinder 2012 | generator |best Humidifiers | best leaf blower | paint sprayer reviews
Anonymous commented on 22-Oct-2012 04:55 PM
I dugg some of you post as I cerebrated they were invaluable handy Dehumidifier review | best coffee grinder |Best Generator |Humidifiers | leaf blower | best paint sprayer
Anonymous commented on 22-Oct-2012 04:56 PM
Somebody essentially help to make significantly articles I would state. That is the very first time I frequented your website page and to this point? I amazed with the research you made to create this particular publish extraordinary. Excellent activity!Dehumidifier review | best coffee grinder 2012 |generator reviews |Humidifier |leaf blower | paint sprayer
Anonymous commented on 22-Oct-2012 04:56 PM
A person essentially assist to make seriously articles I might state. That is the very first time I frequented your web page and so far? I surprised with the research you made to make this particular publish extraordinary. Great job!best Dehumidifier | best coffee grinder 2012 |Best Generator |best Humidifier |best leaf blower | paint sprayer
Anonymous commented on 22-Oct-2012 04:56 PM
Very interesting topic, thanks for posting. Dehumidifiers reviews | best coffee grinder |Best Generator |Humidifiers | leaf blower | paint sprayer
Anonymous commented on 22-Oct-2012 04:59 PM
8217 Free Casino Slots Video 8648
Anonymous commented on 22-Oct-2012 05:58 PM
54929 online casino uk :*)O
Anonymous commented on 22-Oct-2012 06:10 PM
rlbrqT online casino ihUYctWDUGaB
Anonymous commented on 22-Oct-2012 06:47 PM
LVGQdcduvj No Deposit And 0 Finance FIHGkdEb
Anonymous commented on 22-Oct-2012 07:48 PM
95151 Free Online Casino Slots Bonus No Download 53014
Anonymous commented on 22-Oct-2012 07:59 PM
2695, uggs on sale

Post a Comment




Captcha Image


Testimonials


“I appreciate your work, Chuck. As a subscriber to FAST Graphs™, I use the tool to decide on whether to purchase additional shares of what I currently hold or to add a new holding. Your articles help me make full use of the tool and give other readers valuable information, if they take the time to learn. One of the biggest enhancements that I use is the FFO data added for MLPs and REITs.”


“When FAST Graphs™ were unavailable because of Hurricane Sandy, I realized how much I need them in order to make investment decisions.

(Wish I could be) Long FAST Graphs!!!”


“One more vote for the value of FAST Graphs™; just started a subscription to Chuck's great service (premium), and am having a ball analyzing so many stocks quickly.”


“I feel very ill-equipped to make investment decisions without Fast Graphs. :-)”


“Yesterday, I signed up for your F.A.S.T. Graphs™. It's a really amazing, valuable tool for checking over/undervaluation of stocks. Wish I had it years and years ago!!”


“Love the F.A.S.T. Graphs™: One glance and you know a whole lot.”


“About Chuck's F.A.S.T. Graphs™: They are invaluable to me in making decisions about the stocks I own (in addition to what you are saying about doing other research) and the ones I hope to own in the future.”


"Chuck -- Your proprietary F.A.S.T. Graphs™ are a VERY impressive tool!"


“If there were an Investor Hall of Fame for people who have helped others with their investing, and sharing valuable information, you and your F.A.S.T. Graphs™ would get one of my selections.”


“I love Chuck's F.A.S.T. Graphs™! Well worth the price of admission for what he gives you.”


"Chuck - Thank you for your well thought out articles. I tend to be a visual type of person so I really appreciate the F.A.S.T. Graphs™ approach."


"Great article, as always! I always look forward to your articles, and am especially eagerly awaiting your next in this series. I find the F.A.S.T. Graphs™ extremely helpful."


“Your F.A.S.T. Graphs™ put all of this in a single artful picture and the accompanying spreadsheets hammer home the point.”


“I use the F.A.S.T. Graphs™ method to evaluate all of my ideas. I recommend it for individual investors, since it helps them focus on data and get past the many emotional arguments.”


“I recently subscribed to the F.A.S.T. Graphs™, and these articles are helping me learn how to better use them. They really do give you a good quick look at the valuations picture. A much needed tool!”


“I also always appreciate the clear-cut information provided through your F.A.S.T. Graphs™ and articles.”


“Thanks, Chuck, for your F.A.S.T. Graphs™. Each of these graphs is worth 1,000 words in describing a company's growth, consistency and valuation. Thanks for sharing your graphs.”


“Thanks, Chuck. Love the F.A.S.T. Graphs™! It makes investing so much more clear.”


“Chuck's F.A.S.T. Graphs™: They are invaluable to me in making decisions about the stocks I own (in addition to what you are saying about doing other research) and the ones I hope to own in the future.”


”I am amazed at the usefulness of your F.A.S.T. Graphs™ and I plan on using them for a long time to come.”


“Chuck's F.A.S.T. Graphs™ will give you a tool to find those well chosen stocks...”


“Thanks for the F.A.S.T. Graphs™, Chuck. They are the best tool I've used.”


Recent Posts


Tags

DGX MDP CIO PSX SILVER WBA DividendIncome JRN NA MRK ETR GT INGR fundamental stock research tool fair value consumer CXRX WLP KO CTSH COH ORI MSFT KR fastgraphs LINE diversified machinery ENDP FOSL EAT AFL,CVX,ED,JNJ,MCD,PG,SWK,T,WMT,TGT,ABM,AFL,BEN,BMS,CB,CBSH,CTBI MHP UTX PNRA Valuation PM SYK CSX FDO ECHO SLW long-term investing ED HighQuality utility AZO CRLI ACE beta KSS VAL total return CAPE EWBC THRM LZB X MGEE cyclical OHI,EPR,WPG,JLL SYNA CCK VRX HD DELL RKT food service GOOG ASNA HE WGL JPM GLT APH JCI D Overvalued above-average BA SEIC ABC UNM ADP AZZ CTRX SBRA FF RRC CAT MNST C GOOGL CVS BRS SBR CM SBUX HSY FTR stocks high-yield EXLS value LXU MIDD RIMM HGT Contenders GPS NVS UL DividendChampions CLR CELG AEP NSRGY QCOR DAN ZBRA DOM CACC ConsumerDiscretionary TU PII TNC JWML.Y portfolio CHE BMRC COST AKRX WWW TICC BPL HRS BANF BHB VCO PRXL TEVA KMT 3NSRGY DRI RCII PG TOT DORM AIRM EE SXL BOFI OGE dividend growth investing PB InformationTech long-term XOM VFC BMS RSG,RTN healthcare capital appreciation ADT DR TGT REITs STMP VTR WU FBHS dividend FRED TUP GMCR CVX MAN stock analysis FC CLX,EMR investing for income MHS BNS. REXX DollarCostAverging GAS MCY CBI DKS market currents AMP ESRX SHW dividends WFM value investing intrinsic value TSM INWK KCAP Dividend Ideas US Economy XEL treasury LL CTL CHD DOW IBM FTI,HTZ CINF DLPH AGN WFC RSO RDS.A UN AFG POT UEPS ACQ RTN CSL DRIP UNP CTBI IR, APD BigFive,Canadian RRD MA stock POR P GWW best-of-breed CB GME BLK RJF ITW, growth stocks suvivorship basis TIS CLX dividend paying SJM TMP ETP stockResearchTool AET utility stocks intrinsic value,stocks,earnings,fundamentals,stock research tool,due diligence SYT ESI Yield MO Consumer discretionary AAPL Buffett NFLX FCFS R FairlyValued MNK WAG CASY long-term growth MDT HCI BLL ZUMZ FLIC economy KMB ALTE TXT FAF SIG PPG URI FinancialSector DOV dividendpaying banks XRX COP GES DRC stock research Champions PFE EV PEG dividend-paying DFS HNZ ACR hyper growth stocks COO UNH KALU RS act F ACN Macro view investing ACOM WHR BF.B CE DTE GNTX ITW CNSL GE INFY fair valuation AB PortfolioDesign technology BNS MAT suvivorship Stock Research Analysis MSCC ITC value-oriented GEOS GPI SWKS SON GILD TRV PNR PBI ENSG MNTX FISV EMR WASH OII biotech FOMC fast-growing NROM BCR DHR CAH CACI GrowthOriented ROST sell HOG WMT,ROST,GIS,GE,JNJ,KO LO FDX AVP investing for income,growth and income TSCO CFR FUL BAC SWK CBRL BEN short ideas SCHW NPM DIS WSM LMT AOS regional banks VRTU ACM MATW LEN CPN HSNI AFAM CATY ATHM AMAG GIS BH AXP earnings DVA LQDT DTEGY growth DD RBC FLO AEG SRCE Utilities Market Outlook TGI machinery SPY MKC VZ CKSW MNR DE KMP MTW TGH Challengers HRL BWLD AFL ICLR OSIS JCOM TNGO intrinsicvalue BEAV dividend-growth JOY ULTA IR retirement BCE mid-sized O TEF EnergySector FAST SUBX CSCO EXC FB CGY HII TWX earnings growth ORCL HIBB Share Buybacks JNJ POM interest rates SCL KFT MSA PNW WMT highqualityR SHPG Dividend Champions SO BHP BOKF TEG: WEC: V SoundValuation HCA SLGN NEE BWP CTG TIF HCN CMI PPL biotechnology SFG dividend paying stocks MAIN MMM DLR EBAY WIN MGA investment DPS macro EPHC SCG CRI NOC RY investing for total return GD AMT ROSE T true worth mid-cap STE dividends,earnings growth stock research tool HCBK BKH HBI FRAN LKQ TROW KO,CLX,CELG,JCP,GT,MSI,PEP,ED PAG JSFT AMBN PKG EMR, MMM BAP CERN FAST Graphs TE ETN Materials market timing AVD BDX PCP PCL Utilities Sector CHS AIG ANDE SNH CLF AFSI dividend income AGLP ECL K SHOO BMO AAN PRGO BIDU RSG THO DMRC LLL long ideas ACI NLY Aristocrat ABM WRLD BOBE blue-chip SNI market CBU value trap HAS NKE long DTV FairValuation NSC IBN OHI JAZZ SHR Industrial OUTR MPW JWN ARRS NSR CTAS HP INTC QCOM WY LOW DividendAristocrats due diligence SPLS JKHY MELI LLY dividend growth cash flow BMTC VMI BAX CNC MUR NOG M GPC AA DDS CL EMC OXY BBBY UHS BR Telecommunications blue chip CVX,SWK,MCD,TGT,PG,WMT,JNJ,MDT,AFT,T,ED INT BCOR InterestRates AMG THC HPQ NC CanadianBanks HSC MCD SAM ATW VVC GOLD POWR AMGN ODFL BG ABBV SIVB NTES AMCX MGRC HON MCK RMD UTHR TWGP Aristocrats EK LH ANTM APEI ARLP PFG WEC IDA SU BBY HCP DGAS TAC IPAR CPB PRAA MYL OKE BRLI AM MCHP CTCM AMZN Bond,TGT,UTX ALB OZRK AAP CAM free cash flow LTM RAI PNM PEP Fundamentals long-term returns DNB DECK COL ED:SCG ABT SWFT marketvaluation SYY PCLN GPCM ADM PDFS WST CR BIIB SAVE dividendGrowth THFF SNCR ONE cashflow WVR OKS MTZ FL

Archive

Testimonials


“I appreciate your work, Chuck. As a subscriber to FAST Graphs™, I use the tool to decide on whether to purchase additional shares of what I currently hold or to add a new holding. Your articles help me make full use of the tool and give other readers valuable information, if they take the time to learn. One of the biggest enhancements that I use is the FFO data added for MLPs and REITs.”


“When FAST Graphs™ were unavailable because of Hurricane Sandy, I realized how much I need them in order to make investment decisions.

(Wish I could be) Long FAST Graphs!!!”


“One more vote for the value of FAST Graphs™; just started a subscription to Chuck's great service (premium), and am having a ball analyzing so many stocks quickly.”


“I feel very ill-equipped to make investment decisions without Fast Graphs. :-)”


“Yesterday, I signed up for your F.A.S.T. Graphs™. It's a really amazing, valuable tool for checking over/undervaluation of stocks. Wish I had it years and years ago!!”


“Love the F.A.S.T. Graphs™: One glance and you know a whole lot.”


“About Chuck's F.A.S.T. Graphs™: They are invaluable to me in making decisions about the stocks I own (in addition to what you are saying about doing other research) and the ones I hope to own in the future.”


"Chuck -- Your proprietary F.A.S.T. Graphs™ are a VERY impressive tool!"


“If there were an Investor Hall of Fame for people who have helped others with their investing, and sharing valuable information, you and your F.A.S.T. Graphs™ would get one of my selections.”


“I love Chuck's F.A.S.T. Graphs™! Well worth the price of admission for what he gives you.”


"Chuck - Thank you for your well thought out articles. I tend to be a visual type of person so I really appreciate the F.A.S.T. Graphs™ approach."


"Great article, as always! I always look forward to your articles, and am especially eagerly awaiting your next in this series. I find the F.A.S.T. Graphs™ extremely helpful."


“Your F.A.S.T. Graphs™ put all of this in a single artful picture and the accompanying spreadsheets hammer home the point.”


“I use the F.A.S.T. Graphs™ method to evaluate all of my ideas. I recommend it for individual investors, since it helps them focus on data and get past the many emotional arguments.”


“I recently subscribed to the F.A.S.T. Graphs™, and these articles are helping me learn how to better use them. They really do give you a good quick look at the valuations picture. A much needed tool!”


“I also always appreciate the clear-cut information provided through your F.A.S.T. Graphs™ and articles.”


“Thanks, Chuck, for your F.A.S.T. Graphs™. Each of these graphs is worth 1,000 words in describing a company's growth, consistency and valuation. Thanks for sharing your graphs.”


“Thanks, Chuck. Love the F.A.S.T. Graphs™! It makes investing so much more clear.”


“Chuck's F.A.S.T. Graphs™: They are invaluable to me in making decisions about the stocks I own (in addition to what you are saying about doing other research) and the ones I hope to own in the future.”


”I am amazed at the usefulness of your F.A.S.T. Graphs™ and I plan on using them for a long time to come.”


“Chuck's F.A.S.T. Graphs™ will give you a tool to find those well chosen stocks...”


“Thanks for the F.A.S.T. Graphs™, Chuck. They are the best tool I've used.”