<p>过去一年，公用事业公司加速发展。该行业增长的一个良好指标是 <strong>公用事业选择部门 SPDR ETF</strong> 的上涨，过去 12 个月上涨了 21%。几个因素推动了公用事业股票的增长，包括利率下降的前景以及来自人工智能数据中心等催化剂的电力需求加速。</p>
<p>尽管出现了这种强劲增长，但目前仍有几只公用事业股票看起来是吸引人的投资选择，特别是对于那些寻求高股息的投资者。<strong>黑山公司</strong>（BKH）、<strong>杜克能源</strong>（DUK 0.11%）和 <strong>艾克赛尔能源</strong>（XEL 0.35%）因其高于平均水平的股息而受到一些 Fool.com 的投稿者的青睐。以下是他们为什么认为这些公用事业股票是目前该行业中最佳的购买选择。</p>
<h2>黑山在股息方面难以超越</h2>
<p><strong>鲁本·格雷格·布鲁尔</strong>（黑山公司）：在公用事业领域，大多数投资者可能不熟悉黑山这个名字。鉴于其仅有 40 亿美元的市值，这是可以理解的。然而，这家规模较小的电力和天然气公用事业公司已经实现了少数其他公用事业公司所未能实现的事情：连续五十年以上每年增加股息。这使得黑山成为一个非常优秀的股息王者。你不会偶然建立起这样的股息记录。</p>
<p>黑山为阿肯色州、科罗拉多州、爱荷华州、堪萨斯州、蒙大拿州、内布拉斯加州、南达科他州和怀俄明州的 130 万客户提供服务。其地区客户增长速度几乎是美国人口增长速度的三倍。这是好事。然而，该公司的杠杆率高于许多同行，这在利率上升时是一个负面因素。这导致公司股价下跌，并将股息率推向最近股息率范围的高端。即使在股价上涨的情况下，由于预期利率将下降，约 4.4% 的股息率仍然具有历史吸引力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cf0fe9a2909f8e0ea74a151aea66f7bc.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cf0fe9a2909f8e0ea74a151aea66f7bc.png"/></p>
<p>BKH 数据来源：YCharts</p>
<p>但未来可能会发生什么？管理层预计，通过价值约 43 亿美元的五年资本投资计划，公司的盈利将在 2028 年之前每年增长 4% 至 6%。股息可能会随着盈利而增长。因此，您将获得相对较高的股息率 -- 平均公用事业股息率为 3%--以及一个合理的股息增长率和一个业务增长的股息王者。这应该是大多数保守型股息投资者非常吸引的组合。</p>
<h2>这家公用事业公司的增长计划应该意味着更高的股息</h2>
<p><strong>妮哈·查玛利亚</strong>（杜克能源）：杜克能源的股息率为 3.6%，并不是公用事业部门中最高的，但考虑到股息，该股票在近年来是表现最好的之一。例如，在过去的 10 年中，持有杜克能源股票并一直重新投资股息的投资者，他们的资金增长了一倍以上。杜克能源有一个简单的策略：不断升级和扩大基础设施，以赢得监管机构定期批准的费率基数提高，并利用所有这些现金流再投资并回报股东。到目前为止，杜克能源没有辜负股东，而且不太可能会。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c15ad4057fa378a076a830b74a4b9d94.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c15ad4057fa378a076a830b74a4b9d94.png"/></p>
<p>DUK 数据来源：YCharts</p>
<p>杜克能源计划在 2024 年至 2028 年间投资 730 亿美元，用于升级其 30 万英里的输电线路、建设新的发电能力，并现代化其天然气配送网络。公司认为，资本支出应该通过 2028 年每年将其调整后的每股收益提高 5% 至 7%，并使其能够每年支付更高的股息。</p>
<p>公平地说，杜克能源的股息增长速度并不那么快，但只要任何股息增长都得到更高的盈利和现金流支持，它应该会推动股价长期上涨。我们已经看到这种情况发生在杜克能源股票上。</p>
<p>杜克能源的股息看起来也是安全可靠的，原因有两点。首先，该公司是美国最大的公用事业公司之一，运营在一些增长最快的州，如佛罗里达州和卡罗来纳州。这也意味着有强大的潜力扩大其客户群。其次，杜克能源的股息支付比率目标为 60% 至 70%，这意味着公司在困难时期也会有一些资金用于偿还债务和资助增长。随着管理层已经通过其 730 亿美元的资本支出计划确保未来增长，现在购买并持有这只公用事业股票永远不会太迟。</p>
<h2>强大的总回报潜力</h2>
<p><strong>马特·迪拉洛</strong>（艾克赛尔能源）：艾克赛尔能源的股价在过去六个月内上涨了超过 25%。然而，这家电力和天然气公用事业公司如今仍然是一个吸引人的投资选择。即使在这种强劲增长的情况下，它的前瞻性收益约为 17.5 倍。这远低于目前大多数公用事业同行的前瞻性收益约 20 倍。它也比 <strong>标普 500 指数</strong> 的 23.5 倍前瞻性收益便宜得多。</p>
<p>该公司相对更有吸引力的估值是因为它提供更高的 3.5% 股息率，是标普 500 指数不到 1.5% 股息率的两倍多。艾克赛尔能源连续 21 年增加了股息。在过去十年中，其股息以超过 6% 的复合年增长率增长。</p>
<p>艾克赛尔能源未来应该有足够的动力继续增加其股息。该公司在八个西部和中西部州经营四家电力和天然气公用事业，预计在未来五年内至少投资 390 亿美元用于维护和扩大其业务。同时，它看到在该期间额外投资 50 亿美元以支持不断增长的电力需求的潜力。这一预测推动了其观点，即它可以每年将每股收益增长 5% 至 7%。</p>
<p>该公用事业公司相信，鉴于其合理的股利支付比率为稳定收益的 50% 至 60%，它有望以类似的速度增长股利。将其当前收益率与盈利增长率相加，Xcel Energy 可能会在 9% 至 11% 的范围内实现总年度股东回报。如果该公司的估值接近其公用事业行业同行，这一数字还有上升空间。对于这样一只低风险、高收益的股息股票来说，这是一个稳健的回报。</p>

黑山

<p>在过去一年中，受低利率和能源需求增加的推动，公用事业部门的公用事业选择部门 SPDR ETF 上涨了 21%。值得关注的股票包括拥有 4.4% 股息率的黑山公司，以及计划投资 650 亿美元以提升基础设施和收益的杜克能源公司。艾克塞尔能源公司的股价上涨了 25%，使这些公用事业股对于股息投资者非常具吸引力</p>

<p>Utilities have stomped on the accelerator over the past year. A good barometer for the sector's surge is the rise in <strong>The Utilities Select Sector SPDR ETF</strong>, which is up 21% over the past 12 months. Several factors have helped power utility stocks, including the prospect of lower interest rates and the acceleration of power demand from catalysts like AI data centers.</p>
<div class="lb-trans"><p>过去一年，公用事业公司加速发展。该行业增长的一个良好指标是 <strong>公用事业选择部门 SPDR ETF</strong> 的上涨，过去 12 个月上涨了 21%。几个因素推动了公用事业股票的增长，包括利率下降的前景以及来自人工智能数据中心等催化剂的电力需求加速。</p>
</div><p>Despite that power surge, several utility stocks still look like attractive investments these days, especially for those seeking a high-yielding dividend. <strong>Black Hills Corporation</strong>(BKH), <strong>Duke Energy</strong>(DUK 0.11%), and <strong>Xcel Energ</strong> y (XEL 0.35%) stand out to a few Fool.com contributors for their above-average dividends. Here's why they believe these utilities are some of the best in the sector to buy right now.</p>
<div class="lb-trans"><p>尽管出现了这种强劲增长，但目前仍有几只公用事业股票看起来是吸引人的投资选择，特别是对于那些寻求高股息的投资者。<strong>黑山公司</strong>（BKH）、<strong>杜克能源</strong>（DUK 0.11%）和 <strong>艾克赛尔能源</strong>（XEL 0.35%）因其高于平均水平的股息而受到一些 Fool.com 的投稿者的青睐。以下是他们为什么认为这些公用事业股票是目前该行业中最佳的购买选择。</p>
</div><h2>Black Hills is hard to beat on the dividend front</h2>
<div class="lb-trans"><h2>黑山在股息方面难以超越</h2>
</div><p><strong>Reuben Gregg Brewer</strong> <strong>(Black Hills Corporation):</strong> When it comes to utilities, most investors probably won't know the name Black Hills. That makes sense, given its modest $4 billion market cap. However, this tiny electric and natural gas utility has achieved something that few other utilities have: It has increased its dividend annually for over five decades. That makes Black Hills a highly elite Dividend King. You don't build a dividend record like that by accident.</p>
<div class="lb-trans"><p><strong>鲁本·格雷格·布鲁尔</strong>（黑山公司）：在公用事业领域，大多数投资者可能不熟悉黑山这个名字。鉴于其仅有 40 亿美元的市值，这是可以理解的。然而，这家规模较小的电力和天然气公用事业公司已经实现了少数其他公用事业公司所未能实现的事情：连续五十年以上每年增加股息。这使得黑山成为一个非常优秀的股息王者。你不会偶然建立起这样的股息记录。</p>
</div><p>Black Hills serves 1.3 million customers across parts of Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. Customer growth in its regions is expanding at nearly three times the rate of U.S. population growth. That's good. However, the company has higher leverage than many of its peers, which was a negative while interest rates were on the rise. That caused the company's stock to fall, and it pushed the dividend yield toward the high end of the recent yield range. The roughly 4.4% yield is still historically attractive, even after a stock rally, driven by expectations that interest rates will fall.</p>
<div class="lb-trans"><p>黑山为阿肯色州、科罗拉多州、爱荷华州、堪萨斯州、蒙大拿州、内布拉斯加州、南达科他州和怀俄明州的 130 万客户提供服务。其地区客户增长速度几乎是美国人口增长速度的三倍。这是好事。然而，该公司的杠杆率高于许多同行，这在利率上升时是一个负面因素。这导致公司股价下跌，并将股息率推向最近股息率范围的高端。即使在股价上涨的情况下，由于预期利率将下降，约 4.4% 的股息率仍然具有历史吸引力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/cf0fe9a2909f8e0ea74a151aea66f7bc.png" alt="" original-src="https://media.ycharts.com/charts/cf0fe9a2909f8e0ea74a151aea66f7bc.png"/></p>
<p>BKH data by YCharts</p>
<div class="lb-trans"><p>BKH 数据来源：YCharts</p>
</div><p>But what is the future likely to hold from here? Management is projecting earnings growth of between 4% and 6% a year through 2028, driven by a five-year capital investment plan worth around $4.3 billion. The dividend is likely to grow along with earnings, over time. So you get a relatively high dividend yield -- the average utility yields 3% -- along with a reasonable dividend growth rate and a Dividend King utility with a growing business. That should be quite an attractive combination to most conservative dividend investors.</p>
<div class="lb-trans"><p>但未来可能会发生什么？管理层预计，通过价值约 43 亿美元的五年资本投资计划，公司的盈利将在 2028 年之前每年增长 4% 至 6%。股息可能会随着盈利而增长。因此，您将获得相对较高的股息率 -- 平均公用事业股息率为 3%--以及一个合理的股息增长率和一个业务增长的股息王者。这应该是大多数保守型股息投资者非常吸引的组合。</p>
</div><h2>This utility's growth plans should mean bigger dividends</h2>
<div class="lb-trans"><h2>这家公用事业公司的增长计划应该意味着更高的股息</h2>
</div><p><strong>Neha Chamaria</strong> <strong>(Duke Energy):</strong> Duke Energy's dividend yield of 3.6% isn't among the highest in the utility sector, but the stock has been one of the top performers in recent years, more so when dividends are taken into account. In just the past 10 years, for example, investors who owned Duke Energy stock and reinvested dividends all along have more than doubled their money. Duke Energy has a simple strategy: Keep upgrading and expanding its infrastructure to win regulators' approvals for rate base hikes at regular intervals and use all of that cash flow to reinvest further and reward shareholders. So far, Duke Energy hasn't disappointed its shareholders, and it's unlikely it will.</p>
<div class="lb-trans"><p><strong>妮哈·查玛利亚</strong>（杜克能源）：杜克能源的股息率为 3.6%，并不是公用事业部门中最高的，但考虑到股息，该股票在近年来是表现最好的之一。例如，在过去的 10 年中，持有杜克能源股票并一直重新投资股息的投资者，他们的资金增长了一倍以上。杜克能源有一个简单的策略：不断升级和扩大基础设施，以赢得监管机构定期批准的费率基数提高，并利用所有这些现金流再投资并回报股东。到目前为止，杜克能源没有辜负股东，而且不太可能会。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c15ad4057fa378a076a830b74a4b9d94.png" alt="" original-src="https://media.ycharts.com/charts/c15ad4057fa378a076a830b74a4b9d94.png"/></p>
<p>DUK data by YCharts</p>
<div class="lb-trans"><p>DUK 数据来源：YCharts</p>
</div><p>Duke Energy plans to invest $73 billion between 2024 and 2028 to upgrade its 300,000 miles of power lines, build new power generation capacity, and modernize its natural gas distribution network. The company believes that capital spending should boost its adjusted earnings per share by 5% to 7% annually through 2028 and allow it to pay bigger dividends year after year.</p>
<div class="lb-trans"><p>杜克能源计划在 2024 年至 2028 年间投资 730 亿美元，用于升级其 30 万英里的输电线路、建设新的发电能力，并现代化其天然气配送网络。公司认为，资本支出应该通过 2028 年每年将其调整后的每股收益提高 5% 至 7%，并使其能够每年支付更高的股息。</p>
</div><p>To be fair, Duke Energy's pace of dividend growth hasn't been all that great, but as long as any dividend growth is backed by higher earnings and cash flows, it should propel the stock price in the long term. We've already seen that happen with Duke Energy shares.</p>
<div class="lb-trans"><p>公平地说，杜克能源的股息增长速度并不那么快，但只要任何股息增长都得到更高的盈利和现金流支持，它应该会推动股价长期上涨。我们已经看到这种情况发生在杜克能源股票上。</p>
</div><p>Duke Energy's dividends also look safe and reliable, for two reasons. First, the company is one of the largest utilities in the U.S. and operates in some of the fastest-growing states, such as Florida and the Carolinas. That also means there's strong potential to expand its customer base. Second, Duke Energy is targeting a dividend payout ratio of 60% to 70%, which means the company will always have some money to pay debt and fund growth, even during challenging times. With management already securing future growth with its $73 billion capital spending plan, it's never too late to buy and hold this utility stock.</p>
<div class="lb-trans"><p>杜克能源的股息看起来也是安全可靠的，原因有两点。首先，该公司是美国最大的公用事业公司之一，运营在一些增长最快的州，如佛罗里达州和卡罗来纳州。这也意味着有强大的潜力扩大其客户群。其次，杜克能源的股息支付比率目标为 60% 至 70%，这意味着公司在困难时期也会有一些资金用于偿还债务和资助增长。随着管理层已经通过其 730 亿美元的资本支出计划确保未来增长，现在购买并持有这只公用事业股票永远不会太迟。</p>
</div><h2>Powerful total return potential</h2>
<div class="lb-trans"><h2>强大的总回报潜力</h2>
</div><p><strong>Matt DiLallo (Xcel Energy):</strong> Xcel Energy's stock has surged more than 25% over the past six months. However, the electric and gas utility is still an attractive investment these days. Even with that power surge, it trades at about 17.5 times its forward earnings. That's well below the forward earnings of roughly 20 that most of its utility peers fetch these days. It's also much cheaper than the <strong>S&amp;P 500</strong>'s 23.5 times forward earnings.</p>
<div class="lb-trans"><p><strong>马特·迪拉洛</strong>（艾克赛尔能源）：艾克赛尔能源的股价在过去六个月内上涨了超过 25%。然而，这家电力和天然气公用事业公司如今仍然是一个吸引人的投资选择。即使在这种强劲增长的情况下，它的前瞻性收益约为 17.5 倍。这远低于目前大多数公用事业同行的前瞻性收益约 20 倍。它也比 <strong>标普 500 指数</strong> 的 23.5 倍前瞻性收益便宜得多。</p>
</div><p>The company's relatively more attractive valuation is why it offers a higher 3.5% dividend yield, more than double the S&amp;P 500's sub-1.5% yield. Xcel Energy has increased its payout for 21 straight years. It has grown its dividend at a more than 6% compound annual rate over the last decade.</p>
<div class="lb-trans"><p>该公司相对更有吸引力的估值是因为它提供更高的 3.5% 股息率，是标普 500 指数不到 1.5% 股息率的两倍多。艾克赛尔能源连续 21 年增加了股息。在过去十年中，其股息以超过 6% 的复合年增长率增长。</p>
</div><p>Xcel Energy should have plenty of power to continue growing its dividend in the future. The company, which operates four electric and gas utilities across eight Western and Midwestern states, expects to invest at least $39 billion over the next five years in maintaining and expanding its operations. Meanwhile, it sees the potential to invest an incremental $5 billion over that period to support rising power demand. This forecast drives its view that it can grow its earnings per share by 5% to 7% annually.</p>
<div class="lb-trans"><p>艾克赛尔能源未来应该有足够的动力继续增加其股息。该公司在八个西部和中西部州经营四家电力和天然气公用事业，预计在未来五年内至少投资 390 亿美元用于维护和扩大其业务。同时，它看到在该期间额外投资 50 亿美元以支持不断增长的电力需求的潜力。这一预测推动了其观点，即它可以每年将每股收益增长 5% 至 7%。</p>
</div><p>The utility believes it could grow its dividend at a similar rate, given its reasonable payout ratio of 50% to 60% of its stable earnings. Add its current yield to its earnings growth rate, and Xcel Energy could generate total annual shareholder returns in the 9% to 11% range. There's upside to that if the company's valuation rises closer to that of its utility sector peers. That's a solid return from such a low-risk, high-yield dividend stock.</p>
<div class="lb-trans"><p>该公用事业公司相信，鉴于其合理的股利支付比率为稳定收益的 50% 至 60%，它有望以类似的速度增长股利。将其当前收益率与盈利增长率相加，Xcel Energy 可能会在 9% 至 11% 的范围内实现总年度股东回报。如果该公司的估值接近其公用事业行业同行，这一数字还有上升空间。对于这样一只低风险、高收益的股息股票来说，这是一个稳健的回报。</p>
</div>

公用事业板块上涨 20%：你仍然可以购买的最佳高收益股票