<p>過去一年，公用事業公司加速發展。該行業增長的一個良好指標是 <strong>公用事業選擇部門 SPDR ETF</strong> 的上漲，過去 12 個月上漲了 21%。幾個因素推動了公用事業股票的增長，包括利率下降的前景以及來自人工智能數據中心等催化劑的電力需求加速。</p>
<p>儘管出現了這種強勁增長，但目前仍有幾隻公用事業股票看起來是吸引人的投資選擇，特別是對於那些尋求高股息的投資者。<strong>黑山公司</strong>（BKH）、<strong>杜克能源</strong>（DUK 0.11%）和 <strong>艾克賽爾能源</strong>（XEL 0.35%）因其高於平均水平的股息而受到一些 Fool.com 的投稿者的青睞。以下是他們為什麼認為這些公用事業股票是目前該行業中最佳的購買選擇。</p>
<h2>黑山在股息方面難以超越</h2>
<p><strong>魯本·格雷格·布魯爾</strong>（黑山公司）：在公用事業領域，大多數投資者可能不熟悉黑山這個名字。鑑於其僅有 40 億美元的市值，這是可以理解的。然而，這家規模較小的電力和天然氣公用事業公司已經實現了少數其他公用事業公司所未能實現的事情：連續五十年以上每年增加股息。這使得黑山成為一個非常優秀的股息王者。你不會偶然建立起這樣的股息記錄。</p>
<p>黑山為阿肯色州、科羅拉多州、愛荷華州、堪薩斯州、蒙大拿州、內布拉斯加州、南達科他州和懷俄明州的 130 萬客户提供服務。其地區客户增長速度幾乎是美國人口增長速度的三倍。這是好事。然而，該公司的槓桿率高於許多同行，這在利率上升時是一個負面因素。這導致公司股價下跌，並將股息率推向最近股息率範圍的高端。即使在股價上漲的情況下，由於預期利率將下降，約 4.4% 的股息率仍然具有歷史吸引力。</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 數據來源：YCharts</p>
<p>但未來可能會發生什麼？管理層預計，通過價值約 43 億美元的五年資本投資計劃，公司的盈利將在 2028 年之前每年增長 4% 至 6%。股息可能會隨着盈利而增長。因此，您將獲得相對較高的股息率 -- 平均公用事業股息率為 3%--以及一個合理的股息增長率和一個業務增長的股息王者。這應該是大多數保守型股息投資者非常吸引的組合。</p>
<h2>這家公用事業公司的增長計劃應該意味着更高的股息</h2>
<p><strong>妮哈·查瑪利亞</strong>（杜克能源）：杜克能源的股息率為 3.6%，並不是公用事業部門中最高的，但考慮到股息，該股票在近年來是表現最好的之一。例如，在過去的 10 年中，持有杜克能源股票並一直重新投資股息的投資者，他們的資金增長了一倍以上。杜克能源有一個簡單的策略：不斷升級和擴大基礎設施，以贏得監管機構定期批准的費率基數提高，並利用所有這些現金流再投資並回報股東。到目前為止，杜克能源沒有辜負股東，而且不太可能會。</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 數據來源：YCharts</p>
<p>杜克能源計劃在 2024 年至 2028 年間投資 730 億美元，用於升級其 30 萬英里的輸電線路、建設新的發電能力，並現代化其天然氣配送網絡。公司認為，資本支出應該通過 2028 年每年將其調整後的每股收益提高 5% 至 7%，並使其能夠每年支付更高的股息。</p>
<p>公平地説，杜克能源的股息增長速度並不那麼快，但只要任何股息增長都得到更高的盈利和現金流支持，它應該會推動股價長期上漲。我們已經看到這種情況發生在杜克能源股票上。</p>
<p>杜克能源的股息看起來也是安全可靠的，原因有兩點。首先，該公司是美國最大的公用事業公司之一，運營在一些增長最快的州，如佛羅里達州和卡羅來納州。這也意味着有強大的潛力擴大其客户羣。其次，杜克能源的股息支付比率目標為 60% 至 70%，這意味着公司在困難時期也會有一些資金用於償還債務和資助增長。隨着管理層已經通過其 730 億美元的資本支出計劃確保未來增長，現在購買並持有這隻公用事業股票永遠不會太遲。</p>
<h2>強大的總回報潛力</h2>
<p><strong>馬特·迪拉洛</strong>（艾克賽爾能源）：艾克賽爾能源的股價在過去六個月內上漲了超過 25%。然而，這家電力和天然氣公用事業公司如今仍然是一個吸引人的投資選擇。即使在這種強勁增長的情況下，它的前瞻性收益約為 17.5 倍。這遠低於目前大多數公用事業同行的前瞻性收益約 20 倍。它也比 <strong>標普 500 指數</strong> 的 23.5 倍前瞻性收益便宜得多。</p>
<p>該公司相對更有吸引力的估值是因為它提供更高的 3.5% 股息率，是標普 500 指數不到 1.5% 股息率的兩倍多。艾克賽爾能源連續 21 年增加了股息。在過去十年中，其股息以超過 6% 的複合年增長率增長。</p>
<p>艾克賽爾能源未來應該有足夠的動力繼續增加其股息。該公司在八個西部和中西部州經營四家電力和天然氣公用事業，預計在未來五年內至少投資 390 億美元用於維護和擴大其業務。同時，它看到在該期間額外投資 50 億美元以支持不斷增長的電力需求的潛力。這一預測推動了其觀點，即它可以每年將每股收益增長 5% 至 7%。</p>
<p>該公用事業公司相信，鑑於其合理的股利支付比率為穩定收益的 50% 至 60%，它有望以類似的速度增長股利。將其當前收益率與盈利增長率相加，Xcel Energy 可能會在 9% 至 11% 的範圍內實現總年度股東回報。如果該公司的估值接近其公用事業行業同行，這一數字還有上升空間。對於這樣一隻低風險、高收益的股息股票來説，這是一個穩健的回報。</p>

黑山

<p>在過去一年中，受低利率和能源需求增加的推動，公用事業部門的公用事業選擇部門 SPDR ETF 上漲了 21%。值得關注的股票包括擁有 4.4% 股息率的黑山公司，以及計劃投資 650 億美元以提升基礎設施和收益的杜克能源公司。艾克塞爾能源公司的股價上漲了 25%，使這些公用事業股對於股息投資者非常具吸引力</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>過去一年，公用事業公司加速發展。該行業增長的一個良好指標是 <strong>公用事業選擇部門 SPDR ETF</strong> 的上漲，過去 12 個月上漲了 21%。幾個因素推動了公用事業股票的增長，包括利率下降的前景以及來自人工智能數據中心等催化劑的電力需求加速。</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>儘管出現了這種強勁增長，但目前仍有幾隻公用事業股票看起來是吸引人的投資選擇，特別是對於那些尋求高股息的投資者。<strong>黑山公司</strong>（BKH）、<strong>杜克能源</strong>（DUK 0.11%）和 <strong>艾克賽爾能源</strong>（XEL 0.35%）因其高於平均水平的股息而受到一些 Fool.com 的投稿者的青睞。以下是他們為什麼認為這些公用事業股票是目前該行業中最佳的購買選擇。</p>
</div><h2>Black Hills is hard to beat on the dividend front</h2>
<div class="lb-trans"><h2>黑山在股息方面難以超越</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>魯本·格雷格·布魯爾</strong>（黑山公司）：在公用事業領域，大多數投資者可能不熟悉黑山這個名字。鑑於其僅有 40 億美元的市值，這是可以理解的。然而，這家規模較小的電力和天然氣公用事業公司已經實現了少數其他公用事業公司所未能實現的事情：連續五十年以上每年增加股息。這使得黑山成為一個非常優秀的股息王者。你不會偶然建立起這樣的股息記錄。</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>黑山為阿肯色州、科羅拉多州、愛荷華州、堪薩斯州、蒙大拿州、內布拉斯加州、南達科他州和懷俄明州的 130 萬客户提供服務。其地區客户增長速度幾乎是美國人口增長速度的三倍。這是好事。然而，該公司的槓桿率高於許多同行，這在利率上升時是一個負面因素。這導致公司股價下跌，並將股息率推向最近股息率範圍的高端。即使在股價上漲的情況下，由於預期利率將下降，約 4.4% 的股息率仍然具有歷史吸引力。</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 數據來源：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>但未來可能會發生什麼？管理層預計，通過價值約 43 億美元的五年資本投資計劃，公司的盈利將在 2028 年之前每年增長 4% 至 6%。股息可能會隨着盈利而增長。因此，您將獲得相對較高的股息率 -- 平均公用事業股息率為 3%--以及一個合理的股息增長率和一個業務增長的股息王者。這應該是大多數保守型股息投資者非常吸引的組合。</p>
</div><h2>This utility's growth plans should mean bigger dividends</h2>
<div class="lb-trans"><h2>這家公用事業公司的增長計劃應該意味着更高的股息</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·查瑪利亞</strong>（杜克能源）：杜克能源的股息率為 3.6%，並不是公用事業部門中最高的，但考慮到股息，該股票在近年來是表現最好的之一。例如，在過去的 10 年中，持有杜克能源股票並一直重新投資股息的投資者，他們的資金增長了一倍以上。杜克能源有一個簡單的策略：不斷升級和擴大基礎設施，以贏得監管機構定期批准的費率基數提高，並利用所有這些現金流再投資並回報股東。到目前為止，杜克能源沒有辜負股東，而且不太可能會。</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 數據來源：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>杜克能源計劃在 2024 年至 2028 年間投資 730 億美元，用於升級其 30 萬英里的輸電線路、建設新的發電能力，並現代化其天然氣配送網絡。公司認為，資本支出應該通過 2028 年每年將其調整後的每股收益提高 5% 至 7%，並使其能夠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>公平地説，杜克能源的股息增長速度並不那麼快，但只要任何股息增長都得到更高的盈利和現金流支持，它應該會推動股價長期上漲。我們已經看到這種情況發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來也是安全可靠的，原因有兩點。首先，該公司是美國最大的公用事業公司之一，運營在一些增長最快的州，如佛羅里達州和卡羅來納州。這也意味着有強大的潛力擴大其客户羣。其次，杜克能源的股息支付比率目標為 60% 至 70%，這意味着公司在困難時期也會有一些資金用於償還債務和資助增長。隨着管理層已經通過其 730 億美元的資本支出計劃確保未來增長，現在購買並持有這隻公用事業股票永遠不會太遲。</p>
</div><h2>Powerful total return potential</h2>
<div class="lb-trans"><h2>強大的總回報潛力</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>馬特·迪拉洛</strong>（艾克賽爾能源）：艾克賽爾能源的股價在過去六個月內上漲了超過 25%。然而，這家電力和天然氣公用事業公司如今仍然是一個吸引人的投資選擇。即使在這種強勁增長的情況下，它的前瞻性收益約為 17.5 倍。這遠低於目前大多數公用事業同行的前瞻性收益約 20 倍。它也比 <strong>標普 500 指數</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>該公司相對更有吸引力的估值是因為它提供更高的 3.5% 股息率，是標普 500 指數不到 1.5% 股息率的兩倍多。艾克賽爾能源連續 21 年增加了股息。在過去十年中，其股息以超過 6% 的複合年增長率增長。</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>艾克賽爾能源未來應該有足夠的動力繼續增加其股息。該公司在八個西部和中西部州經營四家電力和天然氣公用事業，預計在未來五年內至少投資 390 億美元用於維護和擴大其業務。同時，它看到在該期間額外投資 50 億美元以支持不斷增長的電力需求的潛力。這一預測推動了其觀點，即它可以每年將每股收益增長 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>該公用事業公司相信，鑑於其合理的股利支付比率為穩定收益的 50% 至 60%，它有望以類似的速度增長股利。將其當前收益率與盈利增長率相加，Xcel Energy 可能會在 9% 至 11% 的範圍內實現總年度股東回報。如果該公司的估值接近其公用事業行業同行，這一數字還有上升空間。對於這樣一隻低風險、高收益的股息股票來説，這是一個穩健的回報。</p>
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公用事業板塊上漲 20%：你仍然可以購買的最佳高收益股票