REAVES W H & CO INC recently filed their 13F report for the fourth quarter of 2022, which ended on 2022-12-31.
The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.
Reaves W. H. & Co Inc. is an investment management firm based out of Jersey City, New Jersey. The company was originally established in 1961 by founder William H. Reaves, who had been the head of electric utility research at Kidder Peabody. Reaves W. H. & Co would then begin managing the first institutional account focused on utility and energy infrastructure in 1978. The company is focused on proprietary research and operates as an “employee-owned, research-based investment management company still specializing in key infrastructure-related industries such as utilities, energy, telecommunications and water.” Reaves W. H. & Co has grown from its inception to now operate with 26 employees and manages just under $3 billion in total assets under management spread across 700 accounts, all of which are discretionary accounts. Although its total number of accounts managed has been decreasing in recent years, having once been as high as over 1200, its total assets under management has been increasing, growing significantly from under $1.6 billion back in 2010 to approaching twice that amount today. Reaves W. H. & Co invests most heavily in the utilities and telecommunications sector, which alone makes up over two thirds of its entire asset allocations, and also invests in the energy, consumer discretionary, other, and transports sectors, among others to a lesser degree, in order of decreasing allocation. The company keeps its holdings on an average of approximately 19 quarters and had a most recent turnover rate of 18%. Reaves W. H. & Co mainly caters to high net worth individuals, which makes up three quarters of its client base, and also provides to individuals, investment companies, pension and profit sharing plans, charities, corporations, and insurance companies. Reaves W. H. & Co currently offers its Reaves Utilities and Energy Infrastructure Fund and Utility Income Fund on top of its separately managed accounts.
As of the latest 13F report, the guru’s equity portfolio contained 66 stocks valued at a total of $2.80Bil. The top holdings were NEE(4.82%), XEL(4.44%), and ETR(4.16%).
According to GuruFocus data, these were REAVES W H & CO INC’s top five trades of the quarter.
Southern Co
REAVES W H & CO INC reduced their investment in NYSE:SO by 920,160 shares. The trade had a 2.36% impact on the equity portfolio. During the quarter, the stock traded for an average price of $66.86.
On 02/10/2023, Southern Co traded for a price of $65.78 per share and a market cap of $71.61Bil. The stock has returned 0.59% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Southern Co has a price-earnings ratio of 20.88, a price-book ratio of 2.29, a price-earnings-to-growth (PEG) ratio of 5.97, a EV-to-Ebitda ratio of 12.79 and a price-sales ratio of 2.53.
The price-to-GF Value ratio is 0.89, earning the stock a GF Value rank of 7.
American Electric Power Co Inc
During the quarter, REAVES W H & CO INC bought 685,766 shares of NAS:AEP for a total holding of 723,106. The trade had a 2.32% impact on the equity portfolio. During the quarter, the stock traded for an average price of $91.03.
On 02/10/2023, American Electric Power Co Inc traded for a price of $88.48 per share and a market cap of $45.47Bil. The stock has returned 2.60% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, American Electric Power Co Inc has a price-earnings ratio of 18.32, a price-book ratio of 1.87, a price-earnings-to-growth (PEG) ratio of 1.74, a EV-to-Ebitda ratio of 11.53 and a price-sales ratio of 2.43.
The price-to-GF Value ratio is 0.96, earning the stock a GF Value rank of 6.
Sempra Energy
REAVES W H & CO INC reduced their investment in NYSE:SRE by 252,637 shares. The trade had a 1.42% impact on the equity portfolio. During the quarter, the stock traded for an average price of $154.75.
On 02/10/2023, Sempra Energy traded for a price of $152.76 per share and a market cap of $48.02Bil. The stock has returned 14.22% over the past year.
GuruFocus gives the company a financial strength rating of 4 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, Sempra Energy has a price-earnings ratio of 21.42, a price-book ratio of 1.83, a EV-to-Ebitda ratio of 15.30 and a price-sales ratio of 3.26.
The price-to-GF Value ratio is 0.98, earning the stock a GF Value rank of 6.
TC Energy Corp
The guru established a new position worth 1,000,000 shares in NYSE:TRP, giving the stock a 1.42% weight in the equity portfolio. Shares traded for an average price of $43.37 during the quarter.
On 02/10/2023, TC Energy Corp traded for a price of $40.91 per share and a market cap of $40.97Bil. The stock has returned -16.02% over the past year.
GuruFocus gives the company a financial strength rating of 3 out of 10 and a profitability rating of 7 out of 10.
In terms of valuation, TC Energy Corp has a price-earnings ratio of 16.31, a price-book ratio of 1.67, a price-earnings-to-growth (PEG) ratio of 2.67, a EV-to-Ebitda ratio of 12.16 and a price-sales ratio of 3.75.
The price-to-GF Value ratio is 0.90, earning the stock a GF Value rank of 9.
Prologis Inc
REAVES W H & CO INC reduced their investment in NYSE:PLD by 300,402 shares. The trade had a 1.15% impact on the equity portfolio. During the quarter, the stock traded for an average price of $110.78.
On 02/10/2023, Prologis Inc traded for a price of $128.04 per share and a market cap of $118.19Bil. The stock has returned -15.56% over the past year.
GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 8 out of 10.
In terms of valuation, Prologis Inc has a price-earnings ratio of 23.76, a price-book ratio of 2.69, a price-earnings-to-growth (PEG) ratio of 5.80, a EV-to-Ebitda ratio of 22.07 and a price-sales ratio of 17.80.
The price-to-GF Value ratio is 0.97, earning the stock a GF Value rank of 6.
Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.
When GuruFocus covers insider information, we only track open market or the private purchase and sale of common stock with the transaction code of P or S. Therefore, all the transactions mentioned in this article are only the ones with transaction code of P or S.
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