Sleepy utilities steal a short run from the builders

The five best risers with a reading were all US or European utilities, and Quanta Services, the power-line builder, fell furthest, down 10.5%.

• Best price change over 7 days, of 17 stocks with a figure: National Grid (NG.L, UK and Europe utilities) +6.2%; Southern Company (SO, US utilities) +5.8%; SSE (SSE.L, UK and Europe utilities) +4.9%; Duke Energy (DUK, US utilities) +4.1%; Enel (ENEL.MI, UK and Europe utilities) +3.9%.
• Worst price change over 7 days, of 17 stocks with a figure: Quanta Services (PWR, Grid builders) -10.5%; Constellation Energy (CEG, Independent power) -9.0%; Eaton (ETN, Electrical equipment) -8.9%; GE Vernova (GEV, Turbines) -8.3%; Siemens Energy (ENR.DE, Turbines) -7.1%.
• Grid builders (stage: Grid), 4 stocks: PWR, MYRG, PRY.MI, NKT.CO. Combined market cap $95.0bn, 5.1% of the theme. Price change of the typical stock (median): 7 days -10.5%, 1 month +2.0%, 3 months +0.5%, 6 months +5.0%, this year so far +49.8%. 1 of 1 are in an uptrend (above their 200-day line), 100%. Typical price against next year's expected earnings: 31.8x. Typical price against the last year's earnings: 72.4x. Typical revenue growth: +41.1%. Typical earnings-per-share growth: +94.7%. Typical operating margin: 7.2%. Typical net margin: 4.0%. Typical distance below 52-week high: 19.9%. Typical gap to analysts' average target: +21.2%. How this business works: Builds and repairs power lines and makes the cables that carry electricity, including under the sea. Work is booked in large multi-year contracts, so the order backlog shows how much work is ahead.

The typical UK and European utility rose 7.3%, while the typical turbine and electrical equipment stocks slipped.

• UK and Europe utilities (stage: Utilities), 7 stocks: NG.L, SSE.L, IBE.MC, ENEL.MI, EOAN.DE, RWE.DE, ENGI.PA. Combined market cap $388.6bn, 20.7% of the theme. Price change of the typical stock (median): 7 days +4.4%, 1 month +7.3%, 3 months -0.2%, 6 months +0.3%, this year so far +13.0%. 3 of 4 are in an uptrend (above their 200-day line), 75%. Typical price against next year's expected earnings: 12.3x. Typical price against the last year's earnings: 23.2x. Typical revenue growth: +5.2%. Typical earnings-per-share growth: +29.8%. Typical operating margin: 23.8%. Typical net margin: 13.9%. Typical distance below 52-week high: 9.4%. Typical gap to analysts' average target: +8.1%. How this business works: Runs power networks and generation across the UK and Europe, under regulators that set what the networks may earn. Most are spending heavily on grids and renewables, paid for with borrowing, so interest rates and regulators' decisions matter most.
• Turbines (stage: Equipment), 2 stocks: GEV, ENR.DE. Combined market cap $374.5bn, 19.9% of the theme. Price change of the typical stock (median): 7 days -7.7%, 1 month -0.4%, 3 months -12.0%, 6 months -14.4%, this year so far +25.8%. 1 of 2 are in an uptrend (above their 200-day line), 50%. Typical price against next year's expected earnings: 29.0x. Typical price against the last year's earnings: 36.8x. Typical revenue growth: +19.7%. Typical earnings-per-share growth: +56.4%. Typical operating margin: 10.2%. Typical net margin: 14.7%. Typical distance below 52-week high: 27.0%. Typical gap to analysts' average target: +39.6%. How this business works: Builds the gas turbines and grid equipment new power plants are built around. Orders are booked years ahead and factories are close to full, so the order book and its pricing show what is coming.
• Electrical equipment (stage: Equipment), 4 stocks: ETN, HUBB, SU.PA, ABBN.SW. Combined market cap $478.6bn, 25.5% of the theme. Price change of the typical stock (median): 7 days -3.3%, 1 month -1.6%, 3 months -2.4%, 6 months -2.1%, this year so far +23.9%. 1 of 3 are in an uptrend (above their 200-day line), 33%. Typical price against next year's expected earnings: 24.0x. Typical price against the last year's earnings: 34.7x. Typical revenue growth: +14.2%. Typical earnings-per-share growth: +8.2%. Typical operating margin: 16.9%. Typical net margin: 12.8%. Typical distance below 52-week high: 17.4%. Typical gap to analysts' average target: +24.2%. How this business works: Makes the transformers, switchgear and wiring that move power from the grid into buildings and factories. Demand comes from data centres, factories and grid upgrades at once, and delivery times are long.

GE Vernova costs 36.5 times next year's expected profit, the dearest stock with a reading, while typical utilities cost far less.

• Dearest price against next year's expected earnings, of 17 stocks with a figure: GE Vernova (GEV, Turbines) 36.5x; Quanta Services (PWR, Grid builders) 31.8x; BWX Technologies (BWXT, New nuclear) 26.2x; ABB (ABBN.SW, Electrical equipment) 25.4x; Eaton (ETN, Electrical equipment) 24.0x.
• GE Vernova (GEV), Turbines. Market cap $245.3bn, 13.1% of the theme. Price change: 1 day -0.6%, 7 days -8.3%, 1 month -0.4%, 3 months -12.9%, 6 months -8.1%, this year so far +41.2%. In an uptrend: 1.4% above its 200-day line, on that side since 2026-09-16. 23.0% below its 52-week high. Price is 36.5x next year's expected earnings. Price is 26.4x the last year's earnings. Revenue growth, latest quarter on a year before: +21.9%. Earnings-per-share growth: +32.8%. Operating margin 7.5% of sales. Net margin 23.0% of sales. Analysts' average target is +32.9% from the last close (33 analysts, consensus buy). Reports earnings 2026-10-28.
• Turbines (stage: Equipment), 2 stocks: GEV, ENR.DE. Combined market cap $374.5bn, 19.9% of the theme. Price change of the typical stock (median): 7 days -7.7%, 1 month -0.4%, 3 months -12.0%, 6 months -14.4%, this year so far +25.8%. 1 of 2 are in an uptrend (above their 200-day line), 50%. Typical price against next year's expected earnings: 29.0x. Typical price against the last year's earnings: 36.8x. Typical revenue growth: +19.7%. Typical earnings-per-share growth: +56.4%. Typical operating margin: 10.2%. Typical net margin: 14.7%. Typical distance below 52-week high: 27.0%. Typical gap to analysts' average target: +39.6%. How this business works: Builds the gas turbines and grid equipment new power plants are built around. Orders are booked years ahead and factories are close to full, so the order book and its pricing show what is coming.
• US utilities (stage: Utilities), 9 stocks: NEE, SO, DUK, AEP, D, EXC, XEL, SRE, PCG. Combined market cap $363.9bn, 19.4% of the theme. Price change of the typical stock (median): 7 days +4.1%, 1 month +3.1%, 3 months -3.5%, 6 months -3.5%, this year so far +6.3%. 2 of 3 are in an uptrend (above their 200-day line), 67%. Typical price against next year's expected earnings: 18.2x. Typical price against the last year's earnings: 18.3x. Typical revenue growth: +1.1%. Typical earnings-per-share growth: +30.4%. Typical operating margin: 29.6%. Typical net margin: 16.0%. Typical distance below 52-week high: 9.7%. Typical gap to analysts' average target: +10.1%. How this business works: Owns the power plants and lines that serve a region, and earns a return its state regulator sets. Earnings grow with the money it is allowed to invest, so rate decisions and data-centre demand drive growth, and high borrowing makes the shares sensitive to interest rates.
• UK and Europe utilities (stage: Utilities), 7 stocks: NG.L, SSE.L, IBE.MC, ENEL.MI, EOAN.DE, RWE.DE, ENGI.PA. Combined market cap $388.6bn, 20.7% of the theme. Price change of the typical stock (median): 7 days +4.4%, 1 month +7.3%, 3 months -0.2%, 6 months +0.3%, this year so far +13.0%. 3 of 4 are in an uptrend (above their 200-day line), 75%. Typical price against next year's expected earnings: 12.3x. Typical price against the last year's earnings: 23.2x. Typical revenue growth: +5.2%. Typical earnings-per-share growth: +29.8%. Typical operating margin: 23.8%. Typical net margin: 13.9%. Typical distance below 52-week high: 9.4%. Typical gap to analysts' average target: +8.1%. How this business works: Runs power networks and generation across the UK and Europe, under regulators that set what the networks may earn. Most are spending heavily on grids and renewables, paid for with borrowing, so interest rates and regulators' decisions matter most.

They pay for grid and plant building with borrowing, and the typical European utility already sits within 9.4% of its 52-week high.

• UK and Europe utilities (stage: Utilities), 7 stocks: NG.L, SSE.L, IBE.MC, ENEL.MI, EOAN.DE, RWE.DE, ENGI.PA. Combined market cap $388.6bn, 20.7% of the theme. Price change of the typical stock (median): 7 days +4.4%, 1 month +7.3%, 3 months -0.2%, 6 months +0.3%, this year so far +13.0%. 3 of 4 are in an uptrend (above their 200-day line), 75%. Typical price against next year's expected earnings: 12.3x. Typical price against the last year's earnings: 23.2x. Typical revenue growth: +5.2%. Typical earnings-per-share growth: +29.8%. Typical operating margin: 23.8%. Typical net margin: 13.9%. Typical distance below 52-week high: 9.4%. Typical gap to analysts' average target: +8.1%. How this business works: Runs power networks and generation across the UK and Europe, under regulators that set what the networks may earn. Most are spending heavily on grids and renewables, paid for with borrowing, so interest rates and regulators' decisions matter most.
• US utilities (stage: Utilities), 9 stocks: NEE, SO, DUK, AEP, D, EXC, XEL, SRE, PCG. Combined market cap $363.9bn, 19.4% of the theme. Price change of the typical stock (median): 7 days +4.1%, 1 month +3.1%, 3 months -3.5%, 6 months -3.5%, this year so far +6.3%. 2 of 3 are in an uptrend (above their 200-day line), 67%. Typical price against next year's expected earnings: 18.2x. Typical price against the last year's earnings: 18.3x. Typical revenue growth: +1.1%. Typical earnings-per-share growth: +30.4%. Typical operating margin: 29.6%. Typical net margin: 16.0%. Typical distance below 52-week high: 9.7%. Typical gap to analysts' average target: +10.1%. How this business works: Owns the power plants and lines that serve a region, and earns a return its state regulator sets. Earnings grow with the money it is allowed to invest, so rate decisions and data-centre demand drive growth, and high borrowing makes the shares sensitive to interest rates.

GE Vernova reports on 28 October, the day after the US rate decision, so look for whether its order book still backs its price.

• 2026-10-27: FOMC meeting. A US rate decision. Utilities borrow heavily to build plants and lines, so the rate path sets what building costs them, and their shares often trade like bonds. Source
• 2026-10-28: ECB monetary policy meeting. A euro-area rate decision. It sets what Europe's utilities and cable makers pay to borrow for the grid they are building. Source
• 2026-10-28: GE Vernova (GEV, Turbines) reports earnings.
• Turbines (stage: Equipment), 2 stocks: GEV, ENR.DE. Combined market cap $374.5bn, 19.9% of the theme. Price change of the typical stock (median): 7 days -7.7%, 1 month -0.4%, 3 months -12.0%, 6 months -14.4%, this year so far +25.8%. 1 of 2 are in an uptrend (above their 200-day line), 50%. Typical price against next year's expected earnings: 29.0x. Typical price against the last year's earnings: 36.8x. Typical revenue growth: +19.7%. Typical earnings-per-share growth: +56.4%. Typical operating margin: 10.2%. Typical net margin: 14.7%. Typical distance below 52-week high: 27.0%. Typical gap to analysts' average target: +39.6%. How this business works: Builds the gas turbines and grid equipment new power plants are built around. Orders are booked years ahead and factories are close to full, so the order book and its pricing show what is coming.