Huzzah! Housing starts jumped in April to an annualized rate of 1.135 million units, according to the Commerce Department. That’s the highest level since November 2007. Building permits also surged 10.1%, a hopeful omen for future construction activity. But why are we cheering? Partly, of course, housing is because a key sector of the economy seems to be doing a little better. We’re always happy when businesses are humming and people are working.
I suggest focusing your new money on a handful of interest-sensitive utility stocks that have already undergone sizable price “corrections” from their 2015 highs. OGE Energy Corp. (NYSE:OGE) is a good example. OGE rates a “buy” with a current yield of 3.1%. Electric utility stock Duke Energy Corp (NYSE:DUK) offers sound value. DUK isn’t growing nearly as fast as OGE, but Duke Energy has sweetened its dividend seven years in a row and will likely announce yet another increase around July 1. DUK stock’s current yield is 4.2%. One utility stock that definitely merits a “hold” rather than a “buy” is NiSource Inc. (NYSE:NI). NiSource stock has exploded ahead of NI’s planned spinoff of its Columbia Pipeline Group subsidiary. The transaction is due to close July 1.
Source: InvestorPlace
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