John Stephenson CMS Energy Corp CMS-N WEAK BUY May 09, 2003

Defensive pick. A U.S utility. Fully regulated space which means you have clear transparency on the cash flows of the business. Nice steady stream of income. Still reasonably valued. 3% dividend which for a U.S. name is quite high. Boring name, but he likes the valuation, but most importantly likes the fact that its defensive, and defensive will be a theme going into 2019. (Analysts’ price target is $51.14)

It is a utility. It has a great dividend for a US name. The theme is being defensive. It is a good way to add diversify within the utilities. (Analysts’ price target is $53.61)

This is one of the best run utilities in the US. It is not a value play but a high quality play. It is another way to add to the utilities. It is trading at over 20X earnings to is trading at a premium, however, you are buying quality. It is the best run utility in the US. You are not buying it at bargain levels at current price. Great way to get exposure to US utilities. Yield = 2.7% (Analysts’ price target is $56.44)