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Reaves Utility Income Fund

AMEX:UTG
Snowflake Description

Adequate balance sheet second-rate dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
UTG
AMEX
$2B
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

Reaves Utility Income Fund is a closed ended balanced mutual fund launched and managed by W. The last earnings update was 109 days ago. More info.


Add to Portfolio Compare Print
  • Reaves Utility Income Fund is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
UTG Share Price and Events
7 Day Returns
-0.3%
AMEX:UTG
-0.2%
US Capital Markets
-0.1%
US Market
1 Year Returns
22.6%
AMEX:UTG
-6.8%
US Capital Markets
7.6%
US Market
UTG Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Reaves Utility Income Fund (UTG) -0.3% 3.7% 12.4% 22.6% 17% 18.9%
US Capital Markets -0.2% 7.5% 4.2% -6.8% 53.7% 71.5%
US Market -0.1% 3.7% 10.2% 7.6% 38.1% 46.4%
1 Year Return vs Industry and Market
  • UTG outperformed the Capital Markets industry which returned -6.8% over the past year.
  • UTG outperformed the Market in United States of America which returned 7.6% over the past year.

Value

 Is Reaves Utility Income Fund undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Reaves Utility Income Fund to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Reaves Utility Income Fund.

AMEX:UTG Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $31.98 * 8.8%
$2.82
Book Value of Equity per Share Median Book Value from the past 5 years. $31.98
Discount Rate (Cost of Equity) See below 8.2%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for AMEX:UTG
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.727 (1 + (1- 21%) (26.66%))
0.919
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.92
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.919 * 5.96%)
8.21%

Discounted Cash Flow Calculation for AMEX:UTG using Excess Returns Model Model

The calculations below outline how an intrinsic value for Reaves Utility Income Fund is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

AMEX:UTG Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.8% – 8.21%) * $31.98)
$0.19
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $0.19 / (8.21% - 2.73%)
$3.55
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $31.98 + $3.55
$35.53
AMEX:UTG Discount to Share Price
Calculation Result
Value per share (USD) From above. $35.53
Current discount Discount to share price of $34.29
= -1 x ($34.29 - $35.53) / $35.53
3.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Reaves Utility Income Fund is available for.
Intrinsic value
3%
Share price is $34.29 vs Future cash flow value of $35.53
Current Discount Checks
For Reaves Utility Income Fund to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Reaves Utility Income Fund's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Reaves Utility Income Fund's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Reaves Utility Income Fund's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Reaves Utility Income Fund's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
AMEX:UTG PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-10-31) in USD $0.60
AMEX:UTG Share Price ** AMEX (2019-04-23) in USD $34.29
United States of America Capital Markets Industry PE Ratio Median Figure of 87 Publicly-Listed Capital Markets Companies 30.49x
United States of America Market PE Ratio Median Figure of 3,080 Publicly-Listed Companies 18.03x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Reaves Utility Income Fund.

AMEX:UTG PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= AMEX:UTG Share Price ÷ EPS (both in USD)

= 34.29 ÷ 0.60

57.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Reaves Utility Income Fund is overvalued based on earnings compared to the US Capital Markets industry average.
  • Reaves Utility Income Fund is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Reaves Utility Income Fund's expected growth come at a high price?
Raw Data
AMEX:UTG PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 57.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
United States of America Capital Markets Industry PEG Ratio Median Figure of 34 Publicly-Listed Capital Markets Companies 2.66x
United States of America Market PEG Ratio Median Figure of 2,109 Publicly-Listed Companies 1.55x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Reaves Utility Income Fund, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Reaves Utility Income Fund's assets?
Raw Data
AMEX:UTG PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-10-31) in USD $31.74
AMEX:UTG Share Price * AMEX (2019-04-23) in USD $34.29
United States of America Capital Markets Industry PB Ratio Median Figure of 169 Publicly-Listed Capital Markets Companies 7.74x
United States of America Market PB Ratio Median Figure of 5,185 Publicly-Listed Companies 1.92x
AMEX:UTG PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= AMEX:UTG Share Price ÷ Book Value per Share (both in USD)

= 34.29 ÷ 31.74

1.08x

* Primary Listing of Reaves Utility Income Fund.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Reaves Utility Income Fund is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess Reaves Utility Income Fund's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Reaves Utility Income Fund has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Reaves Utility Income Fund expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Reaves Utility Income Fund has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.9%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Reaves Utility Income Fund expected to grow at an attractive rate?
  • Unable to compare Reaves Utility Income Fund's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Reaves Utility Income Fund's earnings growth to the United States of America market average as no estimate data is available.
  • Unable to compare Reaves Utility Income Fund's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
AMEX:UTG Future Growth Rates Data Sources
Data Point Source Value (per year)
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 6.9%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.5%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
AMEX:UTG Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
AMEX:UTG Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-10-31 71 -29 29
2018-07-31 69 -250 3
2018-04-30 68 -472 -22
2018-01-31 62 -400 72
2017-10-31 55 -329 167
2017-07-31 50 -116 170
2017-04-30 45 96 174
2017-01-31 45 16 173
2016-10-31 45 -65 173
2016-07-31 44 -83 138
2016-04-30 43 -100 104
2016-01-31 41 -39 43

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Reaves Utility Income Fund is high growth as no earnings estimate data is available.
  • Unable to determine if Reaves Utility Income Fund is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
AMEX:UTG Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (5 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Reaves Utility Income Fund Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:UTG Past Financials Data
Date (Data in USD Millions) EPS *
2018-10-31 0.60
2018-07-31 0.07
2018-04-30 -0.46
2018-01-31 1.48
2017-10-31 3.43
2017-07-31 3.50
2017-04-30 5.06
2017-01-31 5.04
2016-10-31 5.03
2016-07-31 4.02
2016-04-30 3.02
2016-01-31 1.24

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Reaves Utility Income Fund will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Reaves Utility Income Fund's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Reaves Utility Income Fund has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Reaves Utility Income Fund performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Reaves Utility Income Fund's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Reaves Utility Income Fund's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Reaves Utility Income Fund's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Reaves Utility Income Fund's 1-year earnings growth is negative, it can't be compared to the US Capital Markets industry average.
Earnings and Revenue History
Reaves Utility Income Fund's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Reaves Utility Income Fund Company Filings, last reported 5 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

AMEX:UTG Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-10-31 70.51 29.06 17.20
2018-07-31 69.47 3.30 16.22
2018-04-30 68.43 -22.46 15.24
2018-01-31 61.69 72.25 14.10
2017-10-31 54.95 166.97 12.95
2017-07-31 50.01 170.28 12.80
2017-04-30 45.08 173.60 12.66
2017-01-31 45.01 173.07 12.33
2016-10-31 44.95 172.55 12.01
2016-07-31 43.89 138.11 11.41
2016-04-30 42.83 103.67 10.80
2016-01-31 41.05 42.70 10.65
2015-10-31 39.27 -18.27 10.50
2015-07-31 40.37 35.38 10.47
2015-04-30 41.47 89.04 10.44
2015-01-31 54.19 137.95 10.19
2014-10-31 66.91 186.87 9.94
2014-07-31 66.59 138.41 9.75
2014-04-30 66.27 89.96 9.55
2014-01-31 56.22 100.49 9.39
2013-10-31 46.17 111.03 9.22
2013-07-31 45.70 137.36 9.10
2013-04-30 45.24 163.69 8.98
2013-01-31 43.00 130.62 8.39
2012-10-31 40.76 97.55 7.81
2012-07-31 40.66 77.01 7.23
2012-04-30 40.56 56.48 6.64

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Reaves Utility Income Fund has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Reaves Utility Income Fund used its assets more efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • Reaves Utility Income Fund has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Reaves Utility Income Fund's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Reaves Utility Income Fund has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Reaves Utility Income Fund's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Reaves Utility Income Fund's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Reaves Utility Income Fund's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Reaves Utility Income Fund's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Reaves Utility Income Fund's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Reaves Utility Income Fund Company Filings, last reported 5 months ago.

AMEX:UTG Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-10-31 1,544.96 445.00 0.04
2018-07-31 1,544.96 445.00 0.04
2018-04-30 1,499.51 445.00 0.07
2018-01-31 1,499.51 445.00 0.07
2017-10-31 1,612.86 320.00 0.72
2017-07-31 1,612.86 320.00 0.72
2017-04-30 1,175.61 320.00 0.27
2017-01-31 1,175.61 320.00 0.27
2016-10-31 1,116.58 320.00 0.02
2016-07-31 1,116.58 320.00 0.02
2016-04-30 1,097.71 320.00 0.15
2016-01-31 1,097.71 320.00 0.15
2015-10-31 878.95 320.00
2015-07-31 878.95 320.00
2015-04-30 923.85 290.00
2015-01-31 923.85 290.00
2014-10-31 949.09 290.00 0.12
2014-07-31 949.09 290.00 0.12
2014-04-30 884.28 290.00 0.17
2014-01-31 884.28 290.00 0.17
2013-10-31 809.73 290.25
2013-07-31 809.73 290.25
2013-04-30 840.74 290.00 0.60
2013-01-31 840.74 290.00 0.60
2012-10-31 744.40 293.49 0.02
2012-07-31 744.40 293.49 0.02
2012-04-30 575.76 240.00 0.05
  • Reaves Utility Income Fund's level of debt (28.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (35.8% vs 28.8% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are well covered by earnings (EBIT is 4.3x coverage).
X
Financial health checks
We assess Reaves Utility Income Fund's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Reaves Utility Income Fund has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Reaves Utility Income Fund's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.95%
Current annual income from Reaves Utility Income Fund dividends.
If you bought $2,000 of Reaves Utility Income Fund shares you are expected to receive $119 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Reaves Utility Income Fund's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.4%).
  • Reaves Utility Income Fund's dividend is above the markets top 25% of dividend payers in United States of America (3.64%).
Upcoming dividend payment

Purchase Reaves Utility Income Fund before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
AMEX:UTG Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 43 Stocks 2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

AMEX:UTG Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-09 2.040 5.970
2018-12-19 2.040 6.491
2018-10-10 2.040 6.635
2018-07-10 2.040 6.666
2018-03-15 2.040 7.214
2017-12-18 1.920 6.513
2017-10-13 1.920 6.176
2017-07-07 1.920 5.617
2017-04-07 1.920 5.528
2016-12-20 1.920 5.910
2016-10-05 1.920 6.492
2016-04-08 1.815 5.902
2015-12-21 1.815 6.645
2015-10-09 1.815 6.508
2015-07-02 1.815 6.299
2015-04-07 1.815 6.072
2014-12-19 1.815 5.754
2014-10-07 1.650 5.368
2014-04-07 1.650 5.698
2013-10-08 1.575 6.097
2013-06-26 1.575 6.312
2013-04-08 1.575 5.959
2012-12-19 1.575 6.223
2012-09-21 1.575 6.403
2012-06-21 1.500 5.861
2012-04-04 1.500 5.806
2011-12-20 1.832 6.985
2011-07-06 1.500 6.060
2011-03-14 1.500 6.320
2010-12-21 1.380 6.214
2010-10-08 1.380 6.222
2010-07-09 1.380 6.634
2010-04-09 1.380 7.335
2009-12-22 1.380 7.193
2009-10-02 1.380 8.322
2009-07-13 1.380 9.374
2009-04-24 1.380 10.888

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Reaves Utility Income Fund's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Reaves Utility Income Fund's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Reaves Utility Income Fund afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Reaves Utility Income Fund has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Reaves Utility Income Fund's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ned Burke
AGE 57
TENURE AS CEO 15.2 years
CEO Bio

Mr. Edmund Joseph Burke, also known as Ned, serves as an Executive Vice President of DST Systems, Inc. Mr. Burke serves as Chief Executive Officer and has been its President of ALPS Holdings, Inc. since 2000. He has been the Chief Executive Officer of ALPS Funds Services, Inc. since 2005. Mr. Burke has been the President, Treasurer and Sole Trustee of ALPS Variable Insurance Trust since October 2007. He has been President at ALPS Mutual Funds Services, Inc. since 2004. Mr. Burke served as the President of ALPS Advisers, Inc. from 2001 to 2008. He served as the President of ALPS Funds Services, Inc since 2004. Mr. Burke served as the President at ALPS Financial Services, Inc. and ALPS Distributors, Inc. from 1991 to 2005. Since 1996, he served as an Executive Vice President of ALPS. Mr. Burke has been Director at ALPS Mutual Fund Services, Inc., since 2004, ALPS Advisers, Inc. since 2001 and ALPS Funds Services, Inc. since 2005. He serves as the Chairman and Director of ALPS Advisors, ALPS Distributors, ALPS Fund Services and FDI. Mr. Burke is President and Trustee of Clough Global Long/Short Fund, Clough Global Allocation Fund, Clough Global Equity Fund and Clough Global Opportunities Fund, Trustee of Liberty All-Star Equity Fund,Mr. Burke began his mutual fund career in 1984 at Fidelity. He holds a B.A. in Economics from the University of New Hampshire.

CEO Compensation
  • Insufficient data for Ned to compare compensation growth.
  • Insufficient data for Ned to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Reaves Utility Income Fund management team in years:

10.3
Average Tenure
48
Average Age
  • The average tenure for the Reaves Utility Income Fund management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Jeremy May

TITLE
Chairman of the Board of Trustee
AGE
48
TENURE
9.3 yrs

Ned Burke

TITLE
Principal Executive Officer
AGE
57
TENURE
15.2 yrs

Ted Uhl

TITLE
Chief Compliance Officer
AGE
43
TENURE
9.3 yrs

J. Cory

TITLE
Secretary
AGE
49
TENURE
11.3 yrs

Jill Kerschen

TITLE
Treasurer
AGE
43
TENURE
5.3 yrs

Ronald Sorenson

TITLE
Portfolio Manager

William Ferer

TITLE
President
TENURE
32.3 yrs
Board of Directors Tenure

Average tenure and age of the Reaves Utility Income Fund board of directors in years:

15.2
Average Tenure
75.5
Average Age
  • The average tenure for the Reaves Utility Income Fund board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Jeremy May

TITLE
Chairman of the Board of Trustee
AGE
48

Jeremy Deems

TITLE
COMPENSATION
$24K
AGE
41
TENURE
11.1 yrs

Larry Papasan

TITLE
COMPENSATION
$22K
AGE
77
TENURE
15.2 yrs

Michael Holland

TITLE
COMPENSATION
$22K
AGE
74
TENURE
15.2 yrs

Mary Anstine

TITLE
COMPENSATION
$22K
AGE
77
TENURE
15.2 yrs

Edgar Nordberg

TITLE
COMPENSATION
$22K
AGE
79
TENURE
7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
02. Jan 19 Buy Ronald Sorenson Individual 31. Dec 18 31. Dec 18 1,000 $29.46 $29,463
28. Dec 18 Buy Louis Cimino Individual 27. Dec 18 27. Dec 18 100 $28.41 $2,841
19. Dec 18 Buy Louis Cimino Individual 18. Dec 18 18. Dec 18 225 $30.10 $6,772
28. Sep 18 Buy Louis Cimino Individual 27. Sep 18 27. Sep 18 225 $30.31 $6,819
06. Jun 18 Buy Louis Cimino Individual 05. Jun 18 05. Jun 18 250 $28.29 $7,073
X
Management checks
We assess Reaves Utility Income Fund's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Reaves Utility Income Fund has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Reaves Utility Income Fund is a closed ended balanced mutual fund launched and managed by W. H. Reaves & Company, Inc. The fund invests in public equity and fixed income markets of the United States. It seeks to invest in securities of companies operating in the Utilities sector. The fund primarily invests in dividend paying stocks and debt instruments of companies operating across all market capitalizations. It employs a combination of quantitative and fundamental analysis with bottom-up stock picking approach to create its portfolio. Reaves Utility Income Fund was formed on September 15, 2003 and is domiciled in the United States.

Details
Name: Reaves Utility Income Fund
UTG
Exchange: AMEX
Founded: 2003
$1,669,295,424
48,681,698
Website: http://www.utilityincomefund.com/
Address: Reaves Utility Income Fund
10 Exchange Place,
18th Floor,
Jersey City,
New Jersey, 07302,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
AMEX UTG Common Stock NYSE MKT LLC US USD 25. Feb 2004
Number of employees
Current staff
Staff numbers
0
Reaves Utility Income Fund employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 23:55
End of day share price update: 2019/04/23 00:00
Last earnings filing: 2019/01/04
Last earnings reported: 2018/10/31
Last annual earnings reported: 2018/10/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.