Unitil Corp (UTL)
NYSE:UTL
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Unitil
(NYSE:UTL)
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Rating:65Neutral
Price Target:
$55.00
▲(2.21% Upside)
Action:Reiterated
Date:05/28/26
The score is anchored by mixed fundamentals: strong profitability and constructive guidance/regulatory progress are tempered by high leverage and persistently negative free cash flow that increases funding sensitivity, even as valuation remains notably attractive (low P/E and solid dividend).
Positive Factors
Regulated business model
Unitil’s core earnings come from regulated distribution where state rate-setting and pass-through mechanisms recover prudently incurred costs and allow a return on rate base. That regulatory framework yields predictable revenue and durable cash flow profiles that support long-term capex recovery and stable operations.
Negative Factors
Elevated leverage
Leverage near 1.47x equity is high for a small regional utility and increases interest‑rate and refinancing sensitivity, especially with a larger capital program. Elevated debt constrains financial flexibility, raises funding costs over time and reduces the cushion for adverse regulatory or operational shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated business model
Unitil’s core earnings come from regulated distribution where state rate-setting and pass-through mechanisms recover prudently incurred costs and allow a return on rate base. That regulatory framework yields predictable revenue and durable cash flow profiles that support long-term capex recovery and stable operations.
Read all positive factors
Unitil Key Performance Indicators (KPIs)
Unitil (UTL) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$889.83M
Dividend Yield3.73%
Average Volume (3M)118.27K
Price to Earnings (P/E)15.8
Beta (1Y)0.10
Revenue Growth19.55%
EPS Growth6.74%
CountryUS
Employees565
SectorUtilities
Sector Strength65
IndustryDiversified Utilities
Share Statistics
EPS (TTM)3.16
Shares Outstanding17,990,810
10 Day Avg. Volume84,360
30 Day Avg. Volume118,266
Financial Highlights & Ratios
PEG Ratio12.43
Price to Book (P/B)1.40
Price to Sales (P/S)1.59
P/FCF Ratio-15.84
Enterprise Value/Market Cap2.04
Enterprise Value/Revenue3.12
Enterprise Value/Gross Profit7.77
Enterprise Value/Ebitda8.69
Forecast
1Y Price Target
$55.67Price Target Upside3.45% Upside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)3.26
Revenue Forecast (FY)$592.04M
Unitil Business Overview & Revenue Model
Company Description
Unitil Corporation, a public utility holding company, engages in the distribution of electricity and natural gas. It operates through three segments: Utility Electric Operations, Utility Gas Operations, and Non-Regulated. The company distributes e...
How the Company Makes Money
Unitil primarily makes money through regulated utility operations. The largest revenue streams come from (1) electric distribution and (2) natural gas distribution, where customers are billed for delivering energy to homes and businesses. In these...
Unitil Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call was largely constructive: core operating metrics improved (adjusted EPS +8%, combined margins +$13.3M), key regulatory outcomes were favorable (NH electric rate case), and the company successfully integrated acquisitions that materially increased rate base and customer count. Management reaffirmed 2026 guidance and long-term growth targets and increased the dividend. Negatives are largely manageable: a modest FERC-related charge (~$0.9M), higher near-term operating and financing costs related to recent acquisitions, a temporary-rate settlement slightly below the initial request, and regulatory uncertainty around the pending Aquarion transaction (notably potential Massachusetts conditions). Overall, positives significantly outweigh the negatives.Positive Updates
Adjusted Earnings Growth
First quarter 2026 adjusted net income of $33.8 million and adjusted EPS of $1.88, up $0.14 per share (approximately 8%) versus Q1 2025. Company reaffirmed 2026 guidance of $3.20 to $3.36 per share (midpoint $3.28) and reiterated long-term earnings growth target of 5% to 7%. Midpoint of 2026 guidance represents ~6.1% growth versus the midpoint of 2025 guidance.
Negative Updates
Higher Operating Expenses
Operation and maintenance expenses increased by $0.8 million in the quarter, driven by higher utility operating costs of $1.1 million. The quarter includes $1.3 million of utility operating costs related to Maine Natural Gas. Excluding Maine Natural Gas and transaction costs, legacy operations' O&M actually decreased by $0.2 million.
Read all updates
Q1-2026 Updates
Positive
Negative
Adjusted Earnings Growth
First quarter 2026 adjusted net income of $33.8 million and adjusted EPS of $1.88, up $0.14 per share (approximately 8%) versus Q1 2025. Company reaffirmed 2026 guidance of $3.20 to $3.36 per share (midpoint $3.28) and reiterated long-term earnings growth target of 5% to 7%. Midpoint of 2026 guidance represents ~6.1% growth versus the midpoint of 2025 guidance.
Read all positive updates
Company Guidance
Unitil reaffirmed 2026 earnings guidance of $3.20–$3.36 per share (midpoint $3.28), which the company said reflects 6.1% growth versus the 2025 midpoint, and reiterated long‑term earnings growth of 5–7%; this follows a strong Q1 (adjusted net income $33.8M; adjusted EPS $1.88). The company’s 5‑year capital plan is approximately $1.2B through 2030 (up $200M, +20%), including ~$65M for Bangor and Maine natural gas; rate base is up 17% year‑over‑year and average rate base growth was 8.1% over the past five years (near the top of its 6.5–8.5% guidance). Funding/liquidity metrics include ~$160M available on the revolver, $48.5M ATM equity capacity, issuance of $40M senior notes at Fitchburg, and committed debt for the pending Aquarion acquisition (which the company says could push rate base growth above the upper end of its long‑term range); annualized dividend is $1.90 (up 5.6%) with a 55–65% payout target.Unitil Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 582.10M | 536.00M | 494.80M | 557.10M | 563.20M | 473.30M |
| Gross Profit | 233.70M | 221.20M | 196.60M | 183.00M | 169.00M | 161.80M |
| EBITDA | 209.20M | 198.00M | 174.90M | 160.70M | 143.50M | 134.30M |
| Net Income | 55.90M | 50.20M | 47.10M | 45.20M | 41.40M | 36.10M |
Balance Sheet | ||||||
| Total Assets | 2.16B | 2.15B | 1.79B | 1.67B | 1.59B | 1.54B |
| Cash, Cash Equivalents and Short-Term Investments | 16.90M | 15.60M | 6.30M | 6.50M | 9.00M | 6.50M |
| Total Debt | 933.80M | 938.70M | 755.80M | 681.60M | 616.10M | 578.20M |
| Total Liabilities | 1.52B | 1.54B | 1.28B | 1.18B | 1.12B | 1.09B |
| Stockholders Equity | 636.00M | 609.60M | 512.50M | 489.30M | 467.60M | 448.50M |
Cash Flow | ||||||
| Free Cash Flow | -55.60M | -53.80M | -44.00M | -34.00M | -24.40M | -7.20M |
| Operating Cash Flow | 129.30M | 131.30M | 125.90M | 107.00M | 97.70M | 107.80M |
| Investing Cash Flow | -274.10M | -345.50M | -169.90M | -141.00M | -122.10M | -115.00M |
| Financing Cash Flow | 151.50M | 223.50M | 43.80M | 31.50M | 26.90M | 7.70M |
Unitil Technical Analysis
Negative
53.81
Price Trends
51.68
Negative
51.13
Negative
48.95
Positive
Market Momentum
-0.42
Positive
40.64
Neutral
10.12
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UTL, the sentiment is Negative. The current price of 53.81 is above the 20-day moving average (MA) of 50.54, above the 50-day MA of 51.68, and above the 200-day MA of 48.95, indicating a neutral trend. The MACD of -0.42 indicates Positive momentum. The RSI at 40.64 is Neutral, neither overbought nor oversold. The STOCH value of 10.12 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for UTL.
Unitil Risk Analysis
Unitil disclosed 19 risk factors in its most recent earnings report. Unitil reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Unitil Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $3.60B | 12.82 | 15.21% | 2.54% | -0.54% | -5.27% | |
67 Neutral | $2.81B | 19.07 | 10.94% | 2.36% | 8.91% | 10.48% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $889.83M | 15.84 | 9.41% | 3.73% | 19.55% | 6.74% | |
64 Neutral | $3.43B | 16.19 | 7.65% | 5.10% | -1.47% | 7.23% | |
60 Neutral | $4.29B | 25.60 | 5.80% | 4.09% | 9.06% | -29.09% | |
51 Neutral | $2.34B | 18.08 | 8.09% | ― | -8.57% | ― |
* Utilities Sector Average
UTL
Unitil
49.46
-3.09
-5.89%
AVA
Avista
41.85
4.95
13.41%
HE
Hawaiian Electric
13.57
2.82
26.23%
MGEE
MGE Energy
74.40
-13.75
-15.60%
NWE
Northwestern
69.80
18.21
35.30%
OTTR
Otter Tail
85.80
10.23
13.53%
Unitil Corporate Events
Business Operations and StrategyM&A Transactions
Unitil Extends Aquarion Water Acquisition Agreement to June
Positive
May 27, 2026
Unitil Corporation has been working since May 6, 2025 to acquire all outstanding shares of Aquarion Water Company of Massachusetts, Aquarion Water Company of New Hampshire and Abenaki Water Co. from Aquarion Water Authority, in a deal that would b...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Unitil Showcases Growth Strategy at AGA Financial Forum
Positive
May 15, 2026
From May 17 to May 19, 2026, Unitil Corporation plans to participate in the American Gas Association Financial Forum and has posted an investor presentation outlining its current strategy and performance. The materials emphasize Unitil’s rec...
Business Operations and StrategyPrivate Placements and Financing
Unitil Subsidiary Issues Senior Notes for Refinancing Needs
Positive
May 5, 2026
On April 30, 2026, Fitchburg Gas and Electric Light Company, a Unitil utility subsidiary, entered into a Note Purchase Agreement with institutional investors to issue $23 million of 5.62% Senior Unsecured Notes due 2036 and $17 million of 5.87% Se...
Executive/Board ChangesShareholder Meetings
Unitil Shareholders Approve Directors, Auditor and Executive Pay
Positive
May 1, 2026
On April 29, 2026, Unitil held its Annual Meeting of Shareholders in Hampton, N.H., with 88.65% of its 17,986,069 outstanding common shares represented, constituting a quorum. Shareholders elected Neveen F. Awad, Winfield S. Brown, and Mark H. Col...
Business Operations and StrategyDividendsFinancial DisclosuresM&A TransactionsShareholder Meetings
Unitil Highlights Record 2025 Results and Growth Strategy
Positive
Apr 29, 2026
At its April 29, 2026 annual meeting in Hampton, New Hampshire, Unitil highlighted record 2025 financial performance, including $50.2 million in earnings and adjusted EPS of $3.16, alongside a 5.6% dividend increase and balance sheet metrics above...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.