The Fortune 500 rankings tell you a lot about the biggest American companies, but nothing about which of them have the most potential as investments. And certainly it pays to be choosy: the biggest- loser stocks on this year’s list are down as much as 68% just since the beginning of January.

Working with our Fortune 500 data guru, Scott DeCarlo, we set out to find the best stock picks among the companies in this year’s rankings. We started by screening for stocks that had a lower price-to-earnings valuation than the S&P 500, which trades at a 17.9 multiple of estimated 2015 earnings. But we didn’t stop there. After all, in the seventh year of a charging bull market, the stocks with the lowest P/E ratios are often cheap for a reason—turnaround stories, distressed energy companies, left-behinds or all-around dogs.

Instead, we looked for companies that already had some momentum, those that had outperformed the S&P 500 over the last five years (quite a feat, considering the index returned 115.4%, including dividends, in that time). And because investors are lamenting the virtually nonexistent earnings growth predicted for the S&P 500 this year, we set the bar higher than the Wall Street consensus for the index’s average 2015 EPS growth: We screened for companies that are expected to grow earnings by more than 5% this year, and to post positive growth again in 2016.

Because many investors are looking for safety and stability in anticipation of a possible market downturn—not to mention income, that rare commodity in this low-interest rate era—we screened for stocks with a dividend yield of at least 2%, the S&P 500 average. To narrow it down even further, we kept only companies that had also increased their dividend at least somewhat in the last year, since dividend growers have demonstrated an uncanny ability to beat the market over the long-term.

Finally, we eliminated companies whose sales are expected to decline this year—which knocked out companies including Principal Financial Group PFG 1.08% , chemical producer Huntsman HUN -0.54% , International Paper IP -0.23% , computer hard-drive manufacturer Western Digital WDC -3.73% , industrial tech maker Parker-Hannifin PH 0.56% , and the railroad operator CSX CSX 0.52% . Last but not least, we crossed off cardboard packaging producer Rock-Tenn RKT -1.17% because it’s merging with MeadWestvaco Corp. MWV -0.59% , and the stock will cease to exist in its current form after the deal closes.

That left us with just 9 stocks, which we’ve ranked here in order of investment potential:

[Editor’s note: Performance and valuation figures were updated just before publication, and therefore will not be consistent with the figures in the Fortune 500 list that ran in the June 15 issue of Fortune magazine.]

《财富》美国500强排名显示的是美国哪些企业的规模最大，但没有透露其中哪些公司最具投资潜力。当然，遵循“投资需谨慎”这一原则总是有益的。一些上榜公司的股票跌得很惨，今年1月初至今的跌幅甚至达到68%。

笔者与美国500强数据专家斯科特·迪卡洛一道，试图找到今年的榜单上有哪些最值得投资的股票。我们首先筛选了那些市盈率估值低于标普500指数的股票（目前，标普500指数的市盈率为2015年预期收益的17.9倍），但是我们并未止步于此。毕竟，在进入第7年高歌猛进的牛市之后，有些市盈率最低的股票之所以便宜，往往也是有原因的，比如刚刚扭亏为盈，陷入麻烦的能源公司，在竞争中落后，或是压根不值钱。

相反，我们寻找的是那些已经展现出一些势头，并且在过去5年跑赢了标普500指数的公司（非常了不起的成就，因为过去5年里，标普500指数的回报率115.4%，包括分红）。另外，今年标普500指数公司的预期收益增长率几乎为零，惹得股民一片哀叹。有鉴于此，相较于华尔街对该指数2015年平均每股盈利增长率的预期共识，我们的标准要略高一些。我们选择的是那些今年的盈利增长率有望超过5%，并且明年将继续保持积极增长的企业。

由于预期熊市可能到来，很多投资者首先追求的是安全和稳定——当然，股民都是盼着收益的，虽然它在这个低利率时代已经算是罕见了。我们选择的这9支股票的股息率都在2%以上（即标普500指数的平均水平）。为了继续缩小选择范围，我们只保留了那些在去年提高了分红的公司，因为就长期而言，能提高分红的公司都展示出了跑赢大盘的惊人能力。

最后，我们剔除了那些今年的销售额预计将下降的公司——光这一项就排除了信安金融集团、化学品企业亨斯迈公司、美国国际纸业公司、计算机硬驱制造商西部电子公司、工业技术生产商派克汉尼汾公司、铁路运营商CSX等等。最后，我们还划掉了包装材料生产商Rock-Tenn公司，因为该公司目前正处于与米德维实伟克公司合并的过程中，等交易彻底结束后，该公司的股票也将不再以当前形式存在。

最后剩下的就只有9只股票了，我们依据投资潜力对其进行了排名：

【编者注：文中的业绩和估值采用了截至今年7月的最新数据，所以可能与6月15日《财富》杂志刊登的美国500强榜单数据有出入。】

1. KKR

FORTUNE 500 RANK: 356

5-YEAR TOTAL RETURN (THROUGH 6/22/2015): 231%

ESTIMATED EPS GROWTH THIS YEAR: 119.7 %

DIVIDEND YIELD: 8.3%

ESTIMATED 2015 P/E RATIO: 9.8

On its face, KKR KKR 0.26% looks like a dream stock: A storied private equity firm managing nearly $99 billion that trades at a nearly 50% discount to the market—and pays a ridiculously high 8.3% dividend yield. Still, investors should be somewhat wary: As is typical in the private equity industry, KKR’s dividends—which are actually considered “distributions”—fluctuate dramatically quarter to quarter, depending on the firm’s investment exits. So while its total annual distributions have gone up each year since KKR went public, its payouts so far this year are slightly less than they were for the same period as last year. KKR’s revenues can be similarly uneven, as they depend on the underlying value of its investments and the fees it can generate from them.

But for investors who can handle that sort of volatility, there are several reasons to like KKR—and more than 83% of Wall Street analysts polled by Bloomberg rate the stock a “buy.” For one, the stock has pulled back recently as the slide in oil prices left several of the firm’s energy investments underwater, and now KKR is more than 23% undervalued, according to Morningstar. Plus, it should benefit as more money flows to private equity firms and other alternative asset managers, a trend consultants are predicting for the next few years. In the nearer future, KKR may also be in for a long-awaited payday: One of its largest investments, First Data, which has been struggling since KKR took it private in 2007, returned to profitability in February, stoking investors’ hopes that it could go public again as soon as later this year.

1. KKR

美国500强排名：356

5年总回报率（至2015年6月22日）：231%

预计今年每股盈利增长率：119.7%

股息率：8.3%

2015年预期市盈率：9.8倍

从表面上看，KKR简直是一支梦幻股：一家管理着990亿美元资金的传奇私募股权公司，其市场估值几乎只有实际的一半——而且它的股息率竟然高达8.3%。但不管怎样，投资者还是应该保有一定警惕：像私募业的其他公司一样，KKR一般采取“派利”的形式，每个季度的浮动都很大。所以尽管KKR公司上市后，年度派利总额年年上升，但到目前为止，它今年的派利支出要略低于去年同期。KKR公司的收入同样也是不均匀的，因为它的收入取决于它所投资的项目价值，以及从中获得的报酬。

不过对于能够接受这种波动性的投资者来说，KKR有几个值得入手的原因。这也是为什么有超过83%的华尔街分析师将该股评为“买入”级。首先，晨星公司指出，最近油价大跌导致该公司的能源投资十分不景气，致使KKR的股价最近有所回落，KKR目前被低估了23%以上。其次，咨询公司普遍预测，未来几年将有更多资金流入私募领域和其它替代资产经理手中，KKR公司也将从中获益。另外，KKR不久后或许将获得一笔等待已久的收益：First Data公司是KKR最大的投资之一，自KKR将其私有化后，这家公司一直陷于困境，但它在今年２月终于扭亏为盈。有些心急的投资者希望First Data最好能在今年年底就重新挂牌上市。

2. GameStop

FORTUNE 500 RANK: 311

5-YEAR TOTAL RETURN: 162.6%

ESTIMATED EPS GROWTH THIS YEAR: 11.7%

DIVIDEND YIELD: 3.3%

ESTIMATED 2015 P/E: 11.3

GameStop GME 0.44% is a familiar face on Fortune’s list of best stocks in the 500: When we ran a similar stock screen on last year’s 500 list, Fortune 500 top stock picks 2014. Through GameStop has returned nearly 23% since then—nearly double the S&P 500’s performance—it still looks cheap, trading at just 11.3 times its expected earnings this year. Skeptics worry that a traditional brick-and-mortar videogame retailer will find it harder to survive as people download games directly to their phones (and other digital screens), GameStop has been adapting to the trend: Its digital sales (especially the downloadable variety) grew 31% last year and another 17% in the first quarter of 2015 over the prior-year quarter—and margins on those sales surpassed analysts’ expectations to boot.

The company is also successfully moving into selling wireless devices themselves. Its 2013 takeover of an AT&T resale chain called Spring Mobile spurred a 71% increase in GameStop’s mobile sales in 2014 and another 34% bump so far this year. Plus, GameStop just acquired the leases to 163 RadioShack stores which it plans to turn into Spring Mobile locations, likely boosting growth further. Summing up GameStop’s good news during its first-quarter earnings call, Needham Co. analyst Sean McGowan wrote, “We view the quarter's results as an excellent start to what we believe will be a strong year.”

2. GameStop

美国500强排名：311

5年总回报率：162.6%

预计今年每股盈利增长率：11.7%

股息率：3.3%

2015年预期市盈率：11.3倍

GameStop是美国500强最佳股票排行榜的常客。它去年就曾经上榜。从那时到现在，GameStop的股票又上涨了将近23%，几乎是标普500指数平均水平的一倍，但这支股票现在看来依然很便宜，市盈率仅为11.3倍。有些人担心，随着越来越多的人开始直接把游戏下载到手机或其它电子产品上，这样一家传统的游戏实体店可能越来越难以生存。但事实证明，GameStop已经成功适应了这股潮流：去年它的数字销售额（尤其是下载类游戏）增长了31%，2015年第一季度又比去年同期增长了17%，而且其销售利润也超过了分析师的预期。

此外，该公司也成功进入无线设备销售领域。2013年，GameStop收购了AT&T的转售连锁机构Spring Mobile公司，这笔交易促使该公司2014年的移动销售额增长了71%，从今年年初到目前又增长了34%。另外，GameStop最近刚刚与RadioShack签订了163家门店的租约，用作Spring Mobile的销售点，此举或将进一步提升它的销售额。尼达姆公司分析师肖恩·麦高恩总结了GameStop公司一季度收益电话会议上的好消息：“我们相信今年将是强劲的一年，一季度的业绩开了一个好头。”

3. Boeing

FORTUNE 500 RANK: 27

5-YEAR TOTAL RETURN: 147%

ESTIMATED EPS GROWTH THIS YEAR: 15.5%

DIVIDEND YIELD: 2.5%

ESTIMATED 2015 P/E: 17.6

Boeing BA -0.01% has lately fallen out of favor among investors as the aircraft manufacturer has been losing money on its production of 787 Dreamliner planes, which have experienced technical snafus during testing. But as cheap fuel costs pad the profits of airlines—and also incite consumers to travel more—they may very well lead more carriers to upgrade their planes. At the recent Paris Airshow, a major sales event for the airplane industry, Boeing bested its main competitor Airbus with $18.6 billion in confirmed orders for aircraft. (Airbus beat Boeing in terms of less definite “purchase commitments,” which can still fall through.)

JPMorgan analysts recently assigned Boeing an “overweight” rating, explaining that they expect “improving [free cash flow] as 787 cash burn falls, rising repurchases and dividends, and favorable conditions for new aircraft production.” Boeing announced earlier this week that it will replace its current CEO, Jim McNerney, with longtime executive Dennis Muilenburg on July 1. While Boeing’s shares fell slightly on the announcement of the leadership change, Fortune managing editor Alan Murray wrote that the transition actually “signals stability” at the company.

3. 波音

美国500强排名：27

5年总回报率：147%

预计今年每股盈利增长率：15.5%

股息率：2.5%

2015年预期市盈率：17.6倍

787“梦想飞机”在测试中暴露出许多技术问题，导致波音公司在该项目中损失了不少钱，因而波音的股票最近也在投资者中“失宠”了。不过能源价格下降推高了航空公司的利润，加上消费者旅游的意愿也加强了，很可能会促使更多的航空公司更新他们的飞机。在今年的巴黎航展上，波音战胜了它的老对手空客公司，拿下了价值186亿美元的确认订单。（不过空客收获了更多的“购买承诺”，但承诺仍有落空的可能。）

摩根大通分析师对波音股票给出了“增持”的评级，理由是 “随着787事件逐渐尘埃落定，净现金流将有所改善；另外回购和分红也将有所提高；此外还有新飞机生产带来的有利条件”。波音近期宣布了换帅计划，公司老将丹尼斯·麦伦堡于7月1日取代吉姆·迈克纳尼成为新任CEO。领导层变动的消息一出，波音的股价稍有下跌，但在《财富》杂志主编艾伦·穆雷看来，这次换帅实际上“预示着公司的稳定”。

4. Macy's

FORTUNE 500 RANK: 105

5-YEAR TOTAL RETURN: 281%

ESTIMATED EPS GROWTH THIS YEAR: 11.1%

DIVIDEND YIELD: 2.1%

ESTIMATED 2015 P/E: 14.9

An improving economy plus cheaper gas prices adds up to a greater consumer desire to go shopping, and some investors think Macy’s M 0.57% is likely to perform well in the current environment. “We believe Macy's is stronger than it was before the financial crisis and well positioned to serve the American middle class,” Morningstar equity analyst Paul Swinand wrote in a recent research note. While some analysts doubt the historic retailer’s ability to grow significantly (and first-quarter sales came in below Wall Street’s expectations, a result of a cold and snowy winter), Macy’s earnings are growing more than twice as fast as the average S&P 500 company’s—largely the result of bigger share buybacks. The department store is also increasing online sales and expanding into other types of retail, such as with Bluemercury, a luxury spa and beauty retail chain that Macy’s acquired in March and expects to drive more growth.

JPMorgan analysts also note that Macy’s is literally sitting on another big source of value: more than $10 billion worth of prime real estate, including its New York flagship "trophy asset" in Manhattan’s Herald Square, just a couple of blocks from the Empire State Building. And in many cases, the stores' real estate is worth more than their retail sales: Already this year, Macy's has sold one of its Silicon Valley stores to a real estate developer only to lease it back, and also announced plans to close 14 stores "where the real estate can be redeployed to more productive uses," CEO Terry Lundgren said in the announcement.

4. 梅西百货

美国500强排名：105

5年总回报率：281%

预计今年每股盈利增长率：11.1%

股息率：2.1%

2015年预期市盈率：14.9倍

美国经济的改善和油价的下跌提高了消费者购物的欲望，因而有些投资者认为梅西百货很可能会在当前环境下表现得很好。晨星公司股票分析师保罗·斯威南德在最近的一份研究纪要中写道：“我们相信梅西百货现在要比经济危机前更强，已经做好了服务美国中产阶层的准备。”虽然有些分析师怀疑这家历史悠久的零售店是否具有显著增长的能力（梅西百货第一季度销售额低于华尔街预期，这主要是寒冬和多雪的缘故），但事实证明，梅西百货的收入增长率是标普500指数公司平均水平的两倍以上——当然这主要是大幅度股票回购带来的结果。目前，梅西百货也在大力扩展网络销售，同时积极向其它零售领域扩张，比如它在今年3月刚刚收购了高档Spa和美容连锁机构Bluemercury，这笔交易也有望促进梅西百货的营收额进一步增长。

摩根大通分析师还指出，梅西百货还坐拥另一庞大的价值资源，即价值超过100亿美元的高端地产，其中就包括了它坐落在曼哈顿先驱广场，与帝国大厦只隔一两栋楼的纽约旗舰店。从很多方面看来，这些门店的地产价值甚至要高于其门店的销售价值。今年，梅西百货将硅谷的一处门店卖给了一家房地产开发商，然后又用租赁的方式将其租了回来。此外，梅西百货的CEO特里·兰格伦还宣布，将在“房地产可以重新用于更有价值的用途”的地方关掉14家门店。

5. Verizon Communications

FORTUNE 500 RANK: 15

5-YEAR TOTAL RETURN: 123%

ESTIMATED EPS GROWTH THIS YEAR: 58.6%

DIVIDEND YIELD: 4.6%

ESTIMATED 2015 P/E: 12.3

Fresh off completing its $4.4 billion acquisition of AOL, Verizon VZ -0.34% is a controversial company on Wall Street, with less than half of analysts tracked by Bloomberg recommending that investors buy the stock. Verizon’s acquisition of AOL will allow the cellphone carrier to make “substantial” money off of mobile video using AOL’s advertising technology, but it could take three to five years “to reach a significant scale to move the needle,” JPMorgan stock analysts wrote in a June research note, explaining why they are neutral on the stock. In the meantime, though, Verizon is the biggest cellphone carrier in terms of subscribers, and its dividend yield, 4.6%, is more than double the S&P 500 average.

5. Verizon

美国500强排名：15

5年总回报率：123%

预计今年每股盈利增长率：58.6%

股息率：4.6%

2015年预期市盈率：12.3倍

Verizon今年以44美元的价格完成了对美国在线的收购，目前它在华尔街是一家颇有争议的公司，在彭博社追踪的分析师中，有不到一半推荐投资者购买该股。Verizon收购美国在线，将使它可以利用后者的广告技术，通过移动视频赚“大笔”的钱。不过摩根大通的分析师在6月的一份研究要点报告中指出，Verizon的移动广告收入要等到三五年后才能达到“显著的水平”，解释了该公司为何对Verizon的股票持中立态度。另外，Verizon依然是美国用户最多的手机运营商，而且它4.6的股息率也达到了标普500指数平均值的一倍以上。

6. Ameriprise Financial

FORTUNE 500 RANK: 247

5-YEAR TOTAL RETURN: 267%

ESTIMATED EPS GROWTH THIS YEAR: 14.7%

DIVIDEND YIELD: 2.1%

ESTIMATED 2015 P/E: 13.5

Despite the stock’s huge gains since it was spun out of American Express AXP 0.27% a decade ago and since it acquired investment firm Columbia Management five years ago, Ameriprise AMP 0.92% trades at just 13.5 times its estimated earnings for 2015—and some analysts still think it has room to run, with 57% of Wall Street analysts rating it a “buy." Ameriprise is beefing up the wealth management side of its business, which now oversees more than $500 billion in assets, generating an increasing portion of the firm’s earnings—at least as much as its insurance arm does, according to Morningstar. Ameriprise’s dividend yield is only slightly higher than the S&P 500 average, but its tradition of stock buybacks is also helping to grow its earnings per share.

6. Ameriprise Financial

美国500强排名：247

5年总回报率：267%

预计今年每股盈利增长率：58.6%

股息率：2.1%

2015年预期市盈率：13.5倍

尽管Ameriprise公司自从10年前脱离美国运通，5年前收购投资公司哥伦比亚管理公司以来，其股价大幅上涨，但它的2015年预期市盈率仍然只有13.5倍。有些分析师认为该股仍有增长空间，57%的华尔街分析师建议“买入”。Ameriprise近来不断加强财富管理业务，目前掌管的资本已超过5000亿美元，由此产生的收入占公司总收入的比重也越来越大——晨星公司认为，这项业务至少与其保险部门的收入贡献持平。Ameriprise的股息率只比标普500指数均值略微高出一点点，但这家公司的股票回购传统也有助于提高其每股收益率。

7. Packaging Corp. of America

FORTUNE 500 RANK: 451

5-YEAR TOTAL RETURN: 238%

ESTIMATED EPS GROWTH THIS YEAR: 14%

DIVIDEND YIELD: 3.3%

ESTIMATED 2015 P/E: 14.8

As Amazon AMZN 0.98% and other online retailers ship more goods to consumers’ homes, they need more cardboard boxes to package them in, and that’s where companies like Packaging Corp. of America PKG -0.13% come in. While the death of the typewriter and the declining relevance of printers due to mobile technology have generally been bad for paper sales, e-commerce—and the cardboard packages it requires—has been the industry’s saving grace. Packaging Corp. isn’t exactly expecting explosive growth, but cardboard is a slow and steady, reliable sort of business—and the company’s 3.3% dividend could make it an income-generating safe haven for the long haul. As a bonus, recent declines in the price of energy—a big input cost for paper—are also benefiting Packaging Corp. at the moment.

7. 美国包装公司

美国500强排名：451

5年总回报率：238%

预计今年每股盈利增长率：58.6%

股息率：3.3%

2015年预期市盈率：14.8倍

随着亚马逊等电商将越来越多的货物通过快递派送到消费者家里，他们对包装纸箱的需求也越来越大，从而给美国包装公司这种企业带来了商机。随着移动技术的发展，打字机已经逐渐消亡，人们对打印机的依赖也越来越低，这对于纸张销售来说当然是件坏事，好在电子商务成了造纸行业的救命稻草。美国包装公司并不指望实现爆炸式增长，但纸箱却是一门缓慢却稳定可靠的生意。该公司3.3%的股息也使它成了长期持有的上上之选。另外，最近能源价格的下降也拉低了纸张的制造成本，这对美国包装公司自然也是一个好消息。

8. Ingredion

FORTUNE 500 RANK: 462

5-YEAR TOTAL RETURN: 175%

ESTIMATED EPS GROWTH THIS YEAR: 19.1%

DIVIDEND YIELD: 2%

ESTIMATED 2015 P/E: 14.8

Wall Street’s feelings about Ingredion INGR -1.20% are tepid at best: Only a third of analysts tracked by Bloomberg recommend buying the stock, while 22% would sell it, including Goldman Sachs. A producer of food additives and preservatives such as sweeteners and starches, Ingredion has been hurt as consumers have developed a distaste for high fructose corn syrup and artificial substances that they see as potentially harmful. Restaurants and food producers have been getting rid of artificial and processed flavorings to replace them with healthier or non-genetically modified (non-GMO) ingredients.

The bull case for Ingredion is that management seems determined to grow the company, likely through acquisitions, and also increase earnings per share through stock buybacks. And while Ingredion’s dividend yield is on par with the S&P 500 average, it has doubled its payout since 2012, and tripled it in the last five years, a tradition that shareholders obviously hope will continue.

8. 宜瑞安

美国500强排名：462

5年总回报率：175%

预计今年每股盈利增长率：19.1%

股息率：2%

2015年预期市盈率：14.8倍

华尔街对宜瑞安的态度最多只能用“温和”二字形容。在彭博社追踪的分析师中，只有三分之一推荐“买入”该股，22%的分析师建议“卖出”，其中就包括高盛公司。宜瑞安是一家甜味剂、淀粉等食品添加剂和防腐剂生产商。出于健康考虑，消费者对高果糖玉米糖浆和人工添加剂日益反感，宜瑞安也因此受到了不小的影响。各大餐馆和食品制造商也纷纷停用这些人工调味剂，改用更健康的非转基因食材。

宜瑞安之所以有看涨空间，是由于公司管理层似乎已经下定了决心，打算通过收购等手段继续推动公司增长，同时通过股票回购提高每股收益率。虽然宜瑞安的股息率与标普500的均值基本持平，但它的股利支出从2012年至今已经翻了一番，在过去5年里更是翻了三番，股东们当然希望这一传统能继续保持下去。

9. CMS Energy

FORTUNE 500 RANK: 383

5-YEAR TOTAL RETURN: 160%

ESTIMATED EPS GROWTH THIS YEAR: 8.4%

DIVIDEND YIELD: 3.6%

ESTIMATED 2015 P/E: 17.2

The best thing CMS Energy CMS 0.79% has going for it is its relatively high dividend yield—typical for a utility stock. Still, yield-seeking investors have pushed up the company’s valuation to be nearly in line with the market average, and should interest rates rise, those same investors may turn elsewhere for their income stream. But CMS is a good coupon-clipping stock for now, and half of 18 Wall Street analysts recommend buying it, according to Bloomberg. Analyst David Burks at Hilliard Lyons, for example, notes that CMS's management anticipates annual earnings growth of 5% to 7% for the next five years, "a higher growth rate than for the average utility"; that could also mean above-average increases in CMS's dividend, which has "plenty of room" to grow, Burks wrote in a June research memo. Still, investors should be wary: Burks warns that higher interest rates are a risk, and after a Federal Reserve hike, CMS may look better on paper than it performs in reality.

9. CMS能源

美国500强排名：383

5年总回报率：160%

预计今年每股盈利增长率：8.4%

股息率：3.6%

2015年预期市盈率：17.2倍

CMS能源公司最吸引人的地方是它相对较高的股息率，这是电力股的典型特征。因此，追求股利的投资者已经将该公司的估值基本推到了市场平均水平，如果利率上涨，那么这些投资者可能将转向别处寻求收益流。不过CMS目前仍是一支值得入手的股票，在18位华尔街分析师中，有半数推荐“买入”。Hilliard Lyons公司分析师大卫·伯克斯指出，据CMS公司的管理层预期，该公司未来5年的年收益增长率将在5%到7%之间，“高于电力行业平均水平”，这可能意味着CMS的股利增幅也将高于平均水平，而该公司的股利目前还有“很大的增长空间”。不过投资者们还是要保持谨慎。伯克斯也提醒道，利率上涨仍然是一个风险，如果美联储真的涨息，那么CMS的实际表现恐怕不像看上去那么美。（财富中文网）

译者：朴成奎

审校：任文科