This doesn't look good.
But, who knows?
Warren Buffett -- link here, July 15, 2022.
Buffett was a fan of at least one utility stock in the last major recession. In the second quarter of 2008, Berkshire Hathaway bought more than 3.2 million shares of NRG Energy (NRG -15.08% - today, December 6, 2022).
One year later, the conglomerate had increased the size of that holding to 7.2 million shares.
Some utility stocks went on to perform quite well as the U.S. economy emerged from the recession. Unfortunately for Buffett and Berkshire Hathaway shareholders, NRG Energy wasn't one of them.Berkshire began selling its shares of NRG in the third quarter of 2009.
The company sold its entire remaining stake a year later.
The energy stocks that are performing well in the current environment are those connected with the oil and natural gas industry.
NRG is an electric utility, and not only has its stock performance lagged well behind that of oil and natural gas players this year, it has also trailed many of its utility peers.
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