MarketPR

Unitil (UTL) in focus as FPA Queens Road points to rate-base acquisitions and 5%-7% EPS path

9/2/2026

Acquisitions of Bangor Gas, Maine Natural Gas, and two water utilities in New Hampshire and Maine, collectively priced at roughly 1.25 times rate base, sit at the center of FPA Queens Road Small Cap Value Fund's case for Unitil (NYSE: UTL), which the fund highlighted in its second-quarter 2026 investor letter.

The company believes it can grow earnings per share at a 5% to 7% annual rate, in line with its history, and shares closed at approximately $53.10 on August 28, 2026, within a 52-week range of $44.61 to $57.26, giving Unitil a market capitalization of roughly $976.39 million.

The regulated-asset build Unitil distributes electricity and natural gas to customers across Maine, New Hampshire, and Northern Massachusetts.

The fund described those as attractive regulatory jurisdictions and noted the company does "a good job converting investments in their rate base into GAAP earnings." Those acquisitions, priced collectively at roughly 1.25 times rate base, expand the company's regulated footprint into New England's natural gas and water segments.