Utility Tuesday: 362x Earnings Meets 7.8% FCF Yield in the Renewable Corner

This Week's Setup

Fear & Greed at 61 pushes into greedy territory for the first time in two weeks, while S&P 500 CAPE holds at 38.9, pricing 30-year peak valuations into the broad market.

The utility screen surfaces eight names carrying insider buying in the past six months and free cash yields above 3.9%, but six of the eight sit down 6–16% from 52-week highs even as oil services and midstream names post double-digit revenue growth.

ConocoPhillips and CNX Resources anchor the list with earnings yields above 4.7% and insiders adding $6M and $5.4M respectively, while Clearway Energy trades at 362x earnings despite a 7.8% FCF yield and 5% dividend.

Quick Scan

The 8 Names

1. ConocoPhillips (COP)

EV/EBITDA: 7.1 | Interest coverage: 11.3x | 52w drawdown: 8.4%

The setup here is 13.5% ROIC alongside 7.7% revenue growth and a 4.8% FCF yield priced at 21x earnings, creating a 4.7% earnings yield that sits 120 basis points above the normalized 10-year mean for this ticker. Net debt sits at 0.7x EBITDA while interest coverage runs 11x, leaving the balance sheet positioned for expansion or buybacks even if oil pulls back from current levels.

Three insiders added shares in late April 2026, including CFO Silvina Vatnick and Latin America executives Ricardo Jaramillo Mejia and Luis Fernando Restrepo Echavarria, contributing to $6M in net insider buying over the past six months across 260,213 shares. Short interest remains contained at 2% of float.

Analysts price in 13% upside to $141, but the 21x multiple leaves little margin if crude prices compress or if the 2.7% dividend yield forces capital allocation away from growth projects.

2. Antero Midstream Corporation (AM)

EV/EBITDA: n/a | Interest coverage: 4.0x | 52w drawdown: 6.5%

Antero Midstream delivers a 7.3% FCF yield and 4% dividend backed by 65% gross margins and 7% revenue growth, while net debt sits at 3.7x EBITDA, elevated but serviceable given the contracted cash flows typical of midstream infrastructure. The 10.8% ROIC reflects stable fee-based revenue from gathering, compression, and water handling tied to Antero Resources' Appalachian production.

Insider Luke Evnin executed three transactions in early May 2026, though the six-month tally shows 793,087 net shares added for $5M. Recent news flagged insider selling worth $2.2M, creating a mixed signal worth monitoring for directional conviction.

The 26x P/E compresses the margin of safety despite the yield, while interest coverage at 4x leaves limited room if natural gas prices collapse or if Antero Resources curtails volumes tied to the midstream contracts.

3. Chevron Corporation (CVX)

EV/EBITDA: 11.2 | Interest coverage: 17.2x | 52w drawdown: 9.0%

Chevron offers a 3.6% dividend yield and 4.3% FCF yield with net debt at 1.1x EBITDA and interest coverage at 17x, positioning the balance sheet to weather commodity volatility while funding the buyback program. The 30% gross margin reflects integrated operations spanning upstream, refining, and chemicals, smoothing earnings through the cycle.

Revenue declined 4.6% year-over-year while the 34x P/E and 2.9% earnings yield price in 169 basis points below the ticker's 10-year normalized level, flagging compressed profitability relative to the historical mean. The setup here depends on margin expansion or higher crude prices to justify the multiple.

Berkshire Hathaway trimmed its Chevron stake in recent filings, while insiders Dambisa Moyo and John B. Hess transacted in May 2026 alongside $5M in net selling over six months. Analyst targets point to 10% upside, but the insider activity and Buffett's exit signal caution at current levels.

4. Baker Hughes Company (BKR)

EV/EBITDA: 13.3 | Interest coverage: 14.0x | 52w drawdown: 6.6%

Baker Hughes posts 12.8% ROIC with a 4.8% earnings yield and 3.9% FCF yield, while net debt runs at just 0.05x EBITDA, leaving the balance sheet underleveraged and positioned for M&A or shareholder returns. The oilfield services model captures upstream activity across drilling, completions, and production chemistry, with exposure to LNG infrastructure growth as global gas demand accelerates.

Insiders added $7.6M across 524,899 shares in the past six months, with the buy-sell ratio at 1.7x reflecting directional conviction despite flat revenue growth. BofA recently adjusted the price target to $75 from $80, implying 14% upside from the current $65.75 while acknowledging near-term service pricing pressures.

Revenue slipped 0.3% year-over-year while the 21x P/E leaves limited margin if drilling activity softens or if international project delays compress 2026 bookings. The 1.4% dividend yield offers minimal income support compared to integrated energy peers.

5. Antero Resources Corporation (AR)

EV/EBITDA: n/a | Interest coverage: 11.6x | 52w drawdown: 16.0%

Antero Resources trades at 12.4x earnings with a 10.4% FCF yield and 8% earnings yield despite 22% revenue growth, creating a discount to intrinsic value if natural gas pricing stabilizes above $3/MMBtu. The 16% drawdown from the 52-week high puts the stock in Strong Entry territory, while the earnings yield sits 342 basis points above the ticker's 10-year normalized mean, reflecting compressed sentiment on Appalachian gas exposure.

Three insiders added shares in early May 2026, including Nicholas Schorsch (two transactions) and Bobby George, contributing to $5.1M in net buying over six months. Analysts price in 30% upside to $50, the widest implied gain in this week's screen, while recent coverage noted improving free cash flow and balance sheet metrics.

Net debt at 2.2x EBITDA and 3.2% short interest create modest financial risk, but the thesis breaks if natural gas prices retest the $2 handle or if Appalachian takeaway constraints force production curtailments that strand the 6.3% ROIC.