Superior utility PPL Corp. (PPL), first discussed here on May 26, 2009, at a price of $30.56, continues to meander near $26, but just look on that delay as an opportunity to scoop up shares of a superior utility.

PPL provides electricity to 1.4 million U.S. customers in eastern and central Pennsylvania, and also has 19.0 megawatts (mw) of power generation capacity. The company also operates power distribution companies in the United Kingdom, which serve about 2.6 million customers. PPL Energy Plus also markets power to customers in Delaware, Maine, Maryland, Massachusetts, Montana, New Jersey and Pennsylvania.

Utility gem PPL Corp. (PPL), first discussed here on May 26, 2009, at a price of $30.56, has retreated about 10% since September, to about $26, but just look on that dip as an opportunity to scoop-up shares of a superior utility.

PPL provides electricity to 1.4 million U.S. customers in eastern and central Pennsylvania, and has 19.0 megawatts (mw) of power generation capacity. The company also operates two power distribution companies in the United Kingdom, which serve about 2.6 million customers. PPL Energy Plus also markets power to customers in Delaware, Maine, Maryland, Massachusetts, Montana, New Jersey, and Pennsylvania.

The shares of utility PPL Corp. (PPL), first recommended on May 26, 2009, at a price of $30.56, appear to have put in a bottom at/near $25.

In late April, PPL's shares fell significantly after it announced its purchase of Kentucky-based utilities Louisville Gas & Electric and Kentucky Utilities for $7.625 billion, contingent on approvals. The consensus is that the deals will be (at best) modestly dilutive for the first year, and PPL's shares fell roughly $4 to about $24.60 on the news. The deal is expected to close by the end of 2010.

Since early summer, PPL's have trended up slightly, including a push back above the key, 50-day moving average.

The shares of utility PPL Corporation (PPL), which I first wrote about on May 26, 2009, at a price of $32.15, have totally misbehaved, and it's probably best to stand-aside at this juncture, pending additional performance data in the quarter ahead. If you own the shares, I'd hold them, but I wouldn't add to a position at this time.

In late April, PPL Corp's shares fell significantly after it announced its purchase of Kentucky-based utilities Louisville Gas & Electric and Kentucky Utilities for $7.625 billion, contingent on approvals. The consensus is that the deal will be (at best) modestly dilutive for the first year, and PPL's shares fell about $4 on the news.

Utility PPL Corp. (PPL), first written about on May 26, 2009 at a price of $32.15, is a utility I still like, for several reasons.

First and foremost, PPL's business model remains solid: steady, if unspectacular growth in its regulated Pennsylvania power market (1.4 million customer), coupled with stronger growth in unregulated (though more risky) power markets. PPL hopes the increased use of power supply contracts of varying duration will lessen that risk.

PPL Corp.'s (NYSE: PPL) stock has meandered since first recommended on May 26, 2009, at a price of $32.15 -- and even broken below the key, 50-day moving average for a considerable period, something that would typically spark a re-evaluation of the investment.

But PPL is in the electric power generation sector, and rare is the day you should sell a power play. Hence, I'm reiterating my Buy rating for PPL Corp.