CFRA analyst Sam Stovall downgraded his view of the S&P 500 utilities subsector to underweight from market weight on Monday, after a run up over several months sparked by investor uncertainty and the hunt for yield. "The sector currently trades at a 37% premium to its average P/E on next-12-month (NTM) EPS estimates since 2000," Stovall wrote in a note to clients. "In addition, it currently trades at a 13% premium to the S&P 500's NTM average P/E versus its normal 7% discount." The group also has a lower-than-average number of constituents with a favorable rating, he wrote, while technically, its relative strength has started to deteriorate versus the overall index. The subsector's component stocks were mostly lower, with 25 decliners compared with 3 gainers. CMS Energy /zigman2/quotes/209852159/composite CMS +2.95% led the decliners and was last down 2.4%, followed by NextEra Energy Inc. /zigman2/quotes/200558509/composite NEE +1.54% down 2.0% and Xcel Energy Inc. /zigman2/quotes/200626850/composite XEL +2.13% down 2.0%. NRG Energy /zigman2/quotes/208308731/composite NRG +1.69% was the biggest gainer, up 0.4%. The S&P 500 /zigman2/quotes/210599714/realtime SPX +1.60% was up 0.4%.