All the utilities got hit, and it really makes no sense as long-term interest rates fall further. Perhaps, as someone else said, it's misplaced fears about rising rates. But there are some compelling arguments out there that we will be in a low interest environment for many years to come, similar to the Japanese experience.
That would explain the selloff in utilities. But what about the continuing strength in treasuries? The 10-yr yield sunk Friday and closed below 2.6%. The Bond market seems to be of the opinion that the economy is not as strong as most believe. A Fed rate hike is not at all in sync with the bond market. But you may be right - fear - however misplaced - may be giving us a buying opportunity in the Utility space.