For much of the last year, the Utilities sector has actually had a higher P/E ratio (12-month trailing) than the growth-heavy Technology sector. This has had investors scratching their heads since growth stocks are supposed to demand a higher premium than low or no-growth defensive names.
The discrepency has corrected itself recently, however, as Utilities stocks have really gotten hit hard. The fall in price has pulled the P/E ratio for the Utilities sector down to 15.91. At the same time, Technology stocks have been rallying, and the rally has pushed the P/E ratio for the Tech sector up to 16.19.