BOSTON ( TheStreet) -- Utility stocks offer large dividends, but weak revenue growth. Here are five positioned to outgrow peers in 2010. They rank atop the industry, according to the TheStreet's quantitative model, which evaluates equity fundamentals and performance.

5. DPL ( DPL) sells electricity in Ohio.

The numbers: Fourth-quarter profit decreased 30% to $50 million, or 43 cents a share, as revenue ascended 3.4% to $405 million. DPL's operating margin narrowed from 28% to 25%. It holds $75 million of cash and $1.3 billion of debt. Its return on equity, a measure of profitability, beats the industry average.

The stock: DPL has advanced 35% in the past year, trailing U.S. benchmarks. It trades at a price-to-projected-earnings ratio of 11, a discount to its peer group average. Its PEG ratio, a measure of value relative to growth, is low at 1.5. A PEG ratio below 1 implies cheap shares. It offers a 4.4% dividend yield.

4. Progress Energy ( PGN) transmits electricity in the Carolinas and Florida.

The numbers: Fourth-quarter net income soared 44% to $154 million, but earnings per share rose 4.5% to 46 cents, hurt by a higher share count. Revenue advanced 6.8% to $2.3 billion. The operating margin remained steady at 15%. The company holds $725 million of cash and $13 billion of debt.

The stock: Progress Energy has appreciated 19% in the past year, lagging behind major indices. The stock sells for a price-to-projected-earnings ratio of 13, on par with the peer group average. It is cheap when considering book value, sales and cash flow. The shares offer a 6.4% dividend yield.

3. Northeast Utilities ( NU) delivers energy in New England.

The numbers: Fourth-quarter net income rose 17% to $86 million, but earnings per share climbed 4.3% to 48 cents, diluted by a larger float. Revenue dropped 9.2% to $1.3 billion. Northeast Utilities' operating margin widened from 12% to 15%. Its balance sheet contains $93 million of cash and $5.1 billion of debt.

The stock: Northeast Utilities has increased 19% over the past 12 months, underperforming U.S. benchmarks. The stock trades at a price-to-projected-earnings ratio of 12, a discount to the peer group average. It is inexpensive based on book value, sales and cash flow. The shares offer a 3.9% dividend yield.

2. ITC Holdings ( ITC) sells electricity in the Midwest and Canada.

The numbers: Fourth-quarter profit climbed 24% to $34 million, or 66 cents a share, as revenue inched up 2.9% to $157 million. The operating margin expanded from 46% to 54%. ITC holds $75 million of cash and $2.4 billion of debt. During the past three years, ITC has increased revenue 41% annually, on average.

The stock: ITC Holdings has returned 64% in the past year, more than the Dow Jones Industrial Average, but less than the S&P 500 Index. It sells for a price-to-projected-earnings ratio of 16, a premium to the peer group average. It offers a 2.4% dividend yield.

1. IdaCorp ( IDA) sells electricity in Idaho and Oregon.

The numbers: Fourth-quarter profit more than tripled to $24 million, or 49 cents a share, as revenue gained 17% to $253 million. The operating margin extended from 11% to 15%. IdaCorp holds $53 million of cash and $1.5 billion of debt. It has boosted net income 5% a year, on average, during the past three years.

The stock: IdaCorp has advanced 58% over the past twelve months, lagging behind major benchmarks. The stock trades at a price-to-projected-earnings ratio of 12, a discount to the peer group average. It is also undervalued based on trailing earnings and book value. The shares offer a 3.5% dividend yield.

-- Reported by Jake Lynch in Boston.