AMEREN CORP. $23 (New York symbol AEE; Income Portfolio, Utilities sector; Shares outstanding: 213.6 million; Market cap: $4.9 billion; Price-to-sales ratio: 0.6; WSSF Rating: Average) provides electricity and natural gas to 3.4 million customers in Illinois and Missouri. Ameren has faced a number of challenges recently. The recession has driven down electricity demand, and a warmer-than-usual winter hurt natural-gas sales. As well, a severe ice storm in January forced Ameren’s biggest power customer, an aluminum smelter in Missouri, to scale back its operations. As a result, Ameren’s earnings in the first quarter of 2009 fell 14.9%, to $114 million, or $0.54 a share. The company earned $134 million, or $0.64 a share, a year earlier. These figures exclude one-time items, including losses of $0.14 a share on futures contracts that Ameren uses to lock in its fuel costs. Revenue fell 7.9%, to $1.9 billion from $2.1 billion. To conserve cash, Ameren cut its quarterly dividend by 39.4%, to $0.385 a share from $0.635. The new annual rate of $1.54 yields 6.7%. The cut will free up about $215 million a year. Ameren’s stock trades at 8.1 times its likely 2009 earnings of $2.83 a share. Ameren is a hold.