10 Best Geothermal Stocks to Buy According to Hedge Funds

7. Eversource Energy (NYSE:ES)

Number of Hedge Fund Investors: 39

Eversource Energy (NYSE:ES) is ranked seventh on our list of the Best Geothermal Stocks. It is a diverse holding company with subsidiaries that provide rate-regulated electric and gas distribution services to over 4 million customers in the Northeast. The business intends to sell its water utility, Aquarion, in 2025. The company grew its service territories by acquiring NStar (2012), Aquarion (2017), and Columbia Gas (2020). Its 50% collaboration with European utility Orsted to develop 2 gigawatts of offshore wind projects in the Northeast US ended in 2024. In 2006, the firm exited the majority of its unregulated businesses.

Eversource Energy (NYSE:ES) is committed to promoting green energy initiatives and is now investing in wind and geothermal projects as part of its shift to more sustainable energy sources. The business kicked off a geothermal project near Framingham, Massachusetts, on June 4, 2024. This is the company’s first utility-scale geothermal network in the United States. Over the following two years, the project will determine whether this geothermal system is a more cost-effective and efficient alternative to standard heating fuels like oil and natural gas.

Eversource Energy (NYSE:ES) reported $2.97 billion in revenue in the fourth quarter of 2024, up 10.2% from the same time the previous year. The transmission segment generated $724.6 million in 2024, compared to $643.4 million in 2023. Its operating income and interest costs for the quarter totaled $347.8 million and $288.7 million, respectively. The firm increased its dividend by 5% to $3.01 per share yearly for 2025, continuing a long trend of strong hikes in dividends.