10 Best Utility Stocks to Buy Now

4. PG&E Corporation (NYSE:PCG)

Number of Hedge Fund Holders: 48

PG&E Corporation (NYSE:PCG) delivers electricity and natural gas to millions of homes and businesses in northern and central California. It generates power from various sources like nuclear, hydro, solar, and natural gas.

PG&E Corporation (NYSE:PCG) reported a strong Q1 2024 with income available for common shareholders rising to $732 million ($0.34 per share) from $569 million ($0.27 per share) in the same period last year. This increase is mainly due to higher customer capital investment and lower wildfire fund expenses. The company reaffirmed its core EPS guidance of $1.33-$1.37.

The company is investing heavily in its future with a $62 billion infrastructure improvement plan for 2024-2028. This positions PG&E Corporation (NYSE:PCG) well to meet the growing electricity needs of data centers. Keeping these developments in mind, analysts are bullish on PG&E Corporation (NYSE:PCG) stock with an average price target of $20.98. This reflects an upside potential of over 18% from the current price levels.

Covalis Capital was the leading hedge fund investor in PG&E Corporation (NYSE:PCG) at the end of the first quarter of 2024, with a stake worth over $111.9 million. The hedge fund increased its stake in the company by 372% during Q1. PG&E Corporation (NYSE:PCG) ranks fourth on our list of the best utility stocks to buy now.