12 Best Utility Stocks to Buy According to Hedge Funds

5. PG&E Corporation (NYSE:PCG)

Number of Hedge Fund Holders: 49

PG&E Corporation (NYSE:PCG), headquartered in San Francisco, is the parent company of Pacific Gas and Electric Company. The company serves approximately 16 million customers in Northern and Central California. PG&E Corporation (NYSE:PCG) generates electricity through a mix of natural gas, nuclear, hydroelectric, and renewable resources.

PG&E Corporation (NYSE:PCG) is actively expanding its capital investment plan to meet the growing demand for energy infrastructure in California. The company recently added $1 billion to its five-year capital plan, bringing the total to $63 billion through 2028. This additional investment is a direct response to the increasing customer demand for electrification, from housing developments to electric vehicle (EV) charging stations, data centers, and commercial projects. The capital is designed to enhance the reliability and resilience of the company’s infrastructure while ensuring that these investments are affordable for customers and accretive to the company’s earnings.

Additionally, PG&E Corporation (NYSE:PCG) is exploring innovative solutions to leverage new load in ways that benefit the grid. One notable example is the partnership with the Open School District and Zoom to deploy the nation’s largest bidirectional electric school bus fleet. This fleet is equipped with vehicle-to-grid technology, allowing the buses to return energy to the grid when not in use.