12 Best Utility Stocks to Buy According to Hedge Funds

3. NextEra Energy, Inc. (NYSE:NEE)

Number of Hedge Fund Holders: 69

NextEra Energy, Inc. (NYSE:NEE) headquartered in Juno Beach, Florida, is one of the world’s largest producers of wind and solar energy. The company operates through its subsidiaries, Florida Power & Light (FPL) and NextEra Energy Resources, serving over 12 million customers. NextEra Energy, Inc. (NYSE:NEE) company also provides natural gas through its subsidiary Florida City Gas (FCG) and serves about 120,000 residential and commercial customers.

NextEra Energy, Inc. (NYSE:NEE) has been actively expanding its renewable energy portfolio, adding significant capacity in wind, solar, and battery storage. In Q3, the company added approximately 3 gigawatts of new renewables and storage to its backlog, bringing the running four-quarter total to approximately 11 gigawatts. This consistent growth in development is expected to more than double the company’s combined renewable generation portfolio, growing from 38 gigawatts as of  Q3 to potentially 81 gigawatts by the end of 2027.

Furthermore, NextEra Energy, Inc. (NYSE:NEE) has entered into strategic framework agreements with major customers, including two Fortune 50 companies and Entergy. These agreements, totaling up to 15 gigawatts of potential new renewables and storage projects will provide NextEra Energy, Inc. (NYSE:NEE) with the flexibility to allocate assets efficiently and align its development efforts with the specific needs of its partners.