5 Best Electric Utility Stocks To Buy Now

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

Number of Hedge Fund Holders: 61

NextEra Energy, Inc. (NYSE:NEE) and its affiliated companies produce, transport, distribute, and market electricity to individual and business customers in North America. The company utilizes various sources, including wind, solar, nuclear, coal, and natural gas facilities to generate electricity. It also designs, constructs, and manages long-term renewable energy assets such as wind and solar power facilities, energy storage projects, and electricity transmission systems. It is one of the best electric utility stocks to invest in. 

On March 28, Erste Group analyst Stephan Lingnau upgraded NextEra Energy, Inc. (NYSE:NEE) to Buy from Hold. The company’s operational profit has reportedly increased by 6% YoY in 2022, and the analyst expects that its dividend will rise by approximately 10% annually for this year and the next. 

According to Insider Monkey’s fourth quarter database, 61 hedge funds were bullish on NextEra Energy, Inc. (NYSE:NEE), compared to 73 funds in the earlier quarter. Phill Gross and Robert Atchinson’s Adage Capital Management is the largest stakeholder of the company, with 2 million shares worth nearly $169 million. 

ClearBridge Investments made the following comment about NextEra Energy, Inc. (NYSE:NEE) in its Q3 2022 investor letter:

“NextEra Energy, Inc. (NYSE:NEE) is an integrated utility business with a regulated utility operating in Florida and the largest wind business in the U.S. NextEra’s regulated business includes Florida Power & Light, which serves nine million people in Florida. NextEra’s share price rose along with the passage of the U.S. Inflation Reduction Act, which considerably expands support for renewable energy.”

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out 10 Best Education Stocks To Buy In 2023 and 10 Best Telecom Dividend Stocks To Buy for 2023.