5 Best Electric Utility Stocks To Buy Right Now

2. PG&E Corporation (NYSE:PCG)

Number of Hedge Fund Holders: 58

PG&E Corporation (NYSE:PCG), operating through its subsidiary Pacific Gas and Electric Company, is involved in the sale and delivery of electricity and natural gas to customers in California. The company employs nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources for electricity generation. PG&E Corporation (NYSE:PCG) is one of the best utility stocks to buy. On February 14, the company declared a $0.01 per share quarterly dividend, in line with previous. The dividend is payable on April 15, to shareholders on record as of March 28. 

According to Insider Monkey’s fourth quarter database, 58 hedge funds held stakes in PG&E Corporation (NYSE:PCG), compared to 49 funds in the last quarter. Dan Loeb’s Third Point is the largest stakeholder of the company, with 57.8 million shares worth over $1 billion. 

Third Point Management made the following comment about PG&E Corporation (NYSE:PCG) in its Q1 2023 investor letter:

“Our strategy is to preserve liquidity and buying power to take advantage of markets when they “break”. While overall indices remain elevated, we are finding more chances to provide liquidity across all three asset classes in which we invest – credit, structured credit, and equity – opportunities which have been key drivers of performance for the fund. Our portfolio is balanced across industries with a focus on event-driven names including companies involved in spin-offs, significant cost-cutting, or other types of under-appreciated business transformation. PG&E Corporation (NYSE:PCG), which is still our largest position, continues to deliver strong performance, down 50bps in the first quarter but up 6.2% for the year to date after the Fire Victims Trust sold another 60 million shares in a block trade.”