5 Best Electric Utility Stocks To Invest In

2. Duke Energy Corporation (NYSE:DUK)

Number of Hedge Fund Holders: 32

Duke Energy Corporation (NYSE:DUK) is next up on our list of the best electric utility stocks to buy. It deals in the transmission of electricity and gas to residential, commercial and industrial customers in North Carolina, South Carolina, Indiana, Florida, Ohio, and Kentucky. It generates its electricity through a combination of coal, natural gas, nuclear fuel, hydroelectric, as well as solar and wind setups. 

KeyBanc analyst Sophie Karp in April reiterated an ‘Overweight’ rating on Duke Energy Corporation (NYSE:DUK) shares, and increased the price target to $119 from $110. As a core utility investment experiencing significant tailwinds in customer growth in its core markets, the analyst thinks that Duke is well-positioned in the market and warrants a premium to its large cap peers. Wells Fargo recently mentioned Duke Energy Corporation (NYSE:DUK) among the utility stocks to buy right now as the economy nears a recession. 

For Q1 2022, Duke Energy Corporation (NYSE:DUK) posted a revenue of $7.13 billion, increasing 15.97% from the year-ago quarter and also outperforming analysts’ predictions by approximately $808 million. The company pays a solid 3.75% yield as of June 27, and has paid a dividend since 2006.

In the first quarter, Jim Simons’ Renaissance Technologies held 1.66 million shares of Duke Energy Corporation (NYSE:DUK) worth $185.6 million, making it the firm’s leading shareholder. Overall, 32 hedge funds were bullish on the utility firm at the close of the first quarter, with aggregate positions worth $1.04 billion.