5 Best Utilities Stocks to Buy for Dividends

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1. Duke Energy Corporation (NYSE:DUK)

Number of Hedge Fund Holders: 36  

Forward Dividend Yield: 3.44% 

Duke Energy Corporation (NYSE:DUK) operates as an energy firm. The company recently announced that it would be seeking a rate hike from the North Carolina Utilities Commission as part of an annual adjustment of the cost of fuel used to power the region. If the new rates are approved, the average bill of residential customers will increase by around 6.6%. The firm is also considering investments in small-scale nuclear reactors as part of a plan to reduce carbon emissions. The company is a reliable dividend player having grown the payout consistently in the past eleven years. 

On April 7, KeyBanc analyst Sophie Karp maintained an Overweight rating on Duke Energy Corporation (NYSE:DUK) stock and raised the price target to $119 from $110, noting that the firm was “well positioned as a core utility investment” and warranted a “premium to large cap peers” given tailwinds in customer growth in the sector. 

At the end of the fourth quarter of 2021, 36 hedge funds in the database of Insider Monkey held stakes worth $1.1 billion in Duke Energy Corporation (NYSE:DUK), up from 32 in the preceding quarter worth $687 million. 

You can also take a peek at 10 Penny Stocks Redditors are Buying in August and 10 Best Nickel Stocks to Buy Now.

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