5 Best Utility Stocks to Buy Now

2. NextEra Energy Inc (NYSE: NEE)

Florida-based NextEra has about 46 gigawatts of generating capacity. Its subsidiaries include Florida Power & Light, NextEra Energy Resources, NextEra Energy Partners, Gulf Power Company and NextEra Energy Services. The company delivers electricity to approximately 10 million people in Florida.

In November 2020, NextEra shares spiked after Reuters reported that the company made a $15 billion offer to buy Kansas-based Evergy.

A total of 63 hedge funds tracked by Insider Monkey reported owning shares of NextEra entering the fourth quarter, up from 55 funds a quarter earlier. The total worth of these shares is $2.71 billion.