7 Cheap Utility Stocks to Buy According to Hedge Funds

4. Exelon Corporation (NASDAQ:EXC)

Forward P/E as of September 27: 15.19

Earnings Growth this year: 2.90%

Number of Hedge Fund Holders: 37

Exelon Corporation (NASDAQ:EXC), based in Chicago, distributes electricity and natural gas through subsidiaries such as Pepco Holdings, Commonwealth Edison (ComEd), and Peco.

Earlier this August, Exelon Corporation (NASDAQ:EXC) released its financial results for the second quarter of 2024, reporting GAAP net income of $0.45 per share and adjusted (non-GAAP) operating earnings of $0.47 per share. This fell short of the analyst expectation of $0.73 per share. Despite this, the company reaffirmed its full-year 2024 adjusted operating earnings guidance range of $2.40 to $2.50 per share and maintained its target for compounded annual growth of 5-7% through 2027.

Additionally, Exelon Corporation (NASDAQ:EXC) achieved top-tier reliability performance across all its utilities, with ComEd and Pepco Holdings ranking in the top decile for both outage frequency and duration for the second consecutive quarter.

According to Insider Monkey’s database, 37 hedge funds held stakes in Exelon Corporation (NASDAQ:EXC) as of the end of the second quarter of 2024, a jump from 28 in the previous quarter. The largest position in Exelon was held by Soroban Capital Partners.