Top 5 Electric Utility Dividend Stocks To Buy

1. CenterPoint Energy, Inc. (NYSE:CNP)

Number of Hedge Fund Holders: 25

Dividend Yield (as of May 12): 2.28%

Then there’s CenterPoint Energy, Inc. (NYSE:CNP), a Houston-based energy firm which provides electricity and natural gas to customers across the United States. On April 22, CenterPoint Energy, Inc. (NYSE:CNP) declared $0.17 per share quarterly dividend, which was in-line with previous.

Credit Suisse analyst Nicholas Campanella in late April initiated coverage of CenterPoint Energy, Inc. (NYSE:CNP) with an ‘Outperform’ rating and a price target of $34. The analyst thinks the firm has been realizing the benefits of a wider restructuring, and can still benefit from multiple expansion. Mizuho analyst Anthony Crowdell gave CenterPoint Energy, Inc. (NYSE:CNP) a ‘Buy’ rating on April 5, viewing the stock as a top idea whilst noting that its 8% annual earnings growth is one of the highest in the industry.

Investor confidence in the energy firm soared over the fourth quarter, where 25 hedge funds reported bullish bets on CenterPoint Energy, Inc. (NYSE:CNP) shares. In comparison, 14 hedge funds held positions in the firm a quarter ago. Point72 Asset Management initiated a position in the firm at the close of the fourth quarter and established itself as a leading shareholder, with 1.78 million shares valued at $49.8 million.

Miller Howard Investments mentioned CenterPoint Energy, Inc. (NYSE:CNP) in its Q3 2021 investor letter. The fund said:

“In late August, we increased the portfolio’s cyclical exposure by trimming utilities after a period of relative outperformance and reallocating the capital to midstream energy, which had pulled back over the summer. Additionally, we trimmed CenterPoint Energy (CNP) after periods of relative strength. We had previously increased our positions in late 2020 and February 2021, respectively, after periods of relative weakness.”

You can also take a look at 15 Biggest Mining Companies In The World and Top 10 Logistics Companies In The World

Follow Insider Monkey on Twitter