11 Best Utility Stocks to Buy for Dividends in 2026

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4. Public Service Enterprise Group Incorporated (NYSE:PEG)

Number of Hedge Fund Holders: 49

Dividend Yield as of March 7: 3.22%

Next on our list of the Best Utility Dividend Stocks is Public Service Enterprise Group Incorporated (NYSE:PEG), a predominantly regulated energy company that engages in the provision of electric and gas services.

Public Service Enterprise Group Incorporated (NYSE:PEG) received a boost on March 5 when Evercore ISI upgraded the stock from ‘In Line’ to ‘Outperform’, while also increasing its price target from $83 to $96.

The upgrade is driven by a predominantly regulated earnings mix, constructive New Jersey regulatory frameworks, disciplined capital deployment, and embedded upside from nuclear optionality in a tightening PJM supply-demand environment. Moreover, it is reinforced by PSEG’s strong FY 2025 report, in which the utility delivered a 10% YoY growth in adjusted operating earnings to $4.05 per share.

Public Service Enterprise Group Incorporated (NYSE:PEG) reported its Q4 2025 results on February 26, with the company exceeding estimates in both earnings and revenue. The utility is targeting operating earnings in the range of $4.28 to $4.40 per share for FY 2026, up 7% from last year at the midpoint. PSEG also announced an updated capital program of $24 billion to $28 billion for 2026–2030, and raised its long-term adjusted earnings growth outlook to 6%-8% through the end of the decade.

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