12 High-Growth Utility Stocks to Buy Now

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9. OGE Energy Corp. (NYSE:OGE)

Number of Hedge Fund Holders: 32

Average 5-Year Revenue Growth: 9.76%

OGE Energy Corp. (NYSE:OGE) is one of the best high-growth utility stocks to buy. It is an Oklahoma-based electric company that specializes in energy generation, transmission, and distribution. OGE uses coal, natural gas, wind, and solar to generate electricity.

On October 22, Jefferies maintained a Buy rating on OGE while lifting the price target from $52 to $55. The investment firm anticipates a largely optimistic “super cycle” of third-quarter developments. The utilities space is also expected to increase capital spending while the cost of capital declines.

While Jefferies remained bullish with a Buy call, BofA also raised its price target on OGE Energy to $48 (from $46) but assigned a Neutral rating in a report published the next day. The firm stands by its view that the company’s solid execution trajectory and opportunities pertaining to higher power consumption trends support its premium multiple. The firm maintains that OGE’s $6.25 billion 5-year capital spending plan, as well as the construction of its grids and transmission lines, is an important priority for investors.

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