15 Utility Stocks with Highest Dividends

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

Dividend Yield as of April 7: 3.28% 

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

On March 23, Morgan Stanley analyst David Arcaro upped the firm’s price target on Public Service Enterprise Group Incorporated (NYSE:PEG) from $90 to $94, while maintaining an ‘Overweight’ rating on the shares.

The raised target, which indicates an upside of almost 16% from the current levels, comes as Morgan Stanley revised its price targets in the North American Regulated & Diversified Utilities / IPPS under its coverage. The analyst firm highlighted the sector’s strong performance in February, when it delivered gains of almost 22%, against a surge of just under 14% posted by the overall market.

The analyst believes that the recent discussions in the utilities sector have been largely constructive, with companies highlighting growth opportunities and expressing optimism regarding load growth. A number of utilities have also signed long-term supply deals with data centers, further adding to the positive outlook.

Given the increasing energy demand, Public Service Enterprise Group Incorporated (NYSE:PEG) also recently bumped up its capital program from $24 billion to $28 billion for 2026–2030, in addition to raising its long-term adjusted earnings growth outlook to 6%-8% through the end of the decade.