5 Best Electric Utility Stocks to Buy for the Data Center Power Surge

3. NextEra Energy, Inc. (NYSE:NEE)

Number of Hedge Fund Holders: 72

With a market cap of over $193 billion as of the writing of this article, NextEra Energy, Inc. (NYSE:NEE) is the most valuable utility company in the world. The company boasts a diverse mix of energy sources, including natural gas, nuclear, renewable energy, and battery storage.

On May 4, Evercore ISI raised its price target on NextEra Energy, Inc. (NYSE:NEE) from $97 to $107, while keeping an ‘Outperform’ rating on the shares. The target boost reflects an upside potential of over 15% from the current price levels.

Similarly, earlier on April 27, BMO Capital also bumped up its price target on NextEra Energy, Inc. (NYSE:NEE) by $5, while maintaining its ‘Outperform’ rating on the shares (read more details here).

NextEra Energy, Inc. (NYSE:NEE) beat earnings estimates in its Q1 2026 report on April 23, with its profit of $2.18 billion growing by almost 162% compared to the same period last year. Notably, the company’s renewables and storage unit had a record quarter, adding 4 GW of new renewable and storage projects to its backlog. Nextera’s total backlog now stands at around 33 GW.

NextEra Energy, Inc. (NYSE:NEE) reaffirmed its adjusted EPS target of $3.92 to $4.02 per share for full-year 2026, up from $3.71 per share last year. The utility then further expects to grow its adjusted EPS at a CAGR of over 8% through 2032, and then the same from 2032 through 2035, all off the 2025 base.