5 Best Electric Utility Stocks to Buy Now

4. FirstEnergy Corp. (NYSE: FE)

Number of Hedge Fund Holders: 51

FirstEnergy Corp. (NYSE: FE) is an Ohio-based electric utility company serving 6 million customers and has a generation capacity of more than 16000 megawatts. It is ranked fourth on our list of 10 best electric utility stocks to buy now. The stock has returned over 32.75% to investors over the course of the past year.

On July 22, FirstEnergy Corp. (NYSE: FE) posted earnings for the second quarter of 2021, reporting earnings per share of $0.59, beating estimates by $0.03. The revenue over the period was around $2.62 billion, up 3.97% year-over-year.

At the end of the first quarter of 2021, 51 hedge funds in the database of Insider Monkey held stakes worth $1.84 billion in FirstEnergy Corp. (NYSE: FE), up from 50 the preceding quarter worth $1.31 billion. Out of the hedge funds being tracked by Insider Monkey, billionaire Carl Icahn’s Icahn Capital LP has initiated a stake in FirstEnergy Corp. (NYSE: FE) in the first quarter of 2021. As of the end of the first quarter of 2021, this stake was worth close to $658 million, comprising 2.75% of its total 13F portfolio. 

On July 22, Morgan Stanley raised its price target on FirstEnergy Corp. (NYSE: FE) to $46 from $45 while keeping its Overweight rating after a litigation settlement agreement with the Department of Justice was announced with a lower-than-expected penalty of $230.