In this article, we discuss the 5 best electric utility stocks to invest in. If you want to read about some more electric utility stocks, go directly to 10 Best Electric Utility Stocks To Invest In.
5. DTE Energy Company (NYSE:DTE)
Number of Hedge Fund Holders: 28
As the economy heads towards a recession, Wells Fargo recently announced its stock picks for a recession portfolio, and DTE Energy Company (NYSE:DTE) ranked among the utility stocks on the list. The Michigan-based firm generates and provides electricity, as well as gas to clients in Southeastern Michigan. The company also deals in the provision of wastewater treatment services, chilled water production, metallurgical coke, and compressed air to industrial customers. As of June 27, it pays a 2.85% yield to shareholders, and has posted gains of 11.56% in the last 12 months.
In the first quarter of 2022, DTE Energy Company (NYSE:DTE) reported earnings per share of $2.31, outperforming estimates by $0.23. Revenue of $4.58 billion for the quarter showed year-on-year growth of 21.15% and also beat analysts’ predictions by $1.04 billion.