5 Best Electric Utility Stocks To Invest In

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

Number of Hedge Fund Holders: 31

Public Service Enterprise Group Incorporated (NYSE:AEE) is one of the best electric utility stocks to buy now, according to Goldman Sachs and Wells Fargo, as both featured the company in their lists of stable stocks to buy in the current environment. It is a New Jersey-based utility company which provides electricity and gas to customers across the Northeastern and Mid-Atlantic United States.

On April 12, Wells Fargo analyst Neil Kalton reiterated an ‘Overweight’ rating on Public Service Enterprise Group Incorporated (NYSE:AEE) shares and bumped the price target to $87 from $82, noting that the backdrop for nuclear power continues to improve.

On May 3, Public Service Enterprise Group Incorporated (NYSE:AEE) announced its first quarter earnings, and disclosed an EPS of $1.33, beating analysts’ predictions by $0.21. The company has increased its dividend payments for 19 years in a row, and dishes out a 3.44% yield as of June 27. 
Hedge fund sentiment around Public Service Enterprise Group Incorporated (NYSE:AEE) was seen as positive from between December and March. 31 hedge funds were long on the company shares at the close of Q1 2022, as compared to 30 hedge funds a quarter earlier. With an increase of 8% in stake, Millennium Management was the top shareholder of Public Service Enterprise Group Incorporated (NYSE:AEE) in the first quarter, with 2.15 million shares worth approximately $151 million.