5 Best Electric Utility Stocks To Invest In

3. WEC Energy Group, Inc. (NYSE:WEC)

Number of Hedge Fund Holders: 31

WEC Energy Group, Inc. (NYSE:WEC) was incorporated in 1981 and is headquartered in Milwaukee, Wisconsin. The company provides regulated natural gas and electricity, as well renewable and non-regulated renewable energy services in the United States. On October 20, WEC Energy Group, Inc. (NYSE:WEC) declared a $0.7275 per share quarterly dividend, in line with previous. The dividend is payable on December 1, to shareholders of record on November 14. The dividend yield on October 24 came in at 3.35%. 

On October 20, KeyBanc analyst Sophie Karp reiterated an Overweight rating on WEC Energy Group, Inc. (NYSE:WEC) but trimmed the price target on the shares to $94 from $109 as utilities reversed 2022 outperformance in the last two weeks of Q3 2022. With higher rate expectations settling in, and significant underperformance in other cyclical sectors, the analyst thinks Utilities will largely become a source of funds moving forward. 

According to Insider Monkey’s second quarter database, 31 hedge funds held stakes worth $618.5 million in WEC Energy Group, Inc. (NYSE:WEC), compared to 30 funds in the prior quarter worth $650.6 million. 

Here is what ClearBridge Investments Dividend Strategy has to say about WEC Energy Group, Inc. (NYSE:WEC) in its Q3 2021 investor letter:

“In utilities we completed the exit of WEC Energy Group to fund our newer position in Sempra Energy. WEC is a solid, well-run utility but trades at a meaningful premium to the group despite similar long-term growth expectations.”