5 Best Utilities Stocks to Buy for Dividends

3. Dominion Energy, Inc. (NYSE:D)

Number of Hedge Fund Holders: 34 

Forward Dividend Yield: 3.07% 

Dominion Energy, Inc. (NYSE:D) produces and distributes energy. On March 16, the company announced that authorities in Virginia had approved a large expansion of existing solar and wind energy storage projects. The expansion will provide 1,000 MW of carbon-free electricity. This is enough to power 250,000 homes in Virginia at peak output. The expansion plan includes work on 15 different projects. The work on the expansion is expected to be completed by 2023 and helps the firm on the path to net zero greenhouse gas emissions. 

In early January, UBS analyst Ross Fowler upgraded Dominion Energy, Inc. (NYSE:D) stock to Buy from Neutral and raised the price target of $98 from $81, underlining that the stock was “undervalued” relative to the long-dated regulated rate base growth and “clean regulatory calendar”. 

Among the hedge funds being tracked by Insider Monkey, Ohio-based investment firm Diamond Hill Capital is a leading shareholder in Dominion Energy, Inc. (NYSE:D) with 3.6 million shares worth more than $284 million.