5 Best Utilities Stocks to Buy for Dividends

2. Consolidated Edison, Inc. (NYSE:ED)

Number of Hedge Fund Holders: 22 

Forward Dividend Yield: 3.22% 

Consolidated Edison, Inc. (NYSE:ED) has interests in the electric, gas, and steam delivery businesses. The company posted earnings for the fourth quarter of 2021 on February 17, reporting earnings per share of $1, beating market estimates by $0.14. The revenue over the period was $3.4 billion, up more than 15% year-on-year and beating analyst estimates by $510 million. The company said it expected earnings per share of around $4.6 in fiscal year 2022 against analyst estimates of $4.48. 

On March 10, Mizuho analyst Anthony Crowdell kept a Buy rating on Consolidated Edison, Inc. (NYSE:ED) stock and raised the price target to $94 from $90, noting that the price target was raised to reflect current market multiples in relation to the firm. 

At the end of the fourth quarter of 2021, 22 hedge funds in the database of Insider Monkey held stakes worth $323 million in Consolidated Edison, Inc. (NYSE:ED), compared to 24 in the preceding quarter worth $364 million.