In this article, we discuss the 5 best utility stocks to buy according to financial media. If you want to skip our detailed analysis of these stocks, go directly to 12 Best Utility Stocks to Buy According to Financial Media.
5. DTE Energy Company (NYSE:DTE)
Number of Hedge Fund Holders: 27
Number of Times Stock Appeared in Top Picks of Financial Media: 3
DTE Energy Company (NYSE:DTE) is a utilities company. On December 20, investment advisory Mizuho maintained a Buy rating on DTE Energy Company (NYSE:DTE) stock and raised the price target to $121 from $119.
At the end of the third quarter of 2023, 27 hedge funds in the database of Insider Monkey held stakes worth $254 million in DTE Energy Company (NYSE:DTE), the same as in the previous quarter worth $613 million.
4. CenterPoint Energy, Inc. (NYSE:CNP)
Number of Hedge Fund Holders: 25
Number of Times Stock Appeared in Top Picks of Financial Media: 4
CenterPoint Energy, Inc. (NYSE:CNP) is a Texas-based public utility holding company. On October 16, investment advisory BMO Capital maintained an Outperform rating on CenterPoint Energy, Inc. (NYSE:CNP) stock and lowered the price target to $30 from $34.
At the end of the third quarter of 2023, 25 hedge funds in the database of Insider Monkey held stakes worth $301 million in CenterPoint Energy, Inc. (NYSE:CNP), the same as in the previous quarter worth $386 million.
Among the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in CenterPoint Energy, Inc. (NYSE:CNP) with 3.4 million shares worth more than $92 million.
3. UGI Corporation (NYSE:UGI)
Number of Hedge Fund Holders: 29
Number of Times Stock Appeared in Top Picks of Financial Media: 4
UGI Corporation (NYSE:UGI) markets energy-related products and services. In early September, investment advisory Mizuho maintained a Neutral rating on UGI Corporation (NYSE:UGI) stock and lowered the price target to $29 from $33.
Among the hedge funds being tracked by Insider Monkey, New York-based investment firm First Eagle Investment Management is a leading shareholder in UGI Corporation (NYSE:UGI) with 6.6 million shares worth more than $152 million.
In its Q3 2023 investor letter, First Pacific Advisors, an asset management firm, highlighted a few stocks and UGI Corporation (NYSE:UGI) was one of them. Here is what the fund said:
“UGI Corporation (NYSE:UGI) owns gas utilities and pipelines in Pennsylvania and West Virginia and the largest propane distribution businesses in the United States and Europe. This is our kind of company – despite its disparate parts, UGI has increased earnings at a relatively steady high single digit rate historically while distributing excess cash through dividends.24 We believe shares are down primarily because of poor execution at AmeriGas, UGI’s U.S. propane business, but also because of losses at the company’s European energy marketing business and the negative effects of warm weather on earnings. We believe UGI is attractive at less than 10x earnings, and we have been incrementally adding to the Fund’s position.”
2. Dominion Energy, Inc. (NYSE:D)
Number of Hedge Fund Holders: 26
Number of Times Stock Appeared in Top Picks of Financial Media: 5
Dominion Energy, Inc. (NYSE:D) produces and distributes energy. On December 20, investment advisory Mizuho maintained a Neutral rating on Dominion Energy, Inc. (NYSE:D) stock and raised the price target to $49 from $45.
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 3.9 million shares worth more than $178 million.
At the end of the third quarter of 2023, 26 hedge funds in the database of Insider Monkey held stakes worth $362 million in Dominion Energy, Inc. (NYSE:D), compared to 25 in the previous quarter worth $431 million.
1. Duke Energy Corporation (NYSE:DUK)
Number of Hedge Fund Holders: 39
Number of Times Stock Appeared in Top Picks of Financial Media: 7
Duke Energy Corporation (NYSE:DUK) is a North Carolina-based energy company. On December 20, investment advisory Mizuho maintained a Neutral rating on Duke Energy Corporation (NYSE:DUK) stock and raised the price target to $100 from $89.
At the end of the third quarter of 2023, 39 hedge funds in the database of Insider Monkey held stakes worth $428 million in Duke Energy Corporation (NYSE:DUK), the same as in the preceding quarter worth $510 million.
You can also take a peek at 13 Most Profitable Renewable Energy Stocks and 14 Cheap DRIP Stocks To Buy Now.
