5 Best Utility Stocks to Buy Now

In this article, we discuss the 5 best utility stocks to buy now. If you want to read our detailed analysis of the utility sector and stocks, go directly to read the 11 Best Utility Stocks to Buy Now. 

5. Brookfield Asset Management Inc. (NYSE:BAM)

Number of Hedge Fund Holders: 34 

Brookfield Asset Management Inc. (NYSE:BAM) is an alternative asset management company that focuses on investment in renewable power. The company’s functions involve the distribution of midstream and other products through pipelines and ports. Brookfield Asset Management Inc. (NYSE:BAM) is one of the best utility stocks to buy now. 

On September 19, Brookfield Asset Management Inc. (NYSE:BAM) announced to acquire an Australian power infrastructure firm, in a deal worth $7 billion to meet the growing demand for renewable energy. In Q2 2021, Brookfield Asset Management Inc. (NYSE:BAM) reported an FFO of $1.01, beating the estimates by $0.28. The company’s revenue for the quarter stood at $18.29 billion, driven massively by the company’s capital recycling initiatives. This August, BMO Capital lifted its price target on Brookfield Asset Management Inc. (NYSE:BAM) to C$61, while maintaining an ‘Outperform’ rating on the shares. The company pays an annual dividend of $0.52 per share, yielding 0.92% and has been increasing its dividend for the past two years. 

As of Q2 2021, 34 hedge funds tracked by Insider Monkey have positions in Brookfield Asset Management Inc. (NYSE:BAM), valued at $1.65 billion. The number of hedge funds having stakes in the company was the same in the previous quarter. Akre Capital Management is the company’s leading shareholder with over 13 million shares. 

Baron Funds mentioned Brookfield Asset Management Inc. (NYSE:BAM) in its second-quarter 2021 investor letter. Here is what the firm has to say: 

“The shares of long-term holding Brookfield Asset Management Inc. gained 15% in the most recent quarter. The company is a leading alternative asset manager focused on investing in high-quality real estate and infrastructurerelated assets that tend to generate predictable and growing cash flows. We remain bullish about the ongoing prospects for Brookfield given the secular growth opportunity for alternative assets, the company’s many competitive advantages including scale, global capabilities, its well known brand name, operating expertise, and performance track record. We hold management in high regard and believe the shares remain attractively valued.”