5 Best Utility Stocks to Buy Now

4. Exelon Corporation (NASDAQ:EXC)

Number of Hedge Fund Holders: 35 

Exelon Corporation (NASDAQ:EXC), one of the best utility stocks to buy, pays an annual dividend of $1.53 per share, yielding 2.83%. It is an American electric power generation company that also owns low-cost power generation fleets. The company has the largest customer base in the U.S. 

On September 29, Exelon Corporation (NASDAQ:EXC) announced its plans to invest over $140 million into nuclear plants over the next five years. This investment is aimed to replace transformers and upgrade fiber optic control systems in the concerned areas. In Q2 2021, Exelon Corporation (NASDAQ:EXC) posted an EPS of $0.89, beating the estimates by $0.22. The company’s utilities segment announced to reduce operation-driven emissions by 50% by 2050. Recently, BMO Capital lifted its price target on Exelon Corporation (NASDAQ:EXC) to $55, with an ‘Outperform’ rating on the shares, highlighting the company’s comprehensive clean energy legislation.

As of Q2 2021, 35 hedge funds tracked by Insider Monkey have positions in Exelon Corporation (NASDAQ:EXC), compared with 44 in the previous quarter. These stakes are valued at over $1.1 billion.