5 Best Utility Stocks to Invest In

2. FirstEnergy Corp. (NYSE: FE)

Number of Hedge Fund Holders: 51

FirstEnergy Corp. (NYSE:FE) ranks 2nd on the 15 best utility stocks to invest in. The Ohio-based electric utility company distributes, transmits, and generates electricity through its subsidiaries. FirstEnergy Corp. (NYSE:FE) has over 6 million customers located in Ohio, Pennsylvania, West Virginia, Maryland, and New Jersey.

In April, the company agreed to pay $230 million and meet other conditions in exchange for prosecutors not proceeding with a criminal case against its central role in a bribery scheme. Shares of FirstEnergy Corp. (NYSE:FE) rose 5% in the last three months.

On June 27th, KeyBanc analyst Sophie Karp maintained an Overweight rating on FirstEnergy Corp. (NYSE:FE) with a price target of $42 per share. According to the analyst, FirstEnergy Corp. (NYSE:FE) the $230 million penalty agreement between the company and DOH is a “significant positive”.

The company has a market cap of $21.09 billion and offers a dividend yield of 4.02%. The company’s first-quarter EPS was $0.69, beating consensus estimates by $0.01. FirstEnergy Corp. (NYSE:FE) reported GAAP earnings in the first quarter of 2021 were consistent with $335 million, increasing from $74 million in the same period of 2020. Shares of FirstEnergy Corp. (NYSE:FE) increased 32% year to date.

By the end of the first quarter of 2021, 51 hedge funds out of the 866 tracked by Insider Monkey held stakes in FirstEnergy Corp. (NYSE:FE), worth roughly $1.8 billion.