5 Most Undervalued Utility Stocks to Buy According to Hedge Funds

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

Latest P/E Ratio: 13.37

Number of Hedge Fund Holders: 27

Based in New York, Consolidated Edison, Inc. (NYSE:ED) is a leading energy-delivery company providing a wide range of energy-related products and services to its customers. Its primary businesses include a regulated electric, gas, and steam services provider focused on New York City and Westchester County; electric service and gas provider focused on southeastern New York and northern New Jersey; and an electric and natural gas transmission projects investor.

On November 2, Consolidated Edison, Inc. (NYSE:ED) released its financial results for Q3 2023. Its revenue declined by 7% y-o-y to $3.9 billion, while net income declined by 14% y-o-y to $526 million. It generated a normalized EPS of $1.62 for the quarter, which exceeded the consensus estimates by $0.03.

On March 1, Consolidated Edison, Inc. (NYSE:ED) announced the completion of sale of its Clean Energy Businesses to RWE Renewables Americas, LLC in a transaction valued at $6.8 billion.

Like other stocks such as Vistra Corp. (NYSE:VST), Entergy Corporation (NYSE:ETR), and Public Service Enterprise Group Incorporated (NYSE:PEG), the shares of Consolidated Edison, Inc. (NYSE:ED) are among the most undervalued utility stocks to buy according to hedge funds.