Louis Navellier Increases Exposure to These Five Utilities Stocks

#2. Consolidated Edison Inc. (NYSE:ED)

– Shares Owned by Navellier & Associates (as of June 30): 136,064

– Value of Navellier & Associates’ Holding (as of June 30): $10.95 Million

Navellier & Associates acquired a new stake of 136,064 shares of Consolidated Edison Inc. (NYSE:ED) during the second quarter, which was valued at $10.95 million on June 30. The new position accounted for 1.6% of the hedge fund’s entire portfolio. Consolidated Edison provides electrics service and gas services in New York City and Westchester County through its CECONY subsidiary, as well as serves consumers in southeastern New York and adjacent areas of New Jersey and eastern Pennsylvania through its Orange and Rockland Utilities subsidiary. The energy-delivery company has increased annual dividend payments to shareholders for 40 consecutive years and will likely keep increasing further, as the company’s current payout ratio stands at approximately 68%. Consolidated Edison’s Board of Directors recently approved a quarterly dividend of $0.67 per share, which equates to an annual dividend yield of 3.45%. Con Edison shares are up 20% since the beginning of the year. Ray Carroll’s Breton Hill Capital upped its stake in Consolidated Edison Inc. (NYSE:ED) by 62% during the June quarter to 11,538 shares.

#1. SCANA Corporation (NYSE:SCG)

– Shares Owned by Navellier & Associates (as of June 30): 155,789

– Value of Navellier & Associates’ Holding (as of June 30): $11.79 Million

The growth-oriented hedge fund manager owned 155,780 shares of SCANA Corporation (NYSE:SCG) at the end of the second quarter, 149,114 shares more than at the end of the first quarter. The updated stake was valued at $11.79 million on June 30, constituting 1.8% of the asset manager’s overall portfolio. The energy-based holding company engaged in regulated electric and natural gas utility operations in South Carolina, North Carolina and Georgia has seen the value of its stock spike by 20% since January. In mid-June, analysts at Morgan Stanley downgraded SCANA to ‘Underweight’ from ‘Equal Weight’, citing weakening financial outlook as the company faces the possibility of additional delays in the nuclear construction side of its business. Morgan Stanley issued a price target of $67 on SCANA shares. Cliff Asness’ AQR Capital Management had around 822,000 shares of SCANA Corporation (NYSE:SCG) at the end of March.

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