Top 10 Utility Stocks to Buy Now

7. PPL Corporation (NYSE:PPL)

Stock Upside Potential: 8.30%

Number of Hedge Fund Holders: 42

PPL Corporation (NYSE:PPL) is one of the top utility stocks to buy now. On April 13, Jefferies analysts reiterated their Buy rating on PPL Corporation (NYSE:PPL) and raised the stock’s price target to $48 from $40. The bullishness underscores the research firm’s confidence of a potential positive settlement in a rate case in Pennsylvania.

In addition, Jefferies remains optimistic about new development opportunities in the company’s joint venture with Blackstone. The research firm sees a 6% earnings-per-share upside to 16 cents, given strong capital expenditure opportunities. The company is making significant progress on its Blackstone joint venture, which could deliver 2 gigawatts and be worth 2 cents a share.

On April 13, Wolfe Research raised its price target for PPL Corp. (NYSE:PPL) to $44 from $42, while maintaining an Outperform rating, citing the company’s strong progress in overcoming regulatory challenges. The research firm also touted progress toward achieving a 10% compound annual growth rate in rate base.

PPL Corporation (NYSE:PPL) is a major U.S. utility holding company that generates, transmits, and distributes electricity and natural gas to over 3.6 million customers. Based in Allentown, Pennsylvania, PPL focuses on modernizing energy grids, providing reliable power, and transitioning to cleaner energy sources, aiming for net-zero emissions by 2050.