Top 5 Electric Utility Dividend Stocks To Buy

In this article, we discuss the top 5 electricity utility dividend stocks to buy. If you want to read our detailed analysis of these stocks and the latest market situation, go directly to Top 12 Electric Utility Dividend Stocks To Buy.

5. Dominion Energy, Inc. (NYSE:D)

Number of Hedge Fund Holders: 34

Dividend Yield (as of May 12): 3.23%

Dominion Energy, Inc. (NYSE:D) provides electricity and natural gas to more than 7 million customers across 16 states in the US. It was founded in 1983, and currently boasts 30 gigawatt of electricity generating capacity along with 10,700 miles of electric transmission and 78,000 miles of electric distribution lines.

On May 11, Dominion Energy, Inc. (NYSE:D) declared $0.6675 per share quarterly dividend, which was in-line with previous. The company’s dividend yield stands at 3.23% as of May 12.

On January 5, UBS analyst Ross Fowler upgraded Dominion Energy, Inc. (NYSE:D) to ‘Buy’ from ‘Neutral’ and increased the price target to $98 from $81. Fowler noted that the firm’s ESG sponsorship appeal will enhance in 2022 as investors look to support companies making the shift towards clean energy. In February, the firm broadened its Net Zero commitments as one of the country’s leading clean-energy companies. Apart from achieving Net Zero carbon and methane emissions from power generation and natural gas operations by 2050, the company will now work to achieve Net Zero for emissions outside of the company’s direct operations, such as emissions by its customers and suppliers.

Investors were seen piling into Dominion Energy, Inc. (NYSE:D) at the end of Q4 2021, with 34 hedge funds reporting bullish bets on the company shares, as opposed to 27 hedge funds in the preceding quarter. Ric Dillon’s Diamond Hill Capital was the largest shareholder of Dominion Energy, Inc. (NYSE:D) at the close of the fourth quarter, with a stake consisting of 3.62 million shares valued at $284.4 million.