Top 5 Electric Utility Dividend Stocks to Buy

3. Duke Energy Corporation (NYSE: DUK)

Number of Hedge Fund Holders: 38
Total Value of Hedge Fund Holdings: $614 Million
Dividend Yield as of May 19: 3.77%

Ranking 3rd in our list of top 10 electric utility dividend stocks is American electric power and natural gas holding company Duke Energy Corporation (NYSE:DUK). The energy company has over 7.2 million customers and 58,000 megawatts (MW) of base-load and peak generation in the United States. Earlier this year, Duke subsidiary Duke Energy Renewables announced its plans of acquiring the 144-megawatt (MW) Pflugerville Solar project in Texas from Canadian Solar Inc. (NASDAQ:CSIQ) subsidiary Recurrent Energy. The project is set to operate in mid-2021.

Duke Energy Corporation (NYSE:DUK) has a market cap of $78.8 billion. In 2020, Citigroup, Inc.’s net income came in at $6.15 billion. Shares of DUK rose 23% over the past twelve months. On May 18, Morgan Stanley maintained Equal-Weight on Duke Energy and lowered the price target to $107.

There were 38 hedge funds that reported owning stakes in Duke Energy Corporation (NYSE:DUK) at the end of the fourth quarter, up from 36 funds a quarter earlier. The total value of these stakes at the end of Q4 is $614 million.