Top 5 Utility Stocks to Buy Now

4. Xcel Energy Inc. (NASDAQ:XEL)

Stock Upside Potential: 14.36%

Number of Hedge Fund Holders: 57

Xcel Energy Inc. (NASDAQ:XEL) is one of the top utility stocks to buy now. On March 24, UBS reiterated a positive stance on Xcel Energy Inc. (NASDAQ:XEL) despite cutting its price target to $89 from $93 due to valuation concerns. The research firm maintains a Buy rating on the stock and reiterates that the recent stock weakness appears unjustified.

UBS expects investor sentiment for Xcel Energy to improve in the market ahead of Colorado generation approvals. The research firm is also bullish on the regulatory resolutions in Colorado and Minnesota as catalysts that are expected to support the company.

Last year, the company embarked on a five-year investment plan to strengthen its grid and protect against extreme weather. The company also remains committed to meeting the demand for a more electrified economy while delivering safe, reliable, and sustainable energy. It also strives to keep electric and gas bills 28% and 12% below the national average, respectively.

Xcel Energy Inc. (NASDAQ:XEL) is a major U.S. investor-owned utility holding company that generates, transmits, and distributes electricity and natural gas to approximately 3.3 million electric and 1.8 million natural gas customers. They are focused on leading the clean energy transition, aiming for net-zero emissions by 2050.