When economic uncertainty seems to be the only constant, investors can seek refuge in the stability and reliability offered by utility stocks. These companies provide essential services such as electricity, water, and natural gas, which are not only in constant demand but also tend to weather economic storms more gracefully than other industries. If you’re looking to fortify your investment portfolio with dependable options, utility stocks are a great place to look. We’ll delve into three utility stocks that stand out as beacons of strength, targeting steady returns and, most importantly, peace of mind in an ever-volatile market.
Here are three “Strong Buy” utility stocks from Wall Street –
Essential Utilities, Inc. – SYM: WTRG
Recent Price: $32.88
Price Target: $48.75
Firms with Buy Rating: UBS, RBC Capital, Northcoast Research
Description: Essential Utilities, Inc., through its subsidiaries, operates regulated utilities that provide water, wastewater, or natural gas services in the United States. The company operates through Regulated Water and Regulated Natural Gas segments. Essential Utilities, Inc. was founded in 1886 and is headquartered in Bryn Mawr, Pennsylvania.
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PG&E Corporation – SYM: PCG
Recent Price: $16.05
Price Target: $18.58
Firms with Buy Rating: Guggenheim, Barclays, Citi
Description: PG&E Corporation, through its subsidiary, Pacific Gas and Electric Company, engages in the sale and delivery of electricity and natural gas to customers in northern and central California, the United States. It generates electricity using nuclear, hydroelectric, fossil fuel-fired, fuel cell, and photovoltaic sources. The company owns and operates interconnected transmission lines; electric transmission substations, distribution lines, transmission switching substations, and distribution substations; and natural gas transmission, storage, and distribution system consisting of distribution pipelines, backbone and local transmission pipelines, and various storage facilities. It serves residential, commercial, industrial, and agricultural customers, as well as natural gas-fired electric generation facilities. The company was incorporated in 1905 and is based in Oakland, California.
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DTE Energy Company – SYM: DTE
Recent Price: $97.48
Price Target: $118.11
Firms with Buy Rating: Morgan Stanley, Barclays, Citi
Description: DTE Energy Company engages in the utility operations. The company’s Electric segment generates, purchases, distributes, and sells electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan. It generates electricity through fossil-fuel, hydroelectric pumped storage, and nuclear plants, as well as wind and solar assets. This segment owns and operates approximately 697 distribution substations and approximately 451,900 line transformers. The company’s Gas segment purchases, stores, transports, distributes, and sells natural gas to approximately 1.3 million residential, commercial, and industrial customers throughout Michigan; and sells storage and transportation capacity. This segment has approximately 21,000 miles of distribution mains; 1,352,000 service pipelines; and 1,316,000 active meters, as well as owns approximately 2,000 miles of transmission pipelines. Its DTE Vantage segment offers metallurgical and petroleum coke to steel and other industries; and power, steam and chilled water production, and wastewater treatment services, as well as supplies compressed air to industrial customers. Its Energy Trading segment engages in power, natural gas, and environmental marketing and trading; structured transactions; and the optimization of contracted natural gas pipeline transportation and storage positions. The company was founded in 1903 and is based in Detroit, Michigan.