AI hype is lifting these dividend payers. These names may actually benefit, Wells Fargo says

The once-sleepy utilities sector, known best for its ability to pay steady dividends, is starting to perk up as artificial intelligence hype spreads – and a few names might be poised to capitalize, according to Wells Fargo. The S & P 500 utilities sector posted a 3.6% gain in the first quarter of 2024, but it has already surged more than 8% in the second quarter, lifted by excitement around AI and data centers.

"We continue to see as the most direct play, but expect the AI data center buildout to spread to several regions, which could drive higher multiples for all gas companies," Blum wrote. The company has expansion plans in the works to meet rising demand for natural gas, including a plan to add about 1.6 billion cubic feet of natural gas capacity to its Southeast Supply Enhancement project, serving the Mid-Atlantic and Southeast markets.

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