Scotiabank names WEC Energy its top US utility pick

Scotiabank has named WEC Energy Group its top overall pick among US utilities, citing superior earnings-per-share growth, significant capital expenditure upside, and decades of stability. The firm remains bullish on the stock despite a modest 5% premium. WEC beat second-quarter 2026 EPS estimates at $0.91 versus the $0.82 consensus, though revenue of $2.06 billion fell short. Scotiabank expects positive capital expenditure updates this autumn, while two data center projects are progressing ahead of schedule. The firm also favors Entergy, CMS, CenterPoint, and NextEra, all of which posted mixed results. Scotiabank maintains an underperform rating on Eversource, seeing greater downside risks than upside opportunities. Ladenburg Thalmann downgraded WEC to Neutral from Buy, citing political opposition to future data center development.