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6 Utility Stocks With Upside

NEW YORK ( TheStreet) -- We have selected six utility stocks that have up to 57% upside potential, based on 12-month price target. Analysts polled by Bloomberg affirm 69% buy rating for these stocks.

6. Spectra Energy (SE - Get Report) owns and operates natural gas-related assets in Ontario and natural gas processing services in Western Canada.

Spectra reported net income of $37.6 million for the second quarter of 2011, vs. $33.2 million in the same quarter previous year. These increases are attributable to higher Gulfstream earnings after the company acquired an additional 25% stake in Gulfstream during the fourth quarter of 2010.

During the quarter, the company obtained new investment grade credit ratings and completed its first-ever public debt offering, as well as a follow-on equity offering. Cash available for distribution was $35.4 million for the quarter compared to $33.4 million in the second quarter 2010.

"We ended the quarter in a strong financial position, which allowed us to fund the Big Sandy Pipeline acquisition on July 1, and at the same time, maintain ample liquidity to pursue future growth opportunities," Greg Rizzo, the company's CEO, said. Analysts surveyed by Bloomberg expect the stock to gain 28% over the next one year and have 58% buy ratings.

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