The Zacks Utilities sector has been notably defensive in 2022, down nearly 7% vs. the S&P 500’s decline of roughly 20%. It goes without saying that the sector has been a bright spot in an otherwise dim market.Consumers have a never-ending need for the services provided by these companies, which explains why they've fared better than most.Further, the sector is highly ranked (number two out of a total of 16 Zacks sectors), indicating favorable earnings estimate revisions have been coming in.For the cherry on top, stocks in the sector generally pay rock-solid dividends, undoubtedly a major positive that all investors love.For those looking to tap into the realm, three highly ranked stocks – Otter Tail Corp. OTTR, National Fuel Gas Company NFG, and Consolidated Water Co. CWCO – all deserve consideration.Below is a year-to-date chart of all three stocks.Image Source: Zacks Investment ResearchLet’s take a deeper dive into each one.Otter Tail Corp. Otter Tail’s primary business is the production, transmission, distribution, and sale of electric energy.Analysts have upped their earnings outlook across the board over the last 60 days, pushing OTTR into a Zacks Rank #1 (Strong Buy).Image Source: Zacks Investment ResearchAs mentioned, utility stocks reward their shareholders, and OTTR is no different – the company’s 2.6% annual dividend yield is lower than its Zacks sector average, but the company has upped its dividend payout five times over the last five years with a 5.3% five-year annualized dividend growth rate.Image Source: Zacks Investment ResearchIn addition, Otter Tail has a mighty strong earnings track record, exceeding revenue and earnings estimates in eight consecutive quarters. Just in its latest print, the utility provider penciled in a 20% top-line beat paired with a steep 61% EPS beat.Below is a chart illustrating the company’s revenue on a quarterly basis.Image Source: Zacks Investment ResearchConsolidated Water Co. Consolidated Water is involved in developing and operating sea-water desalination plants and water distribution systems in water-scarce areas.CWCO’s earnings outlook has turned visibly bright over the last several months.Image Source: Zacks Investment ResearchLike OTTR, Consolidated Water’s earnings track record is impressive; the company has exceeded the Zacks Consensus EPS Estimate by double-digit percentages in each of its last five prints. Just in its latest release, the company penciled in a 12.5% bottom-line beat.Revenue has consistently been reported above expectations as well, with CWCO registering four top-line beats over its last five quarters.Image Source: Zacks Investment ResearchFurther, CWCO’s growth profile is stellar; earnings are forecasted to soar a triple-digit 220% in FY22 and a further double-digit 26% in FY23.Top-line growth is also commendable, with revenue estimates calling for 36% and 26% growth in FY22 and FY23, respectively.Image Source: Zacks Investment ResearchNational Fuel Gas CompanyNational Fuel Gas Company is an integrated energy company with natural gas assets located in the prolific Appalachian basin and oil-producing assets in California.Analysts have been bullish on their earnings outlook across nearly all timeframes over the last 60 days.Image Source: Zacks Investment ResearchIn addition, NFG shares appear reasonably priced; the company’s 10.6X forward earnings multiple is well beneath its 14.2X five-year median and reflects a sizable 25% discount relative to its Zacks Sector.NFG sports a Style Score of a B for Value.Image Source: Zacks Investment ResearchNFG’s growth projections are a significant highlight; earnings are forecasted to climb 40% in FY22 and a further 22% in FY23.The projected earnings increase comes on top of forecasted Y/Y revenue growth of 30% and 12% in FY22 and FY23, respectively.Image Source: Zacks Investment ResearchBottom LineWhile the broader market has struggled in 2022, the Zacks Utilities sector has put its defensive nature on full display, shaking off market woes.The sector’s demand never fades, as consumers obviously need the amenities they provide.All three stocks above – Otter Tail Corp. OTTR, National Fuel Gas Company NFG, and Consolidated Water Co. CWCO – reside in the sector paired with a favorable Zacks Rank, telling us that their near-term earnings outlook is bright. Special Report: The Top 5 IPOs for Your Portfolio Today, you have a chance to get in on the ground floor of one of the best investment opportunities of the year. As the world continues to benefit from an ever-evolving internet, a handful of innovative tech companies are on the brink of reaping immense rewards - and you can put yourself in a position to cash in. One is set to disrupt the online communication industry. Brilliantly designed for creating online communities, this stock is poised to explode when made public. With the strength of our economy and record amounts of cash flooding into IPOs, you don’t want to miss this opportunity.>>See Zacks’ Hottest IPOs NowWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report National Fuel Gas Company (NFG): Free Stock Analysis Report Otter Tail Corporation (OTTR): Free Stock Analysis Report Consolidated Water Co. Ltd. (CWCO): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research