American Electric Power Company Inc. AEP is involved in the generation, transmission and distribution of electricity to its customers in the United States. The company’s transmission and lines provide support to the electric interconnection grid in the eastern United States.Let’s focus on the factors that make this Zacks Rank #2 (Buy) stock a strong investment pick at the moment. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Growth Projections & Long-Term GrowthThe Zacks Consensus Estimate for 2022 earnings per share and revenues is pegged at $5.03 and $18.89 billion, suggesting an increase of 6.1% and 12.4%, respectively, from the year-ago period.The consensus mark for 2023 earnings and revenues is pegged at $5.32 and $19.32 billion, respectively. The bottom- and top-line estimates suggest a 5.7% and 2.3% year-over-year increase, respectively.The long-term (three- to five-year) earnings growth of the company is currently pegged at 6.2%.Surprise History & Dividend YieldAmerican Electric Power’s four-quarter positive earnings surprise is 2.9%, on average. The current dividend yield of the company is 3.48%.Return on Equity (ROE)The ROE of a company indicates how efficiently the company is utilizing its funds to generate returns. The current ROE of American Electric Power is 10.73% compared with the industry average of 10.2%, which indicates that the company is utilizing its funds better than companies in its industry.Strong Long-Term InvestmentAmerican Electric Power currently plans to invest $40 billion over the 2023-2027 period in its core regulated operations, contracted renewables and wires. Such planned investments should enable AEP to achieve its long-term earnings growth target of 6-7%.American Electric Power has nearly 40,000 circuit miles of transmission lines, including 2,200 circuit miles of 765 kV lines, which are the backbone of the electric interconnection grid in the eastern United States. American Electric aims to invest around $25.8 billion in its transmission and distribution business during the 2023-2027 period to construct a more efficient grid and deliver custom energy solutions to customers.Price PerformanceIn the past year, the stock has gained 14.3% compared with the industry’s 0.9% increase. Image Source: Zacks Investment ResearchOther Stocks to ConsiderOther top-ranked stocks in the Utilities sector include Pinnacle West Capital PNW, NiSource NI and Global Water Resources GWRS. All companies currently carry a Zacks Rank #2.Pinnacle West, NiSource and Global Water Resources delivered an average positive earnings surprise of 116.1%, 0.3% and 180%, respectively, in the last four quarters.The Zacks Consensus Estimate for 2022 earnings for Pinnacle West, NiSource and Global Water Resources has moved 2.8%, 0.7% and 5% upward, respectively, in the past 60 days. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want 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 NiSource, Inc (NI): Free Stock Analysis Report American Electric Power Company, Inc. (AEP): Free Stock Analysis Report Pinnacle West Capital Corporation (PNW): Free Stock Analysis Report Global Water Resources, Inc. (GWRS): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research