2 Energy Stocks That Are Heating Up Right Now
Brookfield Renewable (NYSE: BEP)(NYSE: BEPC) and Brookfield Infrastructure (NYSE: BIP)(NYSE: BIPC) have exceptional track records of creating shareholder value since their respective formations by Brookfield Corporation (NYSE: BN) more than a decade ago. They have both generated annualized total returns of 16% since their formation, easily outpacing the broader market.
Both companies cooled off during the bear market last year, losing around a quarter of their value. However, they've started to heat back up in 2023, rising around 15% apiece. They could have a lot more upside ahead. Here's what's powering their rebound and why they could have plenty of fuel to continue rising.
Despite its sell-off last year, 2022 was another strong one for Brookfield Renewable. The leading global renewable energy producer grew its funds from operations (FFO) by a solid 8% per share. That allowed it to increase the dividend by 5.5%, its 12 straight year of growing the payout by at least 5%. Meanwhile, the company closed or agreed to invest up to $2.8 billion across several transactions to drive future growth.
Source Fool.com
