This High-Yield Dividend Aristocrat Is Making a Surprising Move
Consolidated Edison (NYSE: ED) is an elite dividend stock. The utility has grown its dividend for 48 straight years, the best growth streak of any utility in the S&P 500. That has it well into Dividend Aristocrat territory and approaching an even more elite level of a Dividend King. Add in its nearly 3.5% dividend yield -- well above the S&P 500's 1.6% yield -- and Consolidated Edison is one of the more appealing dividend stocks in the energy sector.
One power source that has helped grow the company's dividend in recent years is its large-scale renewable energy portfolio. It's the second-largest solar energy producer in the country and a major wind energy producer. That's why it was surprising to see a report that the company hired an advisor to help sell its renewable energy portfolio. Here's why the company is seeking buyers for the units and what that might mean for its industry-leading dividend.
Bloomberg recently reported that Consolidated Edison had hired Barclays to help the company find buyers for its renewable energy portfolio. The company's clean energy business operates three gigawatts (GW) of utility-scale wind and solar energy assets across 20 states. It is the second-largest owner-operator of solar production facilities in North America. The company also has a growing battery storage business and a 4 GW pipeline of wind, solar, and battery storage projects under development.
Source Fool.com
