This High-Yielding Renewable Energy Stock Is Delivering Supercharged Growth
Companies that pay above-average dividends don't usually grow very fast. That makes NextEra Energy Partners (NYSE: NEP) an outlier. The clean energy infrastructure company offers an attractive 3.8%-yielding dividend, which is more than double the yield on an S&P 500 index fund. Meanwhile, the payout is growing at a double-digit annual rate, supported by even faster-rising cash flows.
The renewable energy company expects to continue delivering supercharged earnings and dividend growth for the next several years. That makes it a top choice for income and growth investors.
NextEra Energy Partners recently reported exceptional second-quarter results. The clean energy infrastructure company generated $500 million of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), up 43% from last year's second quarter. Meanwhile, cash available for distribution (CAFD) surged 37% year-over-year to $207 million. That enabled the company to continue increasing its dividend. Following its latest raise, it has grown the payout by 15% over the past year.
Source Fool.com
