Start 2024 Off Right With These 3 Energy Stocks
The energy sector has had a down year in 2023. Rising interest rates and falling commodity prices weighed on the industry. While the S 500 has rallied more than 20% this year, energy stocks in that index are down by more than 3% on average.
However, while last year was a down year for the energy sector, 2024 could be a bounce-back year. Because of that, energy stocks could deliver strong total returns. NextEra Energy (NYSE: NEE), Brookfield Renewable (NYSE: BEP)(NYSE: BEPC), and Kinder Morgan (NYSE: KMI) stand out to a few Fool.com contributors as the best ones to buy heading into 2024. Here's why they think these energy stocks could put a charge in your portfolio next year.
Reuben Gregg Brewer (NextEra Energy): Looking at the energy sector from a broad perspective it includes boring utility stocks. But there's one utility stock that has proven it is anything but boring, at least on the dividend front, and that's NextEra Energy. This industry giant, with a market cap of $122 billion, has increased its dividend annually for 29 years and at a compound annual rate of 10% over the past decade. Those would be impressive stats for any company, let alone a utility.
Source Fool.com
