If You Invested $1,000 In NextEra Energy Three Years Ago, This Is How Much You Would Have Today
Utilities are generally thought of as boring, slow-growth stocks. NextEra Energy (NYSE: NEE) doesn't fit that mold, because it has long been a growth-oriented utility with a large and dedicated following on Wall Street. The big story here, an expanding renewable power business, should continue to drive long-term performance even if there is near-term price volatility. The last three years are actually pretty telling in this regard.
Leading up to the coronavirus pandemic in 2020, investors were enamored of NextEra's clean energy business. That led Wall Street to place a high valuation on the shares relative to other utility stocks. This is completely reasonable, since the company's average annualized dividend growth rate over the past decade is nearly 11%. That's an impressive number for any company, but for a utility it's pretty incredible.
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Source Fool.com
