CWEN - These 2 Dividend Stocks Are Set to Soar in 2024 and Beyond
2024-05-25 08:29:00 ET
The renewable energy industry has hit a bit of a speed bump in recent years. Surging interest rates made it more expensive to fund projects, which has weighed on the sector. Higher rates have also driven down the value of income-producing assets, like renewable energy dividend stocks , boosting their yields.
However, many expect interest rates to start falling in the coming years. That should boost the value of renewable energy stocks , which are benefiting from strengthening decarbonization tailwinds. These catalysts should give top renewable energy producers NextEra Energy (NYSE: NEE) and Clearway Energy (NYSE: CWEN) (NYSE: CWEN.A) the power to soar in 2024 and beyond.
NextEra Energy's stock price currently sits about 20% below its peak in 2022, which was right before interest rates began their ascent. That slumping stock price has helped push the utility's dividend yield up to nearly 3%, more than double the S&P 500's dividend yield.
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These 2 Dividend Stocks Are Set to Soar in 2024 and Beyond