SO - This Reliable 4%-Yielding Dividend Stock Continues to Add More Power to Grow Its Payout
2023-09-27 08:24:00 ET
Southern Company (NYSE: SO) is among the most dependable dividend stocks around. For the last 76 years, the utility has made dividend payments equal to or greater than the prior year's level. Meanwhile, it has increased its payout in each of the last 22 consecutive years.
That stability and growth should continue. The company recently added another solar energy project to its portfolio, which should grow its cash flow. That enhances its already strong growth profile, partly powered by a new nuclear energy project. These investments should give the utility plenty of fuel to continue increasing its 4%-yielding dividend.
Southern Power, a subsidiary of Southern Company, recently announced the acquisition of its 30th solar energy project. It's buying the 150 megawatt (MW) South Cheyenne Solar Facility from Qcells USA. It's the company's first solar facility in Wyoming and continues the expansion of its fleet across the country. Qcells expects to finish construction on the project in the first quarter of next year. The investment will generate predictable cash flow for Southern, secured by a 20-year power purchase agreement (PPA) for the electricity and associated renewable energy credits produced by the facility.
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This Reliable 4%-Yielding Dividend Stock Continues to Add More Power to Grow Its Payout