NEP - This Ultra-High-Yield Dividend Stock Continues Growing Its Payout (For Now)
2024-07-26 05:15:00 ET
NextEra Energy Partners (NYSE: NEP) offers a monster dividend. The clean energy infrastructure operator's payout yields nearly 13%. That's about 10 times higher than the S&P 500 .
Despite that elevated yield, the renewable energy company recently increased its payment again. While it expects the upward trend to continue, a potential future catalyst could disrupt those plans.
NextEra Energy Partners recently reported its second-quarter results and declared its latest distribution payment. The leading renewable energy dividend stock generated $560 million of adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) in the period . That was up 15.2% from the prior-year period. Meanwhile, its cash available for distribution (CAFD) rose 10% to $220 million. Its growth was powered by new projects added to the portfolio and strong results from its existing assets. Those catalysts more than offset the lost income from selling STX Midstream late last year.
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This Ultra-High-Yield Dividend Stock Continues Growing Its Payout (For Now)