Top 20 Dividend Stocks of 2024

4. NextEra Energy, Inc. (NYSE:NEE)

Number of Hedge Fund Holders: 69

NextEra Energy, Inc. (NYSE:NEE) ranks fourth on our list of the best dividend stocks of 2024. The renewable energy company recently reported strong earnings for the third quarter of 2024, with revenue reaching $7.57 billion, marking a 5.6% year-over-year increase. It also had another successful quarter in renewable energy and storage development, adding approximately 3 gigawatts (GW) to its project backlog for the second consecutive quarter. Over the past year, the company has secured about 11 GW in new projects.

NextEra Energy, Inc. (NYSE:NEE) not only has a solid foundation but also boasts one of the largest global portfolios of solar and wind power assets. This segment has benefited from the shift away from fossil fuels towards cleaner, renewable energy sources. With the long-term transition to renewable power, the company is well-positioned for sustained growth in the decades ahead. In the past 12 months, the stock has surged by over 16.5%.

Madison Investments made the following comment about NextEra Energy, Inc. (NYSE:NEE) in its Q3 2024 investor letter:

“The top contributors in the quarter were NextEra Energy, Inc. (NYSE:NEE), Oracle Corporation, Progressive Corporation, Equifax Inc., and United Healthcare. NextEra has continued to perform well given its strong position in the renewable energy space, increasing demand for power, its transmission capabilities, as well as a tailwind from lower interest rates.”

On October 18, NextEra Energy, Inc. (NYSE:NEE) declared a quarterly dividend of $0.515 per share, maintaining the same payout as the previous quarter. The company has now extended its dividend growth streak to 28 years in 2024 and has increased its dividends at an average annual rate of more than 10.5% over the past five years. the stock supports a dividend yield of 2.87%, as of December 30.

Of the 900 hedge funds tracked by Insider Monkey at the end of Q3 2024, 69 funds held stakes in NextEra Energy, Inc. (NYSE:NEE), compared with 73 in the previous quarter. The consolidated value of these stakes is more than $2.47 billion. Rajiv Jain’s GQG Partners was the company’s leading stakeholder in Q3.