1 Magnificent Dividend Stock Down 30% to Buy and Hold Forever
The stock offers a 3.4% yield, accompanied by double-digit dividend growth and a decades-long growth opportunity.
It's been a challenging few years for NextEra Energy (NYSE: NEE), whose stock has not reached new highs in over three years. The diversified energy company is an established dividend stock with 30 consecutive years of annual dividend increases to its name.
So, what's bogging the share price down? Higher interest rates are a likely culprit; they make borrowing more expensive for companies like NextEra Energy, which continually invests billions of dollars to maintain, upgrade, and expand its energy infrastructure. Investors cannot control stock prices or interest rates, but they can view short-term challenges as opportunities to buy for the long term.
Here are four reasons why NextEra Energy is a magnificent stock that you may want to consider buying and holding forever.