Why NextEra Energy Stock Gained 27% in 2020 and Is Headed Higher

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Shares of NextEra Energy (NYSE: NEE) rallied 27.4% in 2020, according to data provided by S&P Global Market Intelligence. It was an eventful year for investors in the utility, as news of a megamerger floated even as NextEra Energy split its stock, grew its renewables portfolio substantially, and bumped up its medium-term outlook, setting itself up for a strong 2021.

NextEra gifted shareholders with a dividend hike early in the year, increasing its dividend by 12%. The company also announced target annual dividend growth of around 10% through a least 2022, off a 2020 base. The COVID-19 pandemic hit soon after, but NextEra maintained its dividend goals.

Image source: Getty Images.

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