Shares of NextEra Energy (NEE 5.61%) jumped 5.8% this morning after the clean energy giant delivered strong numbers for the fourth quarter and full year 2024 and reiterated its outlook through 2027, including its prediction of solid dividend growth potential.
To top that, NextEra Energy announced a meaningful collaboration with an energy giant and an interesting update on a nuclear plant. All of this should refuel investor interest in the clean energy stock.
Although NextEra Energy's adjusted earnings per share (EPS) grew by just about 2% year over year in the fourth quarter, it grew adjusted EPS by 8.2% for the full year. The company is targeting growth of 6% to 8% in adjusted EPS through 2027, which means NextEra Energy hit the top end of its target in 2024.
Both its businesses -- utility and renewable energy – contributed to NextEra Energy's bottom line in 2024. NextEra Energy owns the largest electric utility in America (Florida Power & Light Company) and is both the world's largest producer of wind and solar energy and a global leader in battery storage.
2024 was a big growth year for NextEra Energy as it commissioned a whopping 8.7 gigawatts (GW) of new renewable and storage projects. It also added more than 12 GW of new renewables and storage to its backlog in 2024.
NextEra Energy reiterated its adjusted EPS growth outlook through 2027, but it also expects to hit the top end of its goal for each year. Management also expects to grow annual dividend per share by around 10% through "at least" 2026.
While those numbers justify NextEra Energy stock's rally today, two other developments caught investors' attention.
NextEra Energy believes it could restart its Duane Arnold nuclear plant in Iowa by the end of 2028. Meanwhile, the company is collaborating with GE Vernova to develop natural-gas-fired power generation projects across the U.S.
I believe NextEra Energy has solid growth potential, which is why I recently picked it as my top energy stock to buy for 2025. The company's latest numbers and the collaboration further solidify my conviction in the stock.
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