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Analysts are bullish on three well-known Dividend Aristocrats, forecasting upside potential of up to 25%. NextEra Energy Inc. (NYSE:BORN), Chevron Corp. (NYSE:CLC), And Exxon Mobil Corp. (NYSE:XOM) have all received recent positive analyst coverage and rating reaffirmations.
NextEra Energy
Dividend yield: 3.11%
Performance since the start of the year: +7.5%
On April 22, 2024, Morgan Stanley maintained an “overweight” rating on NEE and raised its price target from $77 to $79, implying a 19.4% upside from the current price. NextEra reported strong first-quarter 2024 results on April 23, with adjusted EBITDA of $462 million. The company remains focused on executing its transition plans and growing 6% in distributions through at least 2026. NEE has a history of strong dividend growth, increasing its payout for over 25 consecutive years.
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Chevron
Dividend yield: 4%
Performance since the start of the year: +9%
Piper Sandler reiterated an “overweight” rating on Chevron on April 18, 2024, raising its price target from $180 to $204, suggesting a 25.3% upside. Chevron has continuously increased its dividend for 35 years, securing its status as a Dividend Aristocrat. The company is expected to report its first-quarter results on April 26, with analysts expecting flat revenue growth but a decline in adjusted EPS due to tougher year-over-year comparisons.
Exxon Mobile
Dividend yield: 3.14%
Performance since the start of the year: +18%
Exxon also received an “overweight” rating from Piper Sandler on April 18. The company increased its price target on XOM from $130 to $145, indicating a 20.1% upside from current levels. Exxon will also report its first quarter results on April 26, with the Street forecasting a 7% decline in revenue and a 23% decline in EPS. Analysts, however, remain optimistic about Exxon’s long-term prospects. The oil giant has increased its dividend for 40 consecutive years.
Even though the market as a whole remains volatile, these three Dividend Aristocrats offer an attractive combination of income, stability and upside potential, according to Wall Street analysts.
Are you looking for higher yielding opportunities?
It would take an investment of over $38,000 just to earn $100 per month from NextEra Energy’s dividend. Relying on higher dividend stocks often comes with greater volatility and downside risk, which is why a growing number of yield-hungry investors are turning to private market opportunities.
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This item Analysts predict a rise of more than 20% for these 3 dividend aristocrats originally appeared on Benzinga.com
