High-yield dividend growth stocks like Brookfield Renewable and WEC Energy are recommended buys in July

From NASDAQ.: 2024-07-08 04:10:00

July sees the S&P 500 near all-time highs with a yield below 1.3%. High-yield investments like Brookfield Renewable (NYSE: BEP)(NYSE: BEPC) and WEC Energy (NYSE: WEC) offer yields above 4% backed by reliable businesses with growing dividends. Brookfield Renewable, overseen by Brookfield Asset Management (NYSE: BAM), focuses on clean energy investments, with a target of 10% annual funds-from-operations growth and annual distribution growth between 5%-9%.

WEC Energy, a regulated utility providing electricity and natural gas to 4.7 million customers, boasts a 4.4% dividend yield and annual dividend increases for 21 years. With a $23.7 billion, five-year capital investment plan, WEC is shifting to cleaner energy sources and expects electricity demand to grow by 4.5% to 5% annually. Major tech companies like Microsoft (NASDAQ: MSFT) are investing heavily in data centers in WEC’s service areas, hinting at continued demand growth.

In a market reaching new highs, high-yield dividend growth stocks like Brookfield Renewable and WEC Energy are still worth considering. Brookfield Renewable offers yield options at 5% and 5.6%, while WEC Energy boasts a 4.4% dividend yield along with 4.5%-7% expected earnings growth to support dividend increases. July could be the month to add these companies to your income portfolio.



Read more at NASDAQ.: 2 Dividend Growth Stocks With Yields up to 5.5% That Are Screaming Buys in July