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Southern Co. Hikes Dividend for 20th Consecutive Year, Amid Bullish Forecasts

The Southern Company (SO) is a leading producer of clean, safe, reliable and affordable energy across the United States.

In addition to supporting nine million customers and businesses with electric utilities in three states and natural gas distribution in four states, the company provides wholesale energy, customized distributed energy solutions, and fiber optics and wireless communications across the country.

The company generated approximately 67% of its revenue from retail electric, 17% from natural gas, 9.5% from wholesale electric and the remainder from other revenue sources in 2020. In terms of energy mix, the company generated 51% of its mix from natural gas, 17% from nuclear, 17% from coal and 15% from renewables last year.

Analysts Bullish On the Stock

The Southern Company has attracted positive sentiments across many analysts and investment banks.

In February, Credit Suisse upgraded the stock citing reduced execution risk as its Vogtle nuclear project nears the Hot Functional Testing phase despite COVID-19 delays, while noting a new 100 bps higher 5-7% long-term EPS growth projection driven by the lower risk.

The company raised its quarterly dividend by 3.1% to $0.66 per share, which represents a 4.06% forward yield. The dividend is payable on June 7, 2021, to shareholders on record as of May 17, 2021.

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