NextEra Energy, Inc. (NEE) Downgraded to “Hold” at Zacks Investment Research
NextEra Energy, Inc. (NYSE:NEE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.
According to Zacks, “Shares of NextEra Energy have outperformed the industry’s rally in the last 12 months. NextEra Energy is benefiting from favorable economic conditions in its service territories, thus creating demand for utility services. The company is expected to benefit from increasing customer accounts and rising demand for power in Florida. The company’s focus on clean energy has lowered emission levels and saved on energy bills for its customers. The natural gas pipelines, which came online in second quarter, are expected to boost its performance. On the flip side, the company’s nature of business is subject to complex and comprehensive federal, state and other regulations. Delay in completion of ongoing projects could also impact profitability.”
A number of other equities research analysts also recently issued reports on the stock. KeyCorp reaffirmed a “buy” rating and issued a $155.00 price objective on shares of NextEra Energy in a research report on Friday, September 1st. Morgan Stanley upped their price objective on shares of NextEra Energy from $167.00 to $169.00 and gave the stock an “overweight” rating in a research report on Friday, September 8th. Goldman Sachs Group, Inc. (The) started coverage on shares of NextEra Energy in a research report on Monday, July 24th. They issued a “buy” rating and a $160.00 price objective for the company. J P Morgan Chase & Co started coverage on shares of NextEra Energy in a research report on Thursday, September 7th. They issued an “overweight” rating and a $173.00 price objective for the company. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $156.00 price objective (up from $144.00) on shares of NextEra Energy in a research report on Friday, June 23rd. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. NextEra Energy currently has an average rating of “Buy” and an average target price of $153.75.
Shares of NextEra Energy (NYSE:NEE) traded down 0.01% during trading on Friday, hitting $150.69. The stock had a trading volume of 365,634 shares. The firm has a 50-day moving average of $148.64 and a 200 day moving average of $141.63. NextEra Energy has a 1-year low of $110.49 and a 1-year high of $152.27. The company has a market capitalization of $70.71 billion, a P/E ratio of 17.26 and a beta of 0.31.
NextEra Energy (NYSE:NEE) last issued its quarterly earnings data on Wednesday, July 26th. The utilities provider reported $1.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.76 by $0.10. NextEra Energy had a net margin of 24.26% and a return on equity of 11.88%. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.44 billion. During the same period in the prior year, the firm posted $1.67 EPS. The firm’s quarterly revenue was up 15.4% compared to the same quarter last year. Equities research analysts predict that NextEra Energy will post $6.73 earnings per share for the current fiscal year.
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In other news, EVP John W. Ketchum sold 2,900 shares of the stock in a transaction that occurred on Monday, September 18th. The shares were sold at an average price of $150.00, for a total transaction of $435,000.00. Following the completion of the transaction, the executive vice president now directly owns 18,786 shares of the company’s stock, valued at approximately $2,817,900. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Charles E. Sieving sold 30,485 shares of the stock in a transaction that occurred on Friday, September 22nd. The shares were sold at an average price of $146.56, for a total transaction of $4,467,881.60. Following the transaction, the executive vice president now directly owns 78,167 shares of the company’s stock, valued at $11,456,155.52. The disclosure for this sale can be found here. Insiders have sold a total of 65,385 shares of company stock valued at $9,614,382 over the last three months. Insiders own 0.53% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in NextEra Energy by 0.6% in the 2nd quarter. BlackRock Inc. now owns 38,051,440 shares of the utilities provider’s stock worth $5,332,149,000 after buying an additional 217,972 shares during the period. Vanguard Group Inc. boosted its holdings in NextEra Energy by 4.6% in the 2nd quarter. Vanguard Group Inc. now owns 34,147,719 shares of the utilities provider’s stock worth $4,785,120,000 after buying an additional 1,503,907 shares during the period. Wellington Management Group LLP boosted its holdings in NextEra Energy by 0.8% in the 1st quarter. Wellington Management Group LLP now owns 19,961,544 shares of the utilities provider’s stock worth $2,562,463,000 after buying an additional 167,275 shares during the period. FMR LLC boosted its holdings in NextEra Energy by 1.1% in the 2nd quarter. FMR LLC now owns 7,767,929 shares of the utilities provider’s stock worth $1,088,520,000 after buying an additional 87,224 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in NextEra Energy by 7.9% in the 1st quarter. Geode Capital Management LLC now owns 4,578,611 shares of the utilities provider’s stock worth $586,925,000 after buying an additional 336,562 shares during the period. 75.41% of the stock is owned by hedge funds and other institutional investors.
About NextEra Energy
NextEra Energy, Inc (NEE) is a holding company. The Company is an electric power companies in North America and, through its subsidiary NextEra Energy Resources, LLC (NEER) and its affiliated entities, is the generator of renewable energy from the wind and sun. NEE also owns and/or operates generation, transmission and distribution facilities to support its services to retail and wholesale customers, and has investments in gas infrastructure assets.
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