City State Bank Lowers Position in NextEra Energy, Inc. (NYSE:NEE)

Posted by Jared Coughlin on Mar 19th, 2023

City State Bank cut its stake in shares of NextEra Energy, Inc. (NYSE:NEE – Get Rating) by 2.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,334 shares of the utilities provider’s stock after selling 250 shares during the period. City State Bank’s holdings in NextEra Energy were worth $864,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Hoey Investments Inc. purchased a new position in NextEra Energy during the second quarter valued at $26,000. SRS Capital Advisors Inc. lifted its position in NextEra Energy by 70.8% during the second quarter. SRS Capital Advisors Inc. now owns 386 shares of the utilities provider’s stock valued at $30,000 after purchasing an additional 160 shares in the last quarter. Align Wealth Management LLC purchased a new position in NextEra Energy during the fourth quarter valued at $34,000. Ten Capital Wealth Advisors LLC lifted its position in NextEra Energy by 142.4% during the third quarter. Ten Capital Wealth Advisors LLC now owns 463 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 272 shares in the last quarter. Finally, MinichMacGregor Wealth Management LLC purchased a new position in shares of NextEra Energy in the fourth quarter valued at about $41,000. 76.17% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on NEE. StockNews.com upgraded NextEra Energy from a “sell” rating to a “hold” rating in a research report on Friday, March 10th. Wells Fargo & Company lowered their price objective on NextEra Energy from $110.00 to $100.00 and set an “overweight” rating on the stock in a research report on Thursday, March 2nd. Royal Bank of Canada lowered their price objective on NextEra Energy from $101.00 to $98.00 and set an “outperform” rating on the stock in a research report on Monday, January 30th. Morgan Stanley lowered their price objective on NextEra Energy from $100.00 to $97.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 22nd. Finally, Credit Suisse Group lowered their price objective on NextEra Energy from $89.00 to $85.00 and set an “outperform” rating on the stock in a research report on Thursday, January 26th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $91.83.

Insiders Place Their Bets

In related news, Director Amy B. Lane acquired 1,000 shares of NextEra Energy stock in a transaction on Monday, February 6th. The shares were bought at an average cost of $74.86 per share, with a total value of $74,860.00. Following the completion of the purchase, the director now directly owns 41,277 shares of the company’s stock, valued at approximately $3,089,996.22. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Amy B. Lane acquired 1,000 shares of NextEra Energy stock in a transaction on Monday, February 6th. The shares were bought at an average cost of $74.86 per share, with a total value of $74,860.00. Following the completion of the purchase, the director now directly owns 41,277 shares of the company’s stock, valued at approximately $3,089,996.22. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Armando Pimentel, Jr. acquired 13,200 shares of NextEra Energy stock in a transaction on Tuesday, February 21st. The shares were bought at an average cost of $75.44 per share, for a total transaction of $995,808.00. Following the completion of the purchase, the chief executive officer now directly owns 129,230 shares of the company’s stock, valued at $9,749,111.20. The disclosure for this purchase can be found here. Insiders have purchased 18,872 shares of company stock valued at $1,417,721 over the last ninety days. 0.38% of the stock is owned by insiders.

NextEra Energy Price Performance

Shares of NEE stock traded down $0.56 during trading hours on Friday, hitting $75.67. The stock had a trading volume of 14,137,395 shares, compared to its average volume of 9,084,818. NextEra Energy, Inc. has a one year low of $67.22 and a one year high of $91.35. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.51 and a quick ratio of 0.43. The stock’s 50-day moving average price is $76.77 and its two-hundred day moving average price is $80.28. The stock has a market capitalization of $150.39 billion, a price-to-earnings ratio of 36.21, a PEG ratio of 2.71 and a beta of 0.44.

NextEra Energy (NYSE:NEE – Get Rating) last issued its earnings results on Wednesday, January 25th. The utilities provider reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.01. NextEra Energy had a return on equity of 12.51% and a net margin of 19.79%. The firm had revenue of $6.16 billion for the quarter, compared to analysts’ expectations of $6.58 billion. During the same period in the previous year, the firm posted $0.41 earnings per share. The business’s revenue was up 22.2% compared to the same quarter last year. Equities analysts forecast that NextEra Energy, Inc. will post 3.12 EPS for the current year.

NextEra Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 15th. Shareholders of record on Tuesday, February 28th were paid a dividend of $0.4675 per share. This is a boost from NextEra Energy’s previous quarterly dividend of $0.43. This represents a $1.87 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend was Monday, February 27th. NextEra Energy’s payout ratio is presently 89.47%.

NextEra Energy Profile

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NextEra Energy, Inc engages in the provision of renewable energy. It operates through the following segments: FPL and NEER. The FPL segment involves the generation, transmission, distribution, and sale of electric energy in Florida. The NEER segment produces electricity from clean and renewable sources, including wind and solar.