Palumbo Wealth Management LLC Increases Stock Position in NextEra Energy, Inc. (NYSE:NEE)

Palumbo Wealth Management LLC boosted its position in NextEra Energy, Inc. (NYSE:NEE) by 7.7% during the third quarter, Holdings Channel.com reports. The fund owned 6,817 shares of the utilities provider’s stock after acquiring an additional 486 shares during the period. Palumbo Wealth Management LLC’s holdings in NextEra Energy were worth $576,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of NEE. Semmax Financial Advisors Inc. increased its holdings in NextEra Energy by 197.4% during the 2nd quarter. Semmax Financial Advisors Inc. now owns 339 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 225 shares during the period. Proffitt & Goodson Inc. increased its stake in shares of NextEra Energy by 64.0% during the second quarter. Proffitt & Goodson Inc. now owns 369 shares of the utilities provider’s stock valued at $26,000 after buying an additional 144 shares during the period. Valley Wealth Managers Inc. bought a new position in shares of NextEra Energy during the second quarter valued at approximately $33,000. Maryland Capital Advisors Inc. purchased a new stake in NextEra Energy in the third quarter worth $39,000. Finally, ORG Wealth Partners LLC purchased a new position in NextEra Energy during the 3rd quarter valued at $45,000. 78.72% of the stock is owned by institutional investors.

NextEra Energy Price Performance

Shares of NEE traded up $0.27 during trading hours on Thursday, reaching $79.36. 2,291,255 shares of the stock traded hands, compared to its average volume of 10,728,385. The company has a market cap of $163.05 billion, a P/E ratio of 21.56, a price-to-earnings-growth ratio of 3.03 and a beta of 0.56. The company has a current ratio of 0.49, a quick ratio of 0.41 and a debt-to-equity ratio of 1.15. The company’s 50-day moving average price is $82.43 and its two-hundred day moving average price is $76.55. NextEra Energy, Inc. has a 52-week low of $53.81 and a 52-week high of $86.10.

NextEra Energy (NYSE:NEE) last announced its quarterly earnings data on Wednesday, October 23rd. The utilities provider reported $1.03 EPS for the quarter, beating the consensus estimate of $0.98 by $0.05. NextEra Energy had a return on equity of 11.75% and a net margin of 24.45%. The business had revenue of $7.57 billion for the quarter, compared to the consensus estimate of $8.11 billion. During the same period in the previous year, the business earned $0.94 earnings per share. The business’s revenue was up 5.5% on a year-over-year basis. On average, analysts anticipate that NextEra Energy, Inc. will post 3.4 earnings per share for the current year.

NextEra Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 22nd will be issued a dividend of $0.515 per share. This represents a $2.06 dividend on an annualized basis and a yield of 2.60%. The ex-dividend date of this dividend is Friday, November 22nd. NextEra Energy’s dividend payout ratio (DPR) is currently 56.13%.

Analyst Upgrades and Downgrades

NEE has been the topic of a number of research reports. Morgan Stanley lifted their target price on shares of NextEra Energy from $87.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, September 25th. BMO Capital Markets upped their target price on NextEra Energy from $83.00 to $91.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Bank of America raised their target price on NextEra Energy from $77.00 to $81.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. Jefferies Financial Group initiated coverage on NextEra Energy in a research note on Thursday, September 19th. They issued a “hold” rating and a $87.00 price target on the stock. Finally, Royal Bank of Canada cut shares of NextEra Energy from a “moderate buy” rating to a “hold” rating in a report on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, NextEra Energy has a consensus rating of “Hold” and an average price target of $86.54.

NextEra Energy Profile

NextEra Energy, Inc, through its subsidiaries, generates, transmits, distributes, and sells electric power to retail and wholesale customers in North America. The company generates electricity through wind, solar, nuclear,natural gas, and other clean energy. It also develops, constructs, and operates long-term contracted assets that consists of clean energy solutions, such as renewable generation facilities, battery storage projects, and electric transmission facilities; sells energy commodities; and owns, develops, constructs, manages and operates electric generation facilities in wholesale energy markets.