Pinnacle West Asset Management Inc. Reduces Stock Position in NextEra Energy, Inc. $NEE

Pinnacle West Asset Management Inc. cut its stake in NextEra Energy, Inc. (NYSE:NEE) by 2.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 8,400 shares of the utilities provider’s stock after selling 210 shares during the quarter. Pinnacle West Asset Management Inc.’s holdings in NextEra Energy were worth $583,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Arkfeld Wealth Strategies L.L.C. increased its holdings in NextEra Energy by 0.9% in the second quarter. Arkfeld Wealth Strategies L.L.C. now owns 15,249 shares of the utilities provider’s stock valued at $1,140,000 after buying an additional 136 shares in the last quarter. Pine Haven Investment Counsel Inc increased its holdings in NextEra Energy by 2.3% in the second quarter. Pine Haven Investment Counsel Inc now owns 6,350 shares of the utilities provider’s stock valued at $441,000 after buying an additional 140 shares in the last quarter. McKinley Carter Wealth Services Inc. increased its holdings in NextEra Energy by 0.4% in the second quarter. McKinley Carter Wealth Services Inc. now owns 33,925 shares of the utilities provider’s stock valued at $2,355,000 after buying an additional 142 shares in the last quarter. Tradition Wealth Management LLC increased its stake in shares of NextEra Energy by 2.2% during the 1st quarter. Tradition Wealth Management LLC now owns 6,625 shares of the utilities provider’s stock worth $470,000 after purchasing an additional 143 shares in the last quarter. Finally, Tandem Capital Management Corp ADV increased its stake in shares of NextEra Energy by 1.5% during the 2nd quarter. Tandem Capital Management Corp ADV now owns 9,965 shares of the utilities provider’s stock worth $692,000 after purchasing an additional 145 shares in the last quarter. 78.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. BMO Capital Markets raised their price objective on shares of NextEra Energy from $77.00 to $81.00 and gave the stock an “outperform” rating in a research note on Monday, July 21st. Evercore ISI set a $92.00 price objective on shares of NextEra Energy and gave the stock an “outperform” rating in a research note on Monday. Mizuho set a $78.00 price objective on shares of NextEra Energy in a research note on Thursday, August 21st. Melius assumed coverage on shares of NextEra Energy in a research note on Wednesday, August 20th. They set a “buy” rating and a $77.00 price objective for the company. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of NextEra Energy in a research note on Saturday, September 27th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and four have issued a Hold 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 target price of $85.08.

Insider Buying and Selling

In other NextEra Energy news, EVP Robert Coffey sold 7,500 shares of NextEra Energy stock in a transaction on Monday, July 28th. The shares were sold at an average price of $71.84, for a total value of $538,800.00. Following the transaction, the executive vice president owned 26,539 shares in the company, valued at $1,906,561.76. This trade represents a 22.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark Lemasney sold 846 shares of NextEra Energy stock in a transaction on Thursday, September 25th. The shares were sold at an average price of $74.90, for a total transaction of $63,365.40. Following the completion of the transaction, the executive vice president owned 9,267 shares in the company, valued at approximately $694,098.30. This trade represents a 8.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,705 shares of company stock worth $2,446,490 over the last 90 days. Company insiders own 0.20% of the company’s stock.

NextEra Energy Stock Down 0.5%

NEE stock opened at $83.30 on Friday. The stock has a market capitalization of $171.54 billion, a P/E ratio of 29.13, a PEG ratio of 2.88 and a beta of 0.66. The company has a debt-to-equity ratio of 1.36, a quick ratio of 0.45 and a current ratio of 0.54. NextEra Energy, Inc. has a one year low of $61.72 and a one year high of $86.00. The company has a 50 day moving average price of $74.20 and a two-hundred day moving average price of $71.73.

NextEra Energy (NYSE:NEE) last released its earnings results on Wednesday, July 23rd. The utilities provider reported $1.05 EPS for the quarter, topping the consensus estimate of $1.01 by $0.04. The firm had revenue of $6.70 billion during the quarter, compared to analysts’ expectations of $7.52 billion. NextEra Energy had a net margin of 22.84% and a return on equity of 12.31%. NextEra Energy’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.96 EPS. As a group, sell-side analysts expect that NextEra Energy, Inc. will post 3.68 EPS for the current year.

NextEra Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Shareholders of record on Thursday, August 28th were issued a $0.5665 dividend. This represents a $2.27 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Thursday, August 28th. NextEra Energy’s dividend payout ratio (DPR) is 79.37%.

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.