Grove Bank & Trust has reduced its stake in NextEra Energy, Inc. (NYSE: NEE) by 5.2% during the second quarter of 2023, according to a recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor now holds 18,838 shares of the utilities giant’s stock, following the sale of 1,030 shares throughout the quarter. At the end of this reporting period, Grove Bank & Trust’s holdings in NextEra Energy were valued at approximately $1.3 million.
Other institutional investors have also adjusted their positions in NextEra Energy. Arkfeld Wealth Strategies L.L.C. increased its stake by 0.9% in the same quarter, now owning 15,249 shares worth about $1.14 million after purchasing an additional 136 shares. Tradition Wealth Management LLC raised its position by 2.2% earlier this year, acquiring an extra 143 shares to reach a total of 6,625 shares, valued at $470,000.
Cim LLC and Conning Inc. also enhanced their holdings, with Cim LLC increasing its position by 0.5%, owning 33,434 shares worth $2.4 million. Conning Inc. lifted its holdings by 1.1%, now managing 14,089 shares valued at about $999,000. Lastly, Moody National Bank Trust Division boosted its stake by 0.5% and currently owns 32,461 shares worth approximately $2.25 million. Notably, institutional investors collectively hold 78.72% of NextEra Energy’s stock.
In another significant development, NextEra Energy’s Executive Vice President, Robert Coffey, sold 7,500 shares on July 28, 2023, at an average price of $71.84, totaling $538,800. Following this transaction, Coffey’s remaining shares in the company stand at 26,539, valued at just over $1.9 million. This sale represents a 22.03% decrease in his holdings. Additionally, Treasurer James Michael May sold 2,177 shares on July 22, 2023, at an average price of $77.50, amounting to $168,717.50. Post-sale, he retained 27,662 shares, valued at about $2.14 million, reflecting a 7.30% decrease in his ownership.
Over the last quarter, insiders sold a total of 20,523 shares of NextEra Energy stock, valued at approximately $1.48 million. Company insiders own a mere 0.20% of the total shares.
NextEra Energy recently released its quarterly earnings report on July 23, 2023. The company reported earnings of $1.05 per share, exceeding analysts’ expectations of $1.01 by $0.04. Despite a net margin of 22.84% and a return on equity of 12.31%, NextEra Energy’s revenue for the quarter totaled $6.7 billion, falling short of the consensus estimate of $7.52 billion. In the same period last year, the company reported earnings of $0.96 per share, showing a year-over-year revenue increase of 10.4%. Analysts predict that NextEra Energy, Inc. will report an earnings per share of $3.68 for the current year.
In addition to earnings, NextEra Energy announced a quarterly dividend of $0.5665 per share, which was paid on September 15, 2023. This dividend is representative of an annualized rate of $2.27, yielding 3.2%. The company’s current dividend payout ratio stands at 79.37%.
Recent analyst reports have provided varying outlooks for NextEra Energy. On August 22, 2023, JPMorgan Chase & Co. raised their price target from $86.00 to $87.00, maintaining an “overweight” rating. Melius initiated coverage with a “buy” rating, setting a price target of $77.00 on August 20, 2023. Barclays also increased its price target from $65.00 to $67.00, giving it an “equal weight” rating. BMO Capital Markets lifted their target from $77.00 to $81.00, designating the stock as “outperform.” Morgan Stanley reiterated an “overweight” rating on August 21, 2023. Currently, one research analyst rates the stock as a Strong Buy, while nine analysts favor a Buy rating, and five have assigned a Hold rating. MarketBeat reports a consensus rating of “Moderate Buy” with an average target price of $84.00.
NextEra Energy, Inc. operates through subsidiaries that generate, transmit, distribute, and sell electric power to both retail and wholesale customers across North America. The company is involved in generating electricity from various sources, including wind, solar, nuclear, and natural gas, while also developing long-term contracted assets consisting of clean energy solutions.
