HITE Hedge Asset Management LLC Makes New $25.80 Million Investment in NextEra Energy, Inc. (NYSE:NEE)

HITE Hedge Asset Management LLC purchased a new position in NextEra Energy, Inc. (NYSE:NEE) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 305,224 shares of the utilities provider’s stock, valued at approximately $25,801,000. NextEra Energy comprises approximately 3.0% of HITE Hedge Asset Management LLC’s investment portfolio, making the stock its 11th biggest position.

Other institutional investors and hedge funds have also modified their holdings of the company. Border to Coast Pensions Partnership Ltd lifted its holdings in shares of NextEra Energy by 2.2% in the third quarter. Border to Coast Pensions Partnership Ltd now owns 1,216,077 shares of the utilities provider’s stock valued at $102,495,000 after purchasing an additional 26,270 shares in the last quarter. Swiss National Bank lifted its stake in shares of NextEra Energy by 0.4% in the 3rd quarter. Swiss National Bank now owns 6,098,200 shares of the utilities provider’s stock valued at $515,481,000 after purchasing an additional 21,400 shares during the period. Dillon & Associates Inc. raised its stake in shares of NextEra Energy by 16.0% in the third quarter. Dillon & Associates Inc. now owns 59,320 shares of the utilities provider’s stock worth $5,042,000 after purchasing an additional 8,184 shares during the last quarter. Magnolia Capital Advisors LLC grew its holdings in NextEra Energy by 1,224.3% during the second quarter. Magnolia Capital Advisors LLC now owns 72,453 shares of the utilities provider’s stock valued at $5,130,000 after purchasing an additional 66,982 shares during the period. Finally, Raymond James & Associates lifted its position in shares of NextEra Energy by 57.0% in the second quarter. Raymond James & Associates now owns 5,957,220 shares of the utilities provider’s stock worth $421,831,000 after buying an additional 2,163,437 shares in the last quarter. Hedge funds and other institutional investors own 78.72% of the company’s stock.

NextEra Energy Price Performance

NEE opened at $77.06 on Tuesday. The company has a market cap of $158.47 billion, a P/E ratio of 22.80, a P/E/G ratio of 2.84 and a beta of 0.56. The company has a 50 day moving average of $80.32 and a two-hundred day moving average of $77.85. NextEra Energy, Inc. has a 52-week low of $53.95 and a 52-week high of $86.10. The company has a quick ratio of 0.33, a current ratio of 0.41 and a debt-to-equity ratio of 1.11.

NextEra Energy (NYSE:NEE) last announced its quarterly earnings data on Wednesday, October 23rd. The utilities provider reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.05. The business had revenue of $7.57 billion during the quarter, compared to analysts’ expectations of $8.11 billion. NextEra Energy had a return on equity of 11.94% and a net margin of 26.49%. The firm’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.94 earnings per share. On average, analysts expect that NextEra Energy, Inc. will post 3.41 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. Stockholders of record on Friday, November 22nd will be paid a $0.515 dividend. This represents a $2.06 annualized dividend and a dividend yield of 2.67%. The ex-dividend date is Friday, November 22nd. NextEra Energy’s payout ratio is currently 60.95%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Bank of America increased their price target on NextEra Energy from $77.00 to $81.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Guggenheim raised their price objective on shares of NextEra Energy from $90.00 to $92.00 and gave the stock a “buy” rating in a research note on Thursday, October 24th. Barclays boosted their price objective on shares of NextEra Energy from $80.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, October 25th. Wells Fargo & Company increased their target price on shares of NextEra Energy from $95.00 to $102.00 and gave the company an “overweight” rating in a research note on Tuesday, September 3rd. Finally, Dbs Bank lowered shares of NextEra Energy from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 27th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $86.85.

Insiders Place Their Bets

In other news, EVP Nicole J. Daggs sold 4,007 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $75.57, for a total value of $302,808.99. Following the sale, the executive vice president now owns 15,792 shares in the company, valued at approximately $1,193,401.44. This represents a 20.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.18% of the company’s stock.

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.