Why NextEra Energy Stock Rebounded This Week
Investors in NextEra Energy (NYSE: NEE) got some respite this week as the utility stock surged after falling consistently since the end of September. NextEra Energy stock was trading 9% higher through noon Friday, according to data provided by S&P Global Market Intelligence, as investors saw an opportunity to buy the beaten-down stock after its latest quarterly numbers came out. The stock is down roughly 26% over the past year.
NextEra Energy grew its adjusted earnings per share (EPS) by 10.6%year over year in the third quarter, driven by strong numbers from both its regulated utility business, Florida Power Light, as well as its energy resource (renewable energy) arm. What caught the market's attention, was that contrary to fears that NextEra Energy might downgrade its full-year outlook or slash its dividend growth goal, the company stuck by its guidance.
NextEra Energy expects adjusted EPS to range between $2.98 per share and $3.13 per share for 2023, and between $3.23 a share and $3.43 per share in 2024. That represents roughly 5% growth at the midpoint for this year. Management also gave out projections for the longer term, expecting adjusted EPS to grow by 6% to 8% in 2025 and 2026 off a 2024 base.
Source Fool.com
