We all remember what a time the pandemic was for stocks of all sorts. We saw exercise machine makers surge and long-time blue chips slide because they were dependent on physical stores that weren’t allowed to be open by federal mandate. Now, we discover that energy stock NextEra Energy (NYSE:NEE) has fallen back to levels not seen since the earliest days of the pandemic. In fact, it’s down nearly another 2% in the closing minutes of Thursday’s trading session.
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With today’s trading nearly concluded, Nextera Energy fell under $50 per share, a level not seen since the start of the pandemic, when investing turned so thoroughly maddening that a barrel of oil was, for a while, worth more than the oil contained therein. Nextera Energy has been on the decline for the last week since its NextEra Energy Partners (NYSE:NEP) arm cut its growth outlook. That’s a move both it and NextEra Energy have been reeling from ever since. But it didn’t help when the analysts took aim; just recently, KeyBanc analyst Sophie Karp weighed in, complete with a cut from Overweight to Sector Weight. Karp noted that the utilities market has been in decline to levels that, relatively speaking, haven’t been seen in 10 years.
It doesn’t help that, just days ago, Goldman Sachs cut its own price target on Nextera from $83 to $72, though it left its Buy rating intact. Other analysts are actively planning to buy in, and hard, on Nextera with its next leg down, citing “…a potential long-term investment opportunity with strong fundamentals and growth opportunities.” Indeed, it’s a safe bet that people won’t stop using utilities until we reach a dark point in history that involves choosing between keeping the lights on and, say, eating.
Is Nextera Energy a Buy, Sell, or Hold?
Analyst consensus, meanwhile, is very, very much on Nextera’s side. Nextera Energy stock is currently rated a Strong Buy by analyst consensus, supported by 13 Buy ratings and three Holds. Further, Nextera Energy stock offers investors 57.07% upside potential thanks to an average price target of $77.67.
