Why NextEra Energy Stock Fell 5% Today
Shares of giant U.S. utility NextEra Energy (NYSE: NEE) fell roughly 5% in the first hour of trading on Sept. 30. Although the loss was pared somewhat over the next hour, the stock was still down by roughly 2% at 12 p.m. EDT. The big story of the day came from The Wall Street Journal.
A massive utility with renewable power and regulated utility businesses, NextEra's primary regulated operations are located in Florida. In 2019, in an attempt to augment growth on the regulated side of the business, it acquired Gulf Power, a relatively small Florida utility, from peer The Southern Company. Although NextEra has only owned Gulf Power for a short period of time, it has already started to improve the utility's performance. It believes there are more gains to be had as well, as it continues to bring Gulf Power's metrics in line with its own.
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Source Fool.com
