Benzinga - by Adam Eckert, Benzinga Staff Writer.
NextEra Energy Inc (NYSE: NEE) shares are trading lower Monday, adding to significant losses over the last week. Here's a look at what's been going on.
What To Know: Last week, NextEra Energy announced that its Florida Power & Light Company subsidiary entered into a definitive agreement to sell Florida City Gas to Chesapeake Utilities Corp (NYSE: CPK).
"This transaction allows us to continue our strategy of redeploying capital into our core businesses," the company said at the time.
The following day, NextEra lowered its limited partner distribution per unit growth rate to a range of 5% to 8% per year through at least 2026.
By reducing its growth rate outlook and executing on its previously announced transition plans, the company said it does not expect it will need growth equity to meet its revised growth expectations until 2027.
Several analysts have cut price targets since the company revised its growth forecast. Mizuho cut its price target from $91 to $65 and BMO Capital lowered its price target from $88 to $72. Morgan Stanley, however, maintained its $91 price target.
On Monday, Goldman Sachs cut its price target from $83 to $71, which appears to be weighing on the name.
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NEE Price Action: NextEra Energy shares are down more than 23% over the last five trading sessions. The stock closed down 8.97% at $52.15 at the time of publication, according to Benzinga Pro.
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