NextEra Energy (NYSE: NO) could be headed for its lowest close in three months, -8.2% in Wednesday’s trading, after Q4 EBITDA missed Wall Street estimates and the head of its Florida Power & Light utility was retiring, as the company refuted allegations it violated campaign finance laws in the state.
NextEra (NEE) said in an SEC filing that it finished a review of campaign activities, following media reports in 2021-22 alleging FPL was linked to election scandal, and the company said unit CEO Eric Silagy, who was named in some of the media reports, is retiring.
“We do not expect that allegations of federal campaign finance law violations taken as a whole would be material to us,” the company said.
But “the second senior-level departure since the investigations began creates some uncertainty,” CreditSight’s analyst Andy DeVries told Bloomberg, referring to last year’s departure of CEO Jim Robo, adding that with no line-of-sight to any clarity, it “becomes a ‘sell now, ask questions later’ scenario” for investors.
NextEra Energy (NEE) “boasts a diversified portfolio of electric generation assets that provide stable and predictable cash flows,” Bashar Issa writes in an analysis published recently on Seeking Alpha.