On October 7, shares of New Era Energy (NEE) dropped by 4.25%, marking their third consecutive day of decline, with a total decrease of 6.02% over the last three days. This trend reflects investor concerns despite recent analyst ratings. On October 1, Barclays maintained its "hold" rating on New Era Energy, setting a target price of $80.00 per share.
New Era Energy, founded in 1984 under the laws of Florida, stands as one of North America's largest electricity and energy infrastructure companies, and a leader in the renewable energy sector. The company's operations are divided mainly into two significant units: FPL and NEER. FPL, the largest power company in Florida, is also among the largest in the United States. Its strategic focus is on investing in generation, transmission, and distribution facilities to deliver low-cost, reliable energy, exceptional customer service, and clean energy solutions to over five million customers.
NEER, the company's other major segment, is the world's largest generator of wind and solar renewable energy. It concentrates on developing, constructing, and operating long-term contracted assets in the U.S. and Canada, which include renewable energy production facilities, natural gas pipelines, transmission facilities, and battery storage projects.
Earlier financial disclosures, such as the mid-2024 report released on July 24, indicated that New Era Energy's revenue for the period ending June 30, 2024, was $11.801 billion, a year-over-year decrease of 16.1%. Net profit for the same period was reported at $3.233 billion, with a basic earnings per share of $1.90, providing a snapshot of the company's current financial health and operational performance in challenging market conditions.