10 Safe Stocks To Invest In For The Long Term in 2024

7. NextEra Energy, Inc. (NYSE:NEE)

10 Year Revenue Growth: 5.09%

Number of Hedge Fund Holders: 73

NextEra Energy, Inc. (NYSE:NEE) is a prominent renewable energy company that provides energy to more than 3 million customers in the United States. The company generates, transmits, distributes, and sells electric power, generated through wind, solar, nuclear, and natural gas, across North America.

NextEra Energy, Inc. (NYSE:NEE) provides its services across two major segments including Florida Power & Light (FPL), an electric utility business, and NextEra Energy Resources (NEER), a clean energy producer. FPL accounts for the majority of its revenue.

Since 2001, NextEra Energy’s (NYSE:NEE) innovations have helped customers save over $16 billion in fuel costs. During the second quarter of 2024, the company added more than 3,000 megawatts of new renewables and storage. In June, the company announced an agreement with Entergy to develop close to 4.5 gigawatts of new solar and energy storage projects. These projects will provide cheaper renewable energy to customers across the United States, especially in Arkansas, Louisiana, Mississippi, and Texas.

To capitalize on its strategic investments, NextEra Energy (NYSE:NEE) plans to invest somewhere between $8 billion and $8.8 billion in capital expenditures for the fiscal full year 2024. At the end of Q2 2024, 73 hedge funds were bullish on the stock with total stakes amounting to $2.1 billion.

ClearBridge Investments’ ClearBridge Large Cap Growth Strategy stated the following regarding NextEra Energy, Inc. (NYSE:NEE) in its Q2 2024 investor letter:

“AI-related momentum was a key driver of performance in the second quarter, lifting the enablers in technology as well as holdings like renewable power producer NextEra Energy, Inc. (NYSE:NEE) that supply the increasing energy needs of data centers. Parts of the market lacking an AI connection, like our medical device holdings, underperformed despite no change to fundamentals. We have managed through several similar momentum periods over our tenure and have delivered long-term results for shareholders by staying true to an approach that emphasizes diversification across three buckets of growth companies (select, stable and cyclical) and seeks to take advantage of attractive entry points into quality growth businesses.”