NextEra, a Florida based clean energy company, had a market capitalization of $1386 billion on Friday, surpassing ExxonMobil. More than half of the market value of the latter has evaporated since the beginning of the year.
Oil companies were once the biggest listed companies in the stock market, but now with the rise of new energy, the industry has ushered in changes.
NextEra, a Florida based clean energy company, had a market capitalization of $1386 billion on Friday, surpassing oil giant ExxonMobil.
ExxonMobil used to be the worlds largest company by market value, but its market value has evaporated by more than half since the beginning of this year, and now stands at $137.9 billion, far below its peak of $500 billion in 2007.
This reflects not only that investors are betting on changes in the global energy system, but also the uncertainty about the outlook for oil demand.
In an interview with the media, glenrock associates analyst Paul Patterson said investors were flocking to NextEra mainly because of the ongoing change in renewable energy, which NextEra has done well in.
NextEra has a competitive clean energy business, NextEra energy resources, as well as its subsidiaries, which is the largest renewable energy producer of wind and solar energy in the United States.
In the second quarter results released this year, NextEras adjusted net profit in the second quarter was US $1.286 billion, compared with us $1.133 billion in the same period of last year; and its EPS in the second quarter was $2.61, compared with $2.35 in the same period last year. Neer, the clean energy business, contributed $531 million in net profit after adjustment in the second quarter, compared with $459 million in the same period last year.
In contrast, after a sharp drop in oil prices in the first half of this year, the new crown outbreak has hit global oil demand seriously. As an oil giant, ExxonMobil announced in early September that it would implement a voluntary layoff plan in Australia and is considering the possibility of global layoffs.
Source: Wall Street news editor: Wang Fengzhi_ NT2541