Jim Cramer says ‘take the money and run’ on energy titan, up 18%

Jim Cramer says ‘take the money and run’ on energy titan, up 18%

Jim Cramer has flipped on NextEra Energy, and we will get to the why before dismissing it as a Lightning Round soundbite.

This was a “Mad Money” call on Sept. 16, after someone asked what to do with NextEra.

This is not a stock Cramer has historically disliked. In fact, NextEra Energy has been one of the most widely praised utilities in America. It’s the largest electric power and energy infrastructure company in North America and a leading provider of electricity to American homes and businesses. 

It has also grown its dividend for years and has frequently been cited as a rare utility that behaved like a growth stock. 

Let’s look at the specific catalysts that led Cramer to turn bearish.

Take the money and run.… That's not a good stock to own.

NextEra Energy (NEE) is up 18.40% over the past year and 2.30% year to date, according to Yahoo Finance. Yet Cramer just said the one-year gain is the exit opportunity.

ALSO READ: NextEra Energy Latest News

The NextEra macro environment that changed Cramer’s view

The most straightforward reason Cramer is bearish on NextEra now? Interest rates.

On Sept. 16, 2026, we saw the central bank’s first interest rate hike since July 2023 (3.75% to 4.00%) to curb persistent inflation driven by geopolitical tensions and surging energy costs, Forex Factory reported. 

Remember, utilities are bond proxies. Their business models depend on cheap debt to finance enormous capital expenditures, and their dividend yields compete directly with Treasury yields for income-seeking investors.

When the 30-year Treasury yield stays stubbornly elevated (as it is now) and crude oil crosses $100 per barrel, as Trading Economics noted, that competitive dynamic shifts decisively against utilities.

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The 42-year-old NextEra carries a heavy debt burden to fund renewable infrastructure buildouts. Total debt as of June 30, 2026, stands at $110.20 billion, the company reported.

At higher rates, that debt costs more to service, squeezing margins. Simultaneously, NextEra’s approximately 3% dividend yield, confirmed by MacroTrends, looks far less compelling when risk-free government bonds offer competitive yields without the equity-volatility risk. 

The capital-flow logic that makes utility stocks attractive during low-rate environments runs in reverse when rates remain high.

Cramer also said the clean energy and nuclear thematic that drove enthusiasm for companies like NextEra is fading, with investor preference shifting toward operational power providers such as Vistra.

This is because the latter can serve data-center demand right now, rather than future renewable infrastructure that requires years of capital deployment.

The $67 billion NextEra Dominion merger

Cramer’s second specific concern is the pending merger with Dominion Energy. Some will call it an ambition with dilution risk.

NextEra and Dominion announced a proposed all-stock $67 billion combination that would create the largest electric company on Earth.

The deal is under review by the Virginia State Corporation Commission, with public hearings scheduled this fall. Virginia Governor Abigail Spanberger has made herself a party to the approval process, FOX 5 noted.

Related: NextEra stock drops as Wall Street balks at Dominion share price

The companies sweetened the deal to address stakeholder concerns: doubling a proposed $10-per-month residential bill credit from two years to four years, adding $100 million for low-income energy assistance, promising 1,000 new Virginia jobs, and committing to a new office tower in Richmond.

“It’s an acknowledgment by the companies that the original deal just wasn’t going to cut it,” said Tyson Slocum, director of the Public Citizen Energy Program, according to FOX 5.

For NextEra shareholders, the merger means something specific and near-term: equity dilution. NextEra shareholders recently backed a massive increase in the company’s authorized share count to fund the all-stock transaction. 

That share issuance introduces immediate dilution pressure on existing holders and caps short-term price momentum while regulatory uncertainty persists.

NextEra and Dominion unveiled a proposed all-stock $67 billion combination that would create the largest electric company on Earth.

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What NextEra’s Q2 results showed

NextEra’s Q2 2026 results were not a disaster. But they were not clean, either.

  • Adjusted EPS of $1.15 beat the consensus estimate of $1.09, up 9.5% year over year.
  • GAAP EPS was $1.50, compared to $0.98 a year earlier.
  • Florida Power and Light generated GAAP net income of $1.412 billion.
  • NextEra Energy Resources generated GAAP net income of $1.634 billion.

The problem was the revenue line. Quarterly revenue of $7.53 billion missed analyst consensus expectations of approximately $8.11 billion by a meaningful margin, MarketBeat reported. 

EPS beats alongside revenue misses are common for capital-intensive utilities focused on tight cost control, but the revenue shortfall can temper the enthusiasm around an earnings beat.

What Cramer is actually saying and who should listen

Cramer’s “take the money and run” is position-specific advice. If you bought NextEra at lower levels and are sitting on the 18.40% one-year return, he is telling you to bank the gain rather than wait for regulatory risk on the Dominion deal, dilution from share issuance, and an unfavorable rate environment to resolve simultaneously.

He is not saying NextEra is a broken business. Florida Power and Light is a dominant regulated utility with decades of reliable cash flows. NextEra Energy Resources is one of the largest renewable energy operators in the country. The long-term infrastructure story is very intact.

But in investing, timing matters just as much as the quality of the thesis itself. A great company in a bad rate environment, with a massive pending merger under regulatory scrutiny, and dilution risk from an all-stock deal is a more complicated holding than a great company without those overhangs.

I’d say patient money waits for clarity on all three before re-entering.

If you are an income investor who bought years ago and built the dividend into your financial plan, the math is different. For those sitting on recent gains looking for what comes next, the exit case is coherent.

Related: Jim Cramer delivers unmistakable 2026 must-buy call on AI stock