1) Near as I can tell this company announced a management change which the market didn't react well to.
2) Near as I can tell the recent dividend payment would have contributed about .22 drop
3) Utilities aren't really that hot overall.
But these guys still make 200MM per year in net income and have a 5% div at this price.
Dividends from utilities are Qualified for the 15% tax rate and that will go up to being taxed as ordinary income if the Bush tax cuts end at the end of this year. They will also be harmed if we sail off the fiscal cliff. But there are rumors floating about that a compromise will raise the tax rate to only 20% which could trigger a significant rally.
Look at earnings projections for 2013. Estimates are lower than for the current year. Florida`s population growth has slowed considerably, the US economy is contracting, and there won`t be any growth from the industrial/commercial side to offset the lack of growth in residential customers.