Among the top utilities, NextEra Energy (NEE) is trading at a forward PE multiple of 22x based on analysts’ estimated EPS for the next year. NextEra Energy is one of the top-rallied stocks in 2018. The stock appears to be trading at a premium compared to its historical valuation and its peers. NextEra Energy’s five-year historical average valuation is ~20x. At the same time, peers’ average forward PE multiple is close to 17x.