NextEra Energy Partners (NYSE:NEP) Coverage Initiated at BNP Paribas

Analysts at BNP Paribas started coverage on shares of NextEra Energy Partners (NYSE:NEP) in a research report issued on Tuesday, MarketBeat.com reports. The firm set an “underperform” rating and a $15.00 price target on the solar energy provider’s stock. BNP Paribas’ price target would suggest a potential downside of 43.71% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Mizuho cut shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and set a $33.00 price target on the stock. in a report on Wednesday, June 12th. BMO Capital Markets cut their target price on shares of NextEra Energy Partners from $32.00 to $28.00 and set an “outperform” rating on the stock in a research note on Monday, July 22nd. Royal Bank of Canada downgraded shares of NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and decreased their price target for the stock from $38.00 to $30.00 in a research note on Monday, July 1st. Jefferies Financial Group began coverage on NextEra Energy Partners in a research report on Thursday, September 19th. They set a “buy” rating and a $28.00 price objective on the stock. Finally, UBS Group reduced their target price on NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating on the stock in a report on Monday. Five analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $30.08.

NextEra Energy Partners Stock Performance

NextEra Energy Partners stock opened at $26.65 on Tuesday. The company has a current ratio of 1.30, a quick ratio of 1.22 and a debt-to-equity ratio of 0.36. The firm has a market cap of $2.49 billion, a P/E ratio of 8.74 and a beta of 1.05. NextEra Energy Partners has a 1-year low of $20.17 and a 1-year high of $35.15. The firm has a 50-day moving average of $25.64 and a 200-day moving average of $28.13.

NextEra Energy Partners (NYSE:NEP) last released its quarterly earnings data on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.07. The business had revenue of $360.00 million during the quarter, compared to analysts’ expectations of $365.54 million. NextEra Energy Partners had a negative return on equity of 0.40% and a net margin of 24.42%. The business’s revenue was up 22.9% on a year-over-year basis. During the same quarter last year, the business posted $0.53 EPS. Sell-side analysts expect that NextEra Energy Partners will post 2.2 EPS for the current year.

Institutional Investors Weigh In On NextEra Energy Partners

Several hedge funds have recently added to or reduced their stakes in NEP. Sanctuary Advisors LLC purchased a new position in shares of NextEra Energy Partners in the 2nd quarter worth about $639,000. Cetera Investment Advisers increased its stake in NextEra Energy Partners by 10.6% during the 2nd quarter. Cetera Investment Advisers now owns 70,491 shares of the solar energy provider’s stock valued at $1,948,000 after purchasing an additional 6,769 shares in the last quarter. Granite Bay Wealth Management LLC purchased a new position in NextEra Energy Partners in the second quarter worth about $418,000. Pathway Financial Advisers LLC lifted its stake in shares of NextEra Energy Partners by 0.9% in the second quarter. Pathway Financial Advisers LLC now owns 48,363 shares of the solar energy provider’s stock worth $1,336,000 after buying an additional 454 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its holdings in shares of NextEra Energy Partners by 40.4% during the second quarter. B. Riley Wealth Advisors Inc. now owns 10,648 shares of the solar energy provider’s stock valued at $294,000 after buying an additional 3,064 shares during the last quarter. 66.01% of the stock is owned by institutional investors.

NextEra Energy Partners Company Profile

NextEra Energy Partners, LP acquires, owns, and manages contracted clean energy projects in the United States. It owns a portfolio of contracted renewable generation assets consisting of wind, solar, and battery storage projects. The company owns contracted natural gas pipeline assets. NextEra Energy Partners, LP was incorporated in 2014 and is based in Juno Beach, Florida.