NextEra Energy Partners (NYSE:NEP) Given New $15.00 Price Target at Scotiabank

NextEra Energy Partners (NYSE:NEP) had its price objective reduced by equities researchers at Scotiabank from $26.00 to $15.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “sector perform” rating on the solar energy provider’s stock. Scotiabank’s target price would indicate a potential downside of 16.22% from the company’s previous close.

NEP has been the topic of a number of other research reports. Barclays reaffirmed an “underweight” rating and issued a $25.00 price objective on shares of NextEra Energy Partners in a report on Friday, October 4th. BMO Capital Markets dropped their price objective on NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating on the stock in a report on Monday, October 21st. Guggenheim cut NextEra Energy Partners from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $37.00 to $22.00 in a research report on Monday, October 28th. Evercore ISI decreased their target price on shares of NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Finally, UBS Group cut their price target on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating for the company in a report on Monday, September 30th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $26.00.

NextEra Energy Partners Price Performance

Shares of NYSE NEP opened at $17.91 on Thursday. The stock has a fifty day moving average price of $19.90 and a 200 day moving average price of $24.62. NextEra Energy Partners has a 1-year low of $15.55 and a 1-year high of $35.15. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.02 and a quick ratio of 1.78. The company has a market cap of $1.67 billion, a PE ratio of 8.21 and a beta of 1.07.

NextEra Energy Partners (NYSE:NEP) last released its earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) EPS for the quarter, missing the consensus estimate of $0.51 by ($0.94). NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The firm had revenue of $319.00 million during the quarter, compared to analyst estimates of $332.25 million. During the same quarter last year, the business posted $0.57 EPS. The firm’s revenue was up 3.6% on a year-over-year basis. Sell-side analysts forecast that NextEra Energy Partners will post 1.96 EPS for the current year.

Institutional Trading of NextEra Energy Partners

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ameritas Advisory Services LLC raised its stake in NextEra Energy Partners by 1.4% in the 2nd quarter. Ameritas Advisory Services LLC now owns 29,190 shares of the solar energy provider’s stock valued at $807,000 after purchasing an additional 412 shares during the last quarter. Brown Miller Wealth Management LLC lifted its stake in shares of NextEra Energy Partners by 2.4% during the third quarter. Brown Miller Wealth Management LLC now owns 18,459 shares of the solar energy provider’s stock valued at $509,000 after buying an additional 433 shares during the period. Pathway Financial Advisers LLC boosted its position in NextEra Energy Partners by 0.9% during the second quarter. Pathway Financial Advisers LLC now owns 48,363 shares of the solar energy provider’s stock worth $1,336,000 after acquiring an additional 454 shares during the last quarter. Arizona State Retirement System grew its stake in NextEra Energy Partners by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 26,186 shares of the solar energy provider’s stock worth $724,000 after acquiring an additional 509 shares during the period. Finally, Jaffetilchin Investment Partners LLC raised its holdings in NextEra Energy Partners by 4.6% in the 2nd quarter. Jaffetilchin Investment Partners LLC now owns 13,088 shares of the solar energy provider’s stock valued at $362,000 after acquiring an additional 581 shares during the last quarter. 66.01% of the stock is currently owned by hedge funds and other 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.