NextEra Energy Partners, LP (NYSE:NEP) Receives $26.00 Average Price Target from Analysts

Shares of NextEra Energy Partners, LP (NYSE:NEP) have been assigned an average rating of “Hold” from the seventeen brokerages that are covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, eleven have issued a hold recommendation and four have issued a buy recommendation on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $26.00.

Several equities research analysts have commented on NEP shares. Scotiabank cut their target price on NextEra Energy Partners from $26.00 to $15.00 and set a “sector perform” rating on the stock in a research note on Thursday, December 12th. Mizuho cut their price objective on shares of NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Evercore ISI decreased their target price on shares of NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Barclays reiterated an “underweight” rating and issued a $25.00 price target on shares of NextEra Energy Partners in a research note on Friday, October 4th. Finally, BMO Capital Markets decreased their price objective on NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating for the company in a report on Monday, October 21st.

Institutional Investors Weigh In On NextEra Energy Partners

Hedge funds have recently bought and sold shares of the stock. Thrivent Financial for Lutherans acquired a new position in shares of NextEra Energy Partners in the third quarter valued at approximately $16,186,000. Two Sigma Advisers LP bought a new stake in NextEra Energy Partners in the 3rd quarter valued at $15,310,000. M&G PLC grew its holdings in NextEra Energy Partners by 19.3% in the 3rd quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider’s stock valued at $85,738,000 after buying an additional 496,383 shares in the last quarter. Fred Alger Management LLC bought a new position in NextEra Energy Partners during the 2nd quarter worth $5,452,000. Finally, Redwood Grove Capital LLC lifted its holdings in shares of NextEra Energy Partners by 19.7% during the third quarter. Redwood Grove Capital LLC now owns 982,235 shares of the solar energy provider’s stock worth $27,129,000 after buying an additional 161,436 shares in the last quarter. 66.01% of the stock is currently owned by institutional investors and hedge funds.

NextEra Energy Partners Trading Down 0.7 %

Shares of NYSE:NEP opened at $17.49 on Thursday. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 8.02 and a beta of 1.07. NextEra Energy Partners has a 12 month low of $15.55 and a 12 month high of $35.15. The company’s fifty day simple moving average is $18.98 and its 200 day simple moving average is $23.83. The company has a quick ratio of 1.78, a current ratio of 2.02 and a debt-to-equity ratio of 0.37.

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

NextEra Energy Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Wednesday, November 6th were paid a $0.9175 dividend. The ex-dividend date was Wednesday, November 6th. This represents a $3.67 dividend on an annualized basis and a yield of 20.98%. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.91. NextEra Energy Partners’s dividend payout ratio is 168.35%.

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.