NextEra Energy Partners, LP (NYSE:NEP) Raises Dividend to $0.89 Per Share

NextEra Energy Partners, LP (NYSE:NEP) announced a quarterly dividend on Tuesday, April 23rd, Wall Street Journal reports. Shareholders of record on Tuesday, May 7th will be paid a dividend of 0.8925 per share by the solar energy provider on Wednesday, May 15th. This represents a $3.57 dividend on an annualized basis and a dividend yield of 11.55%. The ex-dividend date is Monday, May 6th. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.88.

NextEra Energy Partners has increased its dividend payment by an average of 14.3% annually over the last three years and has raised its dividend annually for the last 10 consecutive years. NextEra Energy Partners has a payout ratio of 199.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect NextEra Energy Partners to earn $0.86 per share next year, which means the company may not be able to cover its $3.57 annual dividend with an expected future payout ratio of 415.1%.

NextEra Energy Partners Trading Up 4.5 %

Shares of NEP opened at $30.91 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.31 and a current ratio of 1.36. NextEra Energy Partners has a 52-week low of $20.17 and a 52-week high of $63.89. The firm has a market cap of $2.89 billion, a price-to-earnings ratio of 10.13 and a beta of 1.01. The business’s fifty day moving average is $28.48 and its 200-day moving average is $27.72.

NextEra Energy Partners (NYSE:NEP) last released its earnings results on Monday, April 22nd. The solar energy provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.63. The firm had revenue of $257.00 million for the quarter, compared to analysts’ expectations of $331.78 million. NextEra Energy Partners had a negative return on equity of 0.48% and a net margin of 23.55%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.17) earnings per share. Equities analysts anticipate that NextEra Energy Partners will post 1.54 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NEP has been the topic of several research reports. CIBC lowered shares of NextEra Energy Partners from a “sector outperform” rating to a “neutral” rating and set a $35.00 price target on the stock. in a report on Tuesday, January 9th. StockNews.com raised shares of NextEra Energy Partners to a “sell” rating in a research note on Tuesday, March 19th. Barclays began coverage on NextEra Energy Partners in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $32.00 price target for the company. Raymond James reduced their price objective on NextEra Energy Partners from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 3rd. Finally, Evercore ISI assumed coverage on NextEra Energy Partners in a research report on Tuesday, February 13th. They issued an “outperform” rating and a $43.00 target price for the company. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, NextEra Energy Partners currently has an average rating of “Hold” and a consensus price target of $41.60.

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.