28,875 Shares in NextEra Energy Partners, LP (NYSE:NEP) Bought by Formidable Asset Management LLC

Formidable Asset Management LLC purchased a new stake in shares of NextEra Energy Partners, LP (NYSE:NEP) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 28,875 shares of the solar energy provider’s stock, valued at approximately $878,000.

Other institutional investors have also bought and sold shares of the company. Commonwealth Equity Services LLC grew its position in shares of NextEra Energy Partners by 22.7% during the 3rd quarter. Commonwealth Equity Services LLC now owns 43,746 shares of the solar energy provider’s stock worth $1,299,000 after buying an additional 8,094 shares during the period. Cambridge Investment Research Advisors Inc. boosted its stake in NextEra Energy Partners by 4.8% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 10,767 shares of the solar energy provider’s stock worth $320,000 after acquiring an additional 496 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in NextEra Energy Partners by 31.0% in the third quarter. Bank of New York Mellon Corp now owns 1,044,197 shares of the solar energy provider’s stock worth $31,013,000 after purchasing an additional 246,908 shares during the period. Brown Advisory Inc. increased its stake in NextEra Energy Partners by 81.9% in the third quarter. Brown Advisory Inc. now owns 14,406 shares of the solar energy provider’s stock valued at $428,000 after purchasing an additional 6,487 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of NextEra Energy Partners by 14.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 24,382 shares of the solar energy provider’s stock valued at $724,000 after purchasing an additional 3,060 shares during the period. Institutional investors own 66.01% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Raymond James reduced their target price on NextEra Energy Partners from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 3rd. Evercore ISI initiated coverage on NextEra Energy Partners in a report on Tuesday, February 13th. They set an “outperform” rating and a $43.00 price objective for the company. JPMorgan Chase & Co. increased their target price on NextEra Energy Partners from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Friday, January 26th. Marathon Capitl reissued an “equal weight” rating on shares of NextEra Energy Partners in a research report on Tuesday, March 26th. Finally, StockNews.com upgraded shares of NextEra Energy Partners to a “sell” rating in a report on Tuesday, March 19th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $41.60.

NextEra Energy Partners Stock Performance

Shares of NYSE NEP traded down $0.90 during midday trading on Friday, reaching $31.46. The company’s stock had a trading volume of 1,857,647 shares, compared to its average volume of 1,619,550. The stock has a market capitalization of $2.94 billion, a P/E ratio of 10.31 and a beta of 1.01. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.36 and a quick ratio of 1.31. The firm has a 50 day moving average price of $28.84 and a 200-day moving average price of $27.99. NextEra Energy Partners, LP has a 12-month low of $20.17 and a 12-month high of $63.89.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings data on Monday, April 22nd. The solar energy provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.12 by $0.63. The business 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 was up 4.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.17) earnings per share. As a group, equities analysts predict that NextEra Energy Partners, LP will post 1.54 earnings per share for the current year.

NextEra Energy Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, May 7th will be given a $0.8925 dividend. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, May 6th. This represents a $3.57 annualized dividend and a yield of 11.35%. NextEra Energy Partners’s payout ratio is currently 117.05%.

NextEra Energy Partners 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.