NextEra Energy Partners (NYSE:NEP) Shares Down 0.9%

NextEra Energy Partners, LP (NYSE:NEP) shares traded down 0.9% during mid-day trading on Tuesday . The stock traded as low as $24.78 and last traded at $24.83. 306,514 shares were traded during trading, a decline of 79% from the average session volume of 1,448,555 shares. The stock had previously closed at $25.05.

Analysts Set New Price Targets

A number of research firms have weighed in on NEP. Barclays cut shares of NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $32.00 to $25.00 in a research note on Thursday, June 13th. StockNews.com upgraded NextEra Energy Partners to a “sell” rating in a research report on Thursday, July 25th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $25.00 price objective on shares of NextEra Energy Partners in a research note on Thursday, May 23rd. BMO Capital Markets dropped their price objective on shares of NextEra Energy Partners from $32.00 to $28.00 and set an “outperform” rating for the company in a report on Monday, July 22nd. Finally, Royal Bank of Canada lowered shares of NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $38.00 to $30.00 in a report on Monday, July 1st. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, NextEra Energy Partners has a consensus rating of “Hold” and an average target price of $33.00.

NextEra Energy Partners Price Performance

The stock has a market cap of $2.32 billion, a PE ratio of 8.13 and a beta of 1.03. 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 business has a 50-day moving average price of $25.91 and a 200 day moving average price of $28.38.

NextEra Energy Partners (NYSE:NEP) last announced its quarterly earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.07. NextEra Energy Partners had a negative return on equity of 0.40% and a net margin of 24.42%. The firm had revenue of $360.00 million for the quarter, compared to analysts’ expectations of $365.54 million. During the same period in the prior year, the business posted $0.53 earnings per share. The company’s revenue was up 22.9% on a year-over-year basis. As a group, research analysts forecast that NextEra Energy Partners, LP will post 1.74 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Tuesday, August 6th were paid a $0.905 dividend. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.89. This represents a $3.62 dividend on an annualized basis and a yield of 14.60%. The ex-dividend date was Tuesday, August 6th. NextEra Energy Partners’s dividend payout ratio (DPR) is currently 118.69%.

Hedge Funds Weigh In On NextEra Energy Partners

Institutional investors have recently modified their holdings of the company. M&G Plc bought a new position in shares of NextEra Energy Partners during the first quarter valued at about $83,069,000. 1832 Asset Management L.P. lifted its position in NextEra Energy Partners by 599.4% in the fourth quarter. 1832 Asset Management L.P. now owns 2,602,485 shares of the solar energy provider’s stock valued at $79,142,000 after purchasing an additional 2,230,374 shares during the last quarter. M&G Investment Management Ltd. grew its holdings in shares of NextEra Energy Partners by 27.1% in the fourth quarter. M&G Investment Management Ltd. now owns 3,044,055 shares of the solar energy provider’s stock worth $91,322,000 after purchasing an additional 648,775 shares during the last quarter. Commerce Bank purchased a new position in shares of NextEra Energy Partners in the first quarter worth $15,597,000. Finally, Verition Fund Management LLC bought a new stake in NextEra Energy Partners during the 4th quarter valued at $14,269,000. 66.01% of the stock is currently 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.