NextEra Energy Partners (NYSE:NEP) Given New $28.00 Price Target at BMO Capital Markets

NextEra Energy Partners (NYSE:NEP) had its price objective reduced by BMO Capital Markets from $32.00 to $28.00 in a research note issued to investors on Monday morning, Benzinga reports. BMO Capital Markets currently has an outperform rating on the solar energy provider’s stock.

A number of other brokerages have also weighed in on NEP. Marathon Capitl reiterated an equal weight rating on shares of NextEra Energy Partners in a research note on Tuesday, March 26th. Raymond James cut NextEra Energy Partners from an outperform rating to a market perform rating in a research report on Tuesday, July 9th. Royal Bank of Canada cut NextEra Energy Partners from an outperform rating to a sector perform rating and dropped their target price for the stock from $38.00 to $30.00 in a research report on Monday, July 1st. Oppenheimer reaffirmed a market perform rating on shares of NextEra Energy Partners in a research report on Wednesday, April 24th. Finally, JPMorgan Chase & Co. reissued an underweight rating and issued a $25.00 price objective on shares of NextEra Energy Partners in a report on Thursday, May 23rd. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, NextEra Energy Partners currently has an average rating of Hold and an average target price of $36.93.

NextEra Energy Partners Trading Down 5.7 %

NextEra Energy Partners stock opened at $25.92 on Monday. NextEra Energy Partners has a one year low of $20.17 and a one year high of $57.29. The business’s fifty day moving average is $29.75 and its 200 day moving average is $29.11. 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 stock has a market capitalization of $2.42 billion, a PE ratio of 8.50 and a beta of 1.03.

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 (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The firm had revenue of $360.00 million for the quarter, compared to the consensus estimate of $365.54 million. During the same quarter last year, the firm posted $0.53 EPS. The business’s quarterly revenue was up 22.9% compared to the same quarter last year. On average, sell-side analysts predict that NextEra Energy Partners will post 1.85 EPS for the current year.

NextEra Energy Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Tuesday, August 6th will be issued a dividend of $0.905 per share. The ex-dividend date is Tuesday, August 6th. This is a boost 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 13.97%. NextEra Energy Partners’s dividend payout ratio (DPR) is currently 117.05%.

Hedge Funds Weigh In On NextEra Energy Partners

A number of hedge funds have recently made changes to their positions in the business. Central Bank & Trust Co. purchased a new position in NextEra Energy Partners in the 2nd quarter worth approximately $99,000. MONECO Advisors LLC purchased a new stake in NextEra Energy Partners in the 2nd quarter worth $299,000. Raymond James & Associates boosted its holdings in shares of NextEra Energy Partners by 6.2% during the 2nd quarter. Raymond James & Associates now owns 802,161 shares of the solar energy provider’s stock valued at $22,172,000 after purchasing an additional 46,718 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of NextEra Energy Partners in the second quarter worth about $2,794,000. Finally, Abundance Wealth Counselors boosted its stake in NextEra Energy Partners by 14.8% during the second quarter. Abundance Wealth Counselors now owns 58,279 shares of the solar energy provider’s stock valued at $1,611,000 after buying an additional 7,526 shares during the last quarter. Institutional investors own 66.01% of the company’s stock.

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.