Otter Creek Advisors LLC Increases Holdings in NextEra Energy Partners, LP (NYSE:NEP)

Otter Creek Advisors LLC lifted its position in shares of NextEra Energy Partners, LP (NYSE:NEP) by 28.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,923 shares of the solar energy provider’s stock after acquiring an additional 23,239 shares during the quarter. NextEra Energy Partners accounts for about 1.9% of Otter Creek Advisors LLC’s holdings, making the stock its 26th biggest position. Otter Creek Advisors LLC owned about 0.11% of NextEra Energy Partners worth $2,928,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Arizona State Retirement System boosted its stake in shares of NextEra Energy Partners by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 26,186 shares of the solar energy provider’s stock worth $724,000 after acquiring an additional 509 shares in the last quarter. nVerses Capital LLC lifted its stake in NextEra Energy Partners by 44.8% in the 2nd quarter. nVerses Capital LLC now owns 8,400 shares of the solar energy provider’s stock valued at $232,000 after buying an additional 2,600 shares in the last quarter. Spire Wealth Management lifted its stake in NextEra Energy Partners by 161.6% in the 2nd quarter. Spire Wealth Management now owns 15,438 shares of the solar energy provider’s stock valued at $427,000 after buying an additional 9,537 shares in the last quarter. Concurrent Investment Advisors LLC lifted its stake in NextEra Energy Partners by 20.1% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 11,441 shares of the solar energy provider’s stock valued at $316,000 after buying an additional 1,916 shares in the last quarter. Finally, Jaffetilchin Investment Partners LLC lifted its stake in NextEra Energy Partners by 4.6% in the 2nd quarter. Jaffetilchin Investment Partners LLC now owns 13,088 shares of the solar energy provider’s stock valued at $362,000 after buying an additional 581 shares in the last quarter. Hedge funds and other institutional investors own 66.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. StockNews.com raised NextEra Energy Partners to a “sell” rating in a research note on Thursday, July 25th. Mizuho lowered NextEra Energy Partners from a “buy” rating to a “neutral” rating and set a $33.00 price target on the stock. in a research note on Wednesday, June 12th. JPMorgan Chase & Co. reissued an “underweight” rating and set a $25.00 price target on shares of NextEra Energy Partners in a research note on Thursday, May 23rd. Wolfe Research lowered NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 25th. Finally, Royal Bank of Canada lowered NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $38.00 to $30.00 in a research note on Monday, July 1st. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, NextEra Energy Partners currently has a consensus rating of “Hold” and an average target price of $33.00.

NextEra Energy Partners Stock Down 2.4 %

Shares of NextEra Energy Partners stock opened at $24.20 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.30 and a quick ratio of 1.22. NextEra Energy Partners, LP has a 1-year low of $20.17 and a 1-year high of $51.28. The business has a 50-day moving average of $25.84 and a 200-day moving average of $28.35. The company has a market capitalization of $2.26 billion, a PE ratio of 7.93 and a beta of 1.05.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 EPS for the quarter, topping the consensus estimate 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 business had revenue of $360.00 million for the quarter, compared to analysts’ expectations of $365.54 million. During the same quarter last year, the company posted $0.53 earnings per share. The company’s quarterly revenue was up 22.9% compared to the same quarter last year. As a group, equities analysts forecast that NextEra Energy Partners, LP will post 1.74 EPS for the current fiscal year.

NextEra Energy Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Tuesday, August 6th were issued a $0.905 dividend. The ex-dividend date was Tuesday, August 6th. This represents a $3.62 dividend on an annualized basis and a yield of 14.96%. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.89. NextEra Energy Partners’s dividend payout ratio (DPR) is currently 118.69%.

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.