CIBC Issues Pessimistic Forecast for NextEra Energy Partners (NYSE:NEP) Stock Price

NextEra Energy Partners (NYSE:NEP) had its target price reduced by CIBC from $26.00 to $21.00 in a report published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the solar energy provider’s stock.

A number of other equities analysts have also weighed in on NEP. BMO Capital Markets lowered their price objective on NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating on the stock in a research note on Monday, October 21st. UBS Group decreased their target price on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating on the stock in a report on Monday, September 30th. JPMorgan Chase & Co. upgraded shares of NextEra Energy Partners from an “underweight” rating to a “neutral” rating and cut their price target for the stock from $25.00 to $22.00 in a report on Thursday, October 24th. Guggenheim cut NextEra Energy Partners from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $37.00 to $22.00 in a report on Monday, October 28th. Finally, Scotiabank lowered their price objective on NextEra Energy Partners from $26.00 to $15.00 and set a “sector perform” rating for the company in a research report on Thursday, December 12th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $25.21.

NextEra Energy Partners Stock Down 3.1 %

NYSE NEP opened at $18.29 on Wednesday. The business has a fifty day moving average price of $17.80 and a 200 day moving average price of $22.94. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.78 and a current ratio of 2.02. The company has a market cap of $1.71 billion, a P/E ratio of 8.39 and a beta of 1.06. NextEra Energy Partners has a one year low of $15.55 and a one year high of $35.15.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.94). NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The business had revenue of $319.00 million for the quarter, compared to analyst estimates of $332.25 million. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The business’s revenue was up 3.6% compared to the same quarter last year. Research analysts anticipate that NextEra Energy Partners will post 1.96 EPS for the current fiscal year.

NextEra Energy Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Wednesday, November 6th were issued a $0.9175 dividend. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.91. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $3.67 annualized dividend and a dividend yield of 20.07%. NextEra Energy Partners’s dividend payout ratio is presently 168.35%.

Institutional Investors Weigh In On NextEra Energy Partners

Several hedge funds and other institutional investors have recently bought and sold shares of NEP. M&G PLC increased its position in shares of NextEra Energy Partners by 19.3% during the third quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider’s stock worth $85,738,000 after purchasing an additional 496,383 shares in the last quarter. Redwood Grove Capital LLC grew its position in shares of NextEra Energy Partners by 19.7% during the third quarter. Redwood Grove Capital LLC now owns 982,235 shares of the solar energy provider’s stock worth $27,129,000 after acquiring an additional 161,436 shares during the last quarter. abrdn plc increased its holdings in shares of NextEra Energy Partners by 6.2% in the 3rd quarter. abrdn plc now owns 850,200 shares of the solar energy provider’s stock valued at $23,483,000 after acquiring an additional 49,400 shares during the period. Rockefeller Capital Management L.P. raised its position in NextEra Energy Partners by 8.0% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 630,588 shares of the solar energy provider’s stock valued at $17,417,000 after purchasing an additional 46,728 shares during the last quarter. Finally, Thrivent Financial for Lutherans acquired a new stake in NextEra Energy Partners during the 3rd quarter worth $16,186,000. 66.01% of the stock is currently owned by institutional investors and hedge funds.

About NextEra Energy Partners

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.