NextEra Energy Partners’ (NEP) “Market Perform” Rating Reiterated at BMO Capital Markets

BMO Capital Markets reaffirmed their market perform rating on shares of NextEra Energy Partners (NYSE:NEP) in a research note released on Monday, MarketBeat Ratings reports. They currently have a $18.00 price target on the solar energy provider’s stock, down from their previous price target of $26.00.

A number of other equities analysts have also weighed in on NEP. BNP Paribas assumed coverage on NextEra Energy Partners in a research note on Tuesday, October 1st. They set an “underperform” rating and a $15.00 price objective for the company. Guggenheim downgraded NextEra Energy Partners from a “buy” rating to a “neutral” rating and decreased their price target for the company from $37.00 to $22.00 in a report on Monday, October 28th. Barclays restated an “underweight” rating and issued a $25.00 price objective on shares of NextEra Energy Partners in a research report on Friday, October 4th. Morgan Stanley upgraded shares of NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 target price for the company in a research note on Monday, December 2nd. Finally, CIBC lowered their price target on shares of NextEra Energy Partners from $26.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, NextEra Energy Partners presently has an average rating of “Hold” and a consensus price target of $24.64.

NextEra Energy Partners Trading Down 0.1 %

Shares of NYSE:NEP opened at $16.77 on Monday. The company has a quick ratio of 1.78, a current ratio of 2.02 and a debt-to-equity ratio of 0.37. NextEra Energy Partners has a 52-week low of $15.55 and a 52-week high of $35.15. The stock has a market cap of $1.57 billion, a price-to-earnings ratio of 7.69 and a beta of 1.06. The business has a 50-day moving average price of $17.57 and a 200-day moving average price of $22.53.

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 (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.94). The business had revenue of $319.00 million for the quarter, compared to analysts’ expectations of $332.25 million. NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.57 earnings per share. Equities analysts predict that NextEra Energy Partners will post 1.96 EPS for the current year.

NextEra Energy Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th were paid a $0.9175 dividend. This represents a $3.67 dividend on an annualized basis and a yield of 21.88%. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.91. The ex-dividend date of this dividend was Wednesday, November 6th. NextEra Energy Partners’s dividend payout ratio (DPR) is 168.35%.

Institutional Investors Weigh In On NextEra Energy Partners

A number of large investors have recently made changes to their positions in the stock. Thrivent Financial for Lutherans purchased a new stake in NextEra Energy Partners in the 3rd quarter valued at $16,186,000. Two Sigma Advisers LP acquired a new stake in NextEra Energy Partners during the third quarter worth about $15,310,000. M&G PLC raised its stake in 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 during the period. Fred Alger Management LLC acquired a new position in NextEra Energy Partners in the 2nd quarter valued at about $5,452,000. Finally, Redwood Grove Capital LLC grew its stake in shares of NextEra Energy Partners by 19.7% in the 3rd quarter. Redwood Grove Capital LLC now owns 982,235 shares of the solar energy provider’s stock valued at $27,129,000 after buying an additional 161,436 shares during the period. 66.01% of the stock is currently owned by hedge funds and other institutional investors.

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.