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

NextEra Energy Partners (NYSE:NEP) had its price target cut by stock analysts at Guggenheim from $17.00 to $12.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the solar energy provider’s stock. Guggenheim’s target price suggests a potential upside of 13.61% from the company’s current price.

A number of other equities research analysts also recently weighed in on the stock. Mizuho dropped their price target on shares of NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. CIBC reduced their price target on NextEra Energy Partners from $26.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. 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. Evercore ISI reduced their target price on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $18.00 price target (down from $26.00) on shares of NextEra Energy Partners in a research note on Monday, January 13th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, NextEra Energy Partners presently has a consensus rating of “Hold” and an average target price of $22.87.

NextEra Energy Partners Trading Down 10.7 %

NEP traded down $1.27 during mid-day trading on Wednesday, reaching $10.56. The stock had a trading volume of 6,248,725 shares, compared to its average volume of 3,404,036. The firm’s fifty day simple moving average is $17.43 and its two-hundred day simple moving average is $21.84. The stock has a market capitalization of $987.91 million, a P/E ratio of 4.85 and a beta of 1.06. NextEra Energy Partners has a 52 week low of $10.52 and a 52 week high of $35.15. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.78 and a current ratio of 2.02.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings results on Tuesday, January 28th. The solar energy provider reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.79 by $0.20. NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. On average, equities analysts predict that NextEra Energy Partners will post 2.06 EPS for the current year.

Institutional Trading of NextEra Energy Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in NEP. Brown Miller Wealth Management LLC grew its position in NextEra Energy Partners by 2.4% in the third quarter. Brown Miller Wealth Management LLC now owns 18,459 shares of the solar energy provider’s stock valued at $509,000 after purchasing an additional 433 shares in the last quarter. Apollon Wealth Management LLC increased its position in shares of NextEra Energy Partners by 5.7% in the third quarter. Apollon Wealth Management LLC now owns 12,306 shares of the solar energy provider’s stock valued at $340,000 after acquiring an additional 667 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in NextEra Energy Partners by 150.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock worth $46,000 after acquiring an additional 1,000 shares in the last quarter. Creative Planning boosted its position in NextEra Energy Partners by 15.2% during the second quarter. Creative Planning now owns 11,307 shares of the solar energy provider’s stock valued at $313,000 after purchasing an additional 1,490 shares during the last quarter. Finally, Pathway Financial Advisers LLC grew its stake in NextEra Energy Partners by 3.6% in the third quarter. Pathway Financial Advisers LLC now owns 50,110 shares of the solar energy provider’s stock valued at $1,384,000 after purchasing an additional 1,747 shares in the last quarter. 66.01% of the stock is currently owned by institutional investors and hedge funds.

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.