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

NextEra Energy Partners (NYSE:NEP) had its target price decreased by Scotiabank from $15.00 to $12.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the solar energy provider’s stock. Scotiabank’s price target points to a potential upside of 15.11% from the stock’s current price.

Other analysts also recently issued reports about the company. Wells Fargo & Company reduced their price target on NextEra Energy Partners from $33.00 to $13.00 and set an “equal weight” rating for the company in a research note on Wednesday. Guggenheim downgraded shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and reduced their price target for the company from $37.00 to $22.00 in a research note on Monday, October 28th. Evercore ISI lowered their price objective on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. CIBC lowered their price objective on NextEra Energy Partners from $26.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Finally, BMO Capital Markets restated a “market perform” rating and set a $18.00 target price (down previously from $26.00) on shares of NextEra Energy Partners in a research report on Monday, January 13th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $22.07.

NextEra Energy Partners Trading Down 0.6 %

Shares of NYSE:NEP opened at $10.43 on Wednesday. The stock has a market capitalization of $975.05 million, a PE ratio of 4.78 and a beta of 1.06. NextEra Energy Partners has a one year low of $9.98 and a one year high of $35.15. The company’s 50-day moving average price is $17.20 and its two-hundred day moving average price is $21.68. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.02 and a quick ratio of 1.78.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings results on Tuesday, January 28th. The solar energy provider reported $0.99 EPS for the quarter, topping analysts’ consensus estimates 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 forecast that NextEra Energy Partners will post 2.06 EPS for the current fiscal year.

Hedge Funds Weigh In On NextEra Energy Partners

Institutional investors have recently added to or reduced their stakes in the business. M&G PLC grew its stake in NextEra Energy Partners by 19.3% in the 3rd quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider’s stock worth $85,738,000 after buying an additional 496,383 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new position in shares of NextEra Energy Partners in the 4th quarter worth about $21,449,000. Redwood Grove Capital LLC increased its position in shares of NextEra Energy Partners by 19.7% during 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 purchasing an additional 161,436 shares during the last quarter. abrdn plc lifted its position in NextEra Energy Partners by 15.3% in the 4th quarter. abrdn plc now owns 980,200 shares of the solar energy provider’s stock worth $17,242,000 after buying an additional 130,000 shares during the last quarter. Finally, Rockefeller Capital Management L.P. boosted its stake in NextEra Energy Partners by 8.0% in the third quarter. Rockefeller Capital Management L.P. now owns 630,588 shares of the solar energy provider’s stock worth $17,417,000 after buying an additional 46,728 shares in the last quarter. 66.01% of the stock is currently owned by institutional investors.

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.