NextEra Energy Partners (NYSE:NEP) Shares Gap Down to $31.20

NextEra Energy Partners, LP (NYSE:NEP) gapped down before the market opened on Thursday . The stock had previously closed at $31.20, but opened at $29.97. NextEra Energy Partners shares last traded at $29.97, with a volume of 455,800 shares traded.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Raymond James dropped their price objective on shares of NextEra Energy Partners from $50.00 to $45.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 3rd. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $25.00 price objective on shares of NextEra Energy Partners in a research note on Thursday, May 23rd. Oppenheimer reissued a “market perform” rating on shares of NextEra Energy Partners in a research note on Wednesday, April 24th. Marathon Capitl reissued an “equal weight” rating on shares of NextEra Energy Partners in a research note on Tuesday, March 26th. Finally, Mizuho cut shares of 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. Three analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, NextEra Energy Partners has a consensus rating of “Hold” and an average price target of $38.79.

NextEra Energy Partners Stock Down 7.2 %

The business has a fifty day simple moving average of $30.96 and a two-hundred day simple moving average of $29.25. The company has a current ratio of 1.36, a quick ratio of 1.31 and a debt-to-equity ratio of 0.35. The company has a market cap of $2.71 billion, a PE ratio of 9.62 and a beta of 1.07.

NextEra Energy Partners (NYSE:NEP) last announced its quarterly earnings data on Monday, April 22nd. The solar energy provider reported $0.75 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.63. The company had revenue of $257.00 million for the quarter, compared to analyst estimates of $331.78 million. NextEra Energy Partners had a negative return on equity of 0.48% and a net margin of 23.55%. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.17) EPS. As a group, equities research analysts predict that NextEra Energy Partners, LP will post 1.89 earnings per share for the current year.

NextEra Energy Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, May 7th were issued a dividend of $0.8925 per share. This represents a $3.57 annualized dividend and a dividend yield of 12.33%. The ex-dividend date was Monday, May 6th. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.88. NextEra Energy Partners’s payout ratio is currently 117.05%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. CWM LLC raised its holdings in shares of NextEra Energy Partners by 160.2% during the 4th quarter. CWM LLC now owns 830 shares of the solar energy provider’s stock worth $25,000 after acquiring an additional 511 shares during the period. Richardson Financial Services Inc. purchased a new stake in NextEra Energy Partners in the 4th quarter valued at about $27,000. Hexagon Capital Partners LLC raised its holdings in NextEra Energy Partners by 208.3% in the 1st quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock valued at $28,000 after buying an additional 627 shares during the period. MV Capital Management Inc. purchased a new stake in NextEra Energy Partners in the 4th quarter valued at about $30,000. Finally, Heritage Wealth Advisors purchased a new stake in NextEra Energy Partners in the 4th quarter valued at about $33,000. Hedge funds and other institutional investors own 66.01% of the company’s stock.

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.