NextEra Energy Partners, LP Forecasted to Post Q3 2024 Earnings of $0.39 Per Share (NYSE:NEP)

NextEra Energy Partners, LP (NYSE:NEP) – Equities research analysts at Zacks Research reduced their Q3 2024 EPS estimates for shares of NextEra Energy Partners in a research report issued on Wednesday, August 14th. Zacks Research analyst J. Saha now anticipates that the solar energy provider will post earnings of $0.39 per share for the quarter, down from their prior estimate of $0.68. The consensus estimate for NextEra Energy Partners’ current full-year earnings is $1.78 per share. Zacks Research also issued estimates for NextEra Energy Partners’ Q4 2024 earnings at $0.06 EPS and FY2024 earnings at $1.85 EPS.

NEP has been the topic of a number of other reports. Barclays downgraded shares of NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and reduced their target price for the stock from $32.00 to $25.00 in a report on Thursday, June 13th. Royal Bank of Canada downgraded shares of NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and reduced their target price for the stock from $38.00 to $30.00 in a report on Monday, July 1st. Raymond James cut shares of NextEra Energy Partners from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 9th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $25.00 price target on shares of NextEra Energy Partners in a research note on Thursday, May 23rd. Finally, Wolfe Research cut shares of NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 25th. Four analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, NextEra Energy Partners has a consensus rating of “Hold” and an average target price of $33.00.

NextEra Energy Partners Stock Performance

NextEra Energy Partners stock opened at $25.50 on Monday. The company’s 50-day moving average price is $26.69 and its 200-day moving average price is $28.65. NextEra Energy Partners has a twelve month low of $20.17 and a twelve month high of $51.53. The company has a quick ratio of 1.22, a current ratio of 1.30 and a debt-to-equity ratio of 0.36. The company has a market cap of $2.39 billion, a PE ratio of 8.36 and a beta of 1.03.

NextEra Energy Partners (NYSE:NEP) last posted its earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The firm had revenue of $360.00 million for the quarter, compared to the consensus estimate of $365.54 million. During the same period in the previous year, the firm posted $0.53 EPS. The business’s quarterly revenue was up 22.9% on a year-over-year basis.

NextEra Energy Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Tuesday, August 6th were given a $0.905 dividend. This represents a $3.62 annualized dividend and a yield of 14.20%. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.89. The ex-dividend date of this dividend was Tuesday, August 6th. NextEra Energy Partners’s payout ratio is 118.69%.

Institutional Investors Weigh In On NextEra Energy Partners

Several large investors have recently added to or reduced their stakes in the stock. CWM LLC lifted its position in shares of NextEra Energy Partners by 160.2% in the 4th quarter. CWM LLC now owns 830 shares of the solar energy provider’s stock worth $25,000 after purchasing an additional 511 shares during the period. Richardson Financial Services Inc. purchased a new stake in shares of NextEra Energy Partners in the 4th quarter worth approximately $27,000. Hexagon Capital Partners LLC raised its stake in shares of NextEra Energy Partners by 208.3% during the 1st quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock worth $28,000 after acquiring an additional 627 shares in the last quarter. Heritage Wealth Advisors bought a new position in shares of NextEra Energy Partners during the 4th quarter worth approximately $33,000. Finally, Central Pacific Bank Trust Division bought a new position in shares of NextEra Energy Partners during the 1st quarter worth approximately $36,000. 66.01% of the stock is 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.