NextEra Energy Partners, LP (NYSE:NEP) Stock Position Raised by Healthcare of Ontario Pension Plan Trust Fund

Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of NextEra Energy Partners, LP (NYSE:NEP) by 158.4% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 255,754 shares of the solar energy provider’s stock after purchasing an additional 156,774 shares during the period. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.27% of NextEra Energy Partners worth $7,064,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of NEP. M&G PLC lifted 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 valued at $85,738,000 after buying an additional 496,383 shares in the last quarter. abrdn plc raised its holdings in shares of NextEra Energy Partners by 6.2% during the third quarter. abrdn plc now owns 850,200 shares of the solar energy provider’s stock valued at $23,483,000 after acquiring an additional 49,400 shares during the period. Raymond James & Associates lifted its position in shares of NextEra Energy Partners by 6.2% in the 2nd quarter. Raymond James & Associates now owns 802,161 shares of the solar energy provider’s stock valued at $22,172,000 after acquiring an additional 46,718 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of NextEra Energy Partners by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 635,881 shares of the solar energy provider’s stock valued at $19,127,000 after acquiring an additional 22,370 shares in the last quarter. Finally, Thrivent Financial for Lutherans acquired a new position in NextEra Energy Partners in the 3rd quarter worth approximately $16,186,000. 66.01% of the stock is owned by hedge funds and other institutional investors.

NextEra Energy Partners Stock Performance

Shares of NYSE NEP opened at $17.49 on Friday. The business’s 50-day simple moving average is $21.67 and its 200-day simple moving average is $25.70. NextEra Energy Partners, LP has a 52 week low of $15.55 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. The firm has a market cap of $1.64 billion, a price-to-earnings ratio of 8.02 and a beta of 1.10.

NextEra Energy Partners (NYSE:NEP) last announced its quarterly earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) EPS for the quarter, missing the consensus estimate of $0.51 by ($0.94). NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The company had revenue of $319.00 million for the quarter, compared to analyst estimates of $332.25 million. During the same quarter last year, the business earned $0.57 EPS. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, equities research analysts expect that NextEra Energy Partners, LP will post 1.36 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th were issued a dividend of $0.9175 per share. This represents a $3.67 dividend on an annualized basis and a yield of 20.98%. This is a boost 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 is 168.35%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on NEP. UBS Group reduced their target price on NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating for the company in a report on Monday, September 30th. CIBC reduced their price objective on NextEra Energy Partners from $34.00 to $32.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Evercore ISI lowered their target price on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Mizuho reduced 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 report on Wednesday, October 9th. Finally, Barclays reaffirmed an “underweight” rating and set a $25.00 price objective on shares of NextEra Energy Partners in a research report on Friday, October 4th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $26.69.

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.