NextEra Energy Partners, LP (NYSE:NEP) Given Average Rating of “Hold” by Brokerages

Shares of NextEra Energy Partners, LP (NYSE:NEP) have been given a consensus recommendation of “Hold” by the sixteen ratings firms that are presently covering the company, MarketBeat Ratings reports. Three investment analysts have rated the stock with a sell recommendation, ten have given a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $26.69.

A number of equities analysts have weighed in on NEP shares. Mizuho lowered their price objective on NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. BNP Paribas assumed coverage on shares of NextEra Energy Partners in a research report on Tuesday, October 1st. They set an “underperform” rating and a $15.00 price objective for the company. JPMorgan Chase & Co. upgraded shares of NextEra Energy Partners from an “underweight” rating to a “neutral” rating and decreased their target price for the company from $25.00 to $22.00 in a report on Thursday, October 24th. Evercore ISI cut their price target on shares of NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, Jefferies Financial Group reduced their price target on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th.

NextEra Energy Partners Stock Performance

Shares of NEP stock opened at $17.47 on Friday. NextEra Energy Partners has a fifty-two week low of $15.55 and a fifty-two week high of $35.15. The firm has a market capitalization of $1.63 billion, a P/E ratio of 8.01 and a beta of 1.10. The stock’s fifty day moving average is $21.67 and its two-hundred day moving average is $25.65. 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 Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.94). NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The business had revenue of $319.00 million for the quarter, compared to analyst estimates of $332.25 million. During the same quarter in the previous year, the firm posted $0.57 earnings per share. The business’s revenue was up 3.6% compared to the same quarter last year. Research analysts expect that NextEra Energy Partners will post 1.36 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Wednesday, November 6th were given a dividend of $0.9175 per share. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.91. This represents a $3.67 annualized dividend and a dividend yield of 21.01%. The ex-dividend date was Wednesday, November 6th. NextEra Energy Partners’s dividend payout ratio is currently 168.35%.

Institutional Investors Weigh In On NextEra Energy Partners

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. increased its stake in NextEra Energy Partners by 89.4% in the third quarter. Franklin Resources Inc. now owns 78,930 shares of the solar energy provider’s stock valued at $2,049,000 after purchasing an additional 37,265 shares during the last quarter. Castellan Group grew its position in shares of NextEra Energy Partners by 18.6% in the 3rd quarter. Castellan Group now owns 125,827 shares of the solar energy provider’s stock valued at $3,475,000 after buying an additional 19,743 shares during the last quarter. Sanctuary Advisors LLC raised its stake in NextEra Energy Partners by 11.0% during the 3rd quarter. Sanctuary Advisors LLC now owns 24,540 shares of the solar energy provider’s stock worth $678,000 after acquiring an additional 2,437 shares in the last quarter. Barclays PLC lifted its position in NextEra Energy Partners by 41.1% in the third quarter. Barclays PLC now owns 21,315 shares of the solar energy provider’s stock valued at $589,000 after acquiring an additional 6,205 shares during the last quarter. Finally, McIlrath & Eck LLC acquired a new position in NextEra Energy Partners in the third quarter valued at $63,000. Institutional investors and hedge funds 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.