NextEra Energy Partners (NYSE:NEP) Trading Down 4.2% Following Analyst Downgrade

NextEra Energy Partners, LP (NYSE:NEP)’s stock price was down 4.2% during mid-day trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $22.00 to $20.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. NextEra Energy Partners traded as low as $16.24 and last traded at $16.13. Approximately 1,005,895 shares traded hands during trading, a decline of 43% from the average daily volume of 1,776,274 shares. The stock had previously closed at $16.84.

NEP has been the subject of several other research reports. Morgan Stanley upgraded NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 target price for the company in a research report on Monday, December 2nd. Guggenheim downgraded shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and cut their target price for the company from $37.00 to $22.00 in a research report on Monday, October 28th. Evercore ISI dropped their target price on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. UBS Group reduced their target price on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating for the company in a report on Monday, September 30th. Finally, Barclays restated an “underweight” rating and issued a $25.00 price target on shares of NextEra Energy Partners in a report on Friday, October 4th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, NextEra Energy Partners presently has an average rating of “Hold” and an average price target of $24.50.

Hedge Funds Weigh In On NextEra Energy Partners

Several large investors have recently made changes to their positions in NEP. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new stake in NextEra Energy Partners during the 4th quarter worth approximately $21,449,000. Thrivent Financial for Lutherans purchased a new position in NextEra Energy Partners in the third quarter valued at $16,186,000. Two Sigma Advisers LP acquired a new position in NextEra Energy Partners during the 3rd quarter worth $15,310,000. M&G PLC grew its stake in NextEra Energy Partners by 19.3% during the 3rd quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider’s stock worth $85,738,000 after purchasing an additional 496,383 shares in the last quarter. Finally, Fred Alger Management LLC purchased a new stake in NextEra Energy Partners during the 2nd quarter worth about $5,452,000. 66.01% of the stock is currently owned by institutional investors and hedge funds.

NextEra Energy Partners Stock Down 4.5 %

The firm has a market cap of $1.50 billion, a PE ratio of 7.40 and a beta of 1.06. The company has a current ratio of 2.02, a quick ratio of 1.78 and a debt-to-equity ratio of 0.37. The firm has a 50 day moving average price of $17.53 and a 200-day moving average price of $22.21.

NextEra Energy Partners (NYSE:NEP) last posted its 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). The business had revenue of $319.00 million during the quarter, compared to analysts’ expectations of $332.25 million. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period last year, the company earned $0.57 EPS. Research analysts forecast that NextEra Energy Partners, LP will post 2.06 EPS for the current fiscal year.

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.