NextEra Energy Partners (NYSE:NEP) Hits New 52-Week Low – Here’s What Happened

NextEra Energy Partners, LP (NYSE:NEP) reached a new 52-week low on Monday . The company traded as low as $15.55 and last traded at $15.68, with a volume of 220942 shares. The stock had previously closed at $15.70.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on NEP. Morgan Stanley upgraded shares of NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price objective on the stock in a research note on Monday, December 2nd. JPMorgan Chase & Co. cut their price objective on shares of NextEra Energy Partners from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, January 23rd. Mizuho decreased their price objective 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. Guggenheim lowered NextEra Energy Partners from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $37.00 to $22.00 in a research report on Monday, October 28th. Finally, BNP Paribas began coverage on NextEra Energy Partners in a report on Tuesday, October 1st. They issued an “underperform” rating and a $15.00 price target for the company. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $24.50.

NextEra Energy Partners Stock Performance

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 stock’s 50-day moving average price is $17.43 and its 200-day moving average price is $21.84. The company has a market capitalization of $1.10 billion, a P/E ratio of 5.42 and a beta of 1.06.

NextEra Energy Partners (NYSE:NEP) last posted its earnings results on Tuesday, January 28th. The solar energy provider reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.20. NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. As a group, equities analysts expect that NextEra Energy Partners, LP will post 2.06 EPS for the current year.

Institutional Investors Weigh In On NextEra Energy Partners

Hedge funds and other institutional investors have recently modified their holdings of the stock. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new position in NextEra Energy Partners during the 4th quarter valued at about $21,449,000. Thrivent Financial for Lutherans acquired a new position in shares of NextEra Energy Partners during the third quarter valued at approximately $16,186,000. Two Sigma Advisers LP bought a new stake in NextEra Energy Partners during the third quarter worth approximately $15,310,000. M&G PLC lifted its position in NextEra Energy Partners by 19.3% in the third 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 during the period. Finally, Graham Capital Wealth Management LLC bought a new position in NextEra Energy Partners during the 4th quarter valued at $3,003,000. 66.01% of the stock is currently owned by institutional investors.

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.