NextEra Energy Partners (NYSE:NEP) Now Covered by BNP Paribas

BNP Paribas assumed coverage on shares of NextEra Energy Partners (NYSE:NEP) in a research report report published on Tuesday morning, MarketBeat reports. The brokerage issued an underperform rating and a $15.00 price target on the solar energy provider’s stock.

NEP has been the subject of several other research reports. Wolfe Research cut NextEra Energy Partners from an outperform rating to a peer perform rating in a research note on Thursday, July 25th. StockNews.com upgraded shares of NextEra Energy Partners to a sell rating in a report on Thursday, July 25th. Mizuho cut shares of NextEra Energy Partners from a buy rating to a neutral rating and set a $33.00 price objective for the company. in a report on Wednesday, June 12th. BMO Capital Markets lowered their target price on shares of NextEra Energy Partners from $32.00 to $28.00 and set an outperform rating on the stock in a research report on Monday, July 22nd. Finally, Jefferies Financial Group began coverage on NextEra Energy Partners in a research report on Thursday, September 19th. They issued a buy rating and a $28.00 price target for the company. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $30.08.

NextEra Energy Partners Stock Performance

NEP stock opened at $26.06 on Tuesday. The firm has a 50 day simple moving average of $25.62 and a 200 day simple moving average of $28.10. NextEra Energy Partners has a 52 week low of $20.17 and a 52 week high of $35.15. The stock has a market cap of $2.44 billion, a P/E ratio of 8.54 and a beta of 1.06. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.22 and a current ratio of 1.30.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 EPS for the quarter, beating the consensus estimate 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 business had revenue of $360.00 million for the quarter, compared to analysts’ expectations of $365.54 million. During the same period in the previous year, the company posted $0.53 EPS. NextEra Energy Partners’s revenue was up 22.9% on a year-over-year basis. Research analysts anticipate that NextEra Energy Partners will post 2.2 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Tuesday, August 6th were given a dividend of $0.905 per share. The ex-dividend date was Tuesday, August 6th. This represents a $3.62 dividend on an annualized basis and a dividend yield of 13.89%. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.89. NextEra Energy Partners’s dividend payout ratio is currently 118.69%.

Hedge Funds Weigh In On NextEra Energy Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in NEP. Richardson Financial Services Inc. bought a new stake in shares of NextEra Energy Partners in the 4th quarter worth approximately $27,000. Hexagon Capital Partners LLC boosted its stake in NextEra Energy Partners by 208.3% during the first quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock worth $28,000 after buying an additional 627 shares in the last quarter. Central Pacific Bank Trust Division bought a new stake in NextEra Energy Partners in the 1st quarter valued at $36,000. FinTrust Capital Advisors LLC acquired a new position in shares of NextEra Energy Partners in the 1st quarter valued at $45,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of NextEra Energy Partners by 150.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock worth $46,000 after acquiring an additional 1,000 shares during the period. 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.