NextEra Energy Partners (NYSE:NEP) PT Lowered to $32.00

NextEra Energy Partners (NYSE:NEP) had its target price reduced by equities research analysts at CIBC from $34.00 to $32.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the solar energy provider’s stock. CIBC’s price target would indicate a potential upside of 27.54% from the stock’s current price.

A number of other research analysts have also recently commented on the stock. Jefferies Financial Group started coverage on shares of NextEra Energy Partners in a research report on Thursday, September 19th. They set a “buy” rating and a $28.00 target price on the stock. 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. StockNews.com upgraded NextEra Energy Partners to a “sell” rating in a research note on Thursday, July 25th. Morgan Stanley lowered NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and lowered their price objective for the company from $31.00 to $20.00 in a research note on Wednesday, July 31st. Finally, BNP Paribas began coverage on NextEra Energy Partners in a research report on Tuesday, October 1st. They issued an “underperform” rating and a $15.00 target price on the stock. Five research analysts have rated the stock with a sell rating, eight have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, NextEra Energy Partners presently has an average rating of “Hold” and a consensus price target of $29.15.

NextEra Energy Partners Stock Down 0.6 %

NYSE NEP traded down $0.15 during trading hours on Tuesday, hitting $25.09. The company had a trading volume of 1,408,213 shares, compared to its average volume of 1,393,501. The firm’s 50 day moving average is $25.69 and its 200 day moving average is $27.85. The company has a market capitalization of $2.35 billion, a price-to-earnings ratio of 8.23 and a beta of 1.06. NextEra Energy Partners has a fifty-two week low of $21.83 and a fifty-two week high of $35.15. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.30 and a quick ratio of 1.22.

NextEra Energy Partners (NYSE:NEP) last posted its earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. The business had revenue of $360.00 million during the quarter, compared to analyst estimates of $365.54 million. NextEra Energy Partners had a negative return on equity of 0.40% and a net margin of 24.42%. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.53 earnings per share. Sell-side analysts anticipate that NextEra Energy Partners will post 2.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NextEra Energy Partners

Several large investors have recently added to or reduced their stakes in NEP. Vanguard Group Inc. raised its stake in NextEra Energy Partners by 3.6% during 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. Marshall Wace LLP bought a new position in NextEra Energy Partners in the 2nd quarter valued at about $638,000. Fred Alger Management LLC acquired a new position in NextEra Energy Partners during the 2nd quarter valued at about $5,452,000. Cetera Investment Advisers raised its position in shares of NextEra Energy Partners by 574.0% during the 1st quarter. Cetera Investment Advisers now owns 63,722 shares of the solar energy provider’s stock worth $1,917,000 after buying an additional 54,267 shares in the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in shares of NextEra Energy Partners in the 2nd quarter worth approximately $639,000. 66.01% of the stock is owned by institutional investors and hedge funds.

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.