NextEra Energy Partners, LP (NYSE:NEP) to Issue Quarterly Dividend of $0.92

NextEra Energy Partners, LP (NYSE:NEP) announced a quarterly dividend on Tuesday, October 22nd, NASDAQ reports. Stockholders of record on Wednesday, November 6th will be paid a dividend of 0.9175 per share by the solar energy provider on Thursday, November 14th. This represents a $3.67 dividend on an annualized basis and a dividend yield of 19.06%. The ex-dividend date of this dividend is Wednesday, November 6th. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.91.

NextEra Energy Partners has increased its dividend payment by an average of 14.3% per year over the last three years and has raised its dividend every year for the last 10 years. NextEra Energy Partners has a dividend payout ratio of 146.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect NextEra Energy Partners to earn $1.37 per share next year, which means the company may not be able to cover its $3.67 annual dividend with an expected future payout ratio of 267.9%.

NextEra Energy Partners Price Performance

Shares of NYSE NEP opened at $19.25 on Monday. The business’s 50 day moving average is $24.83 and its 200-day moving average is $27.36. The firm has a market cap of $1.80 billion, a P/E ratio of 8.83 and a beta of 1.10. NextEra Energy Partners has a 1-year low of $19.03 and a 1-year high of $35.15. The company has a current ratio of 2.02, a quick ratio of 1.78 and a debt-to-equity ratio of 0.37.

NextEra Energy Partners (NYSE:NEP) last posted its 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 firm had revenue of $319.00 million for the quarter, compared to analyst estimates of $332.25 million. During the same period in the prior year, the business posted $0.57 EPS. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. Equities research analysts predict that NextEra Energy Partners will post 1.45 earnings per share for the current year.

Wall Street Analysts Forecast Growth

NEP has been the topic of a number of analyst reports. Guggenheim lowered shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $37.00 to $22.00 in a research report on Monday, October 28th. 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. StockNews.com upgraded NextEra Energy Partners to a “sell” rating in a research report on Thursday, July 25th. Raymond James cut NextEra Energy Partners from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 9th. Finally, Wolfe Research downgraded shares of NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 25th. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $26.69.

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.