Brokerages Set NextEra Energy Partners, LP (NYSE:NEP) Price Target at $38.79

NextEra Energy Partners, LP (NYSE:NEP) has been given a consensus recommendation of “Hold” by the fifteen ratings firms that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a sell recommendation, nine have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $38.79.

NEP has been the topic of a number of recent research reports. JPMorgan Chase & Co. reissued an “underweight” rating and set a $25.00 target price on shares of NextEra Energy Partners in a research report on Thursday, May 23rd. Mizuho cut NextEra Energy Partners from a “buy” rating to a “neutral” rating and set a $33.00 target price for the company. in a research report on Wednesday, June 12th. Oppenheimer reaffirmed a “market perform” rating on shares of NextEra Energy Partners in a report on Wednesday, April 24th. Raymond James dropped their price target on shares of NextEra Energy Partners from $50.00 to $45.00 and set an “outperform” rating for the company in a research report on Wednesday, April 3rd. Finally, Barclays cut NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $32.00 to $25.00 in a report on Thursday, June 13th.

NextEra Energy Partners Stock Down 2.9 %

Shares of NEP stock opened at $27.64 on Thursday. The stock’s 50 day simple moving average is $30.93 and its 200 day simple moving average is $29.52. NextEra Energy Partners has a twelve month low of $20.17 and a twelve month high of $59.90. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.31 and a current ratio of 1.36. The company has a market capitalization of $2.59 billion, a price-to-earnings ratio of 9.06 and a beta of 1.07.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings results on Monday, April 22nd. The solar energy provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.63. The company had revenue of $257.00 million for the quarter, compared to the consensus estimate of $331.78 million. NextEra Energy Partners had a negative return on equity of 0.48% and a net margin of 23.55%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same period last year, the business posted ($0.17) earnings per share. As a group, research analysts predict that NextEra Energy Partners will post 1.89 EPS for the current year.

NextEra Energy Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, May 7th were issued a dividend of $0.8925 per share. The ex-dividend date of this dividend was Monday, May 6th. This represents a $3.57 dividend on an annualized basis and a yield of 12.92%. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.88. NextEra Energy Partners’s dividend payout ratio is currently 117.05%.

Institutional Trading of NextEra Energy Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. boosted its position in shares of NextEra Energy Partners by 243.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 10,641 shares of the solar energy provider’s stock worth $316,000 after purchasing an additional 7,546 shares during the last quarter. Parkside Financial Bank & Trust raised its position in shares of NextEra Energy Partners by 60.2% during the third quarter. Parkside Financial Bank & Trust now owns 1,208 shares of the solar energy provider’s stock worth $36,000 after purchasing an additional 454 shares during the period. Tower Research Capital LLC TRC lifted its holdings in shares of NextEra Energy Partners by 133,321.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 25,350 shares of the solar energy provider’s stock valued at $753,000 after purchasing an additional 25,331 shares in the last quarter. Alpine Global Management LLC acquired a new position in shares of NextEra Energy Partners in the 3rd quarter valued at approximately $297,000. Finally, Electron Capital Partners LLC boosted its stake in NextEra Energy Partners by 7.9% in the 3rd quarter. Electron Capital Partners LLC now owns 1,493,087 shares of the solar energy provider’s stock worth $44,345,000 after purchasing an additional 108,799 shares during the period. 66.01% of the stock is currently owned by institutional investors and hedge funds.

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.