NextEra Energy Partners (NYSE:NEP) Shares Up 3.8%

Shares of NextEra Energy Partners, LP (NYSE:NEP) traded up 3.8% during trading on Thursday . The stock traded as high as $27.09 and last traded at $26.83. 582,822 shares changed hands during trading, a decline of 59% from the average session volume of 1,417,729 shares. The stock had previously closed at $25.84.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on NEP. BMO Capital Markets cut their price target on shares of NextEra Energy Partners from $32.00 to $28.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Mizuho cut shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and set a $33.00 price objective on the stock. in a research note on Wednesday, June 12th. Royal Bank of Canada cut shares of NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and reduced their target price for the company from $38.00 to $30.00 in a report on Monday, July 1st. Jefferies Financial Group began coverage on shares of NextEra Energy Partners in a research report on Thursday. They set a “buy” rating and a $28.00 price objective for the company. Finally, Wolfe Research cut NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a report on Thursday, July 25th. Four analysts have rated the stock with a sell rating, eleven have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, NextEra Energy Partners has an average rating of “Hold” and a consensus price target of $32.67.

NextEra Energy Partners Trading Up 3.9 %

The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.22 and a current ratio of 1.30. The company has a market capitalization of $2.51 billion, a PE ratio of 8.82 and a beta of 1.05. The stock has a fifty day moving average of $25.68 and a 200 day moving average of $28.23.

NextEra Energy Partners (NYSE:NEP) last released its earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 EPS for the quarter, topping the consensus estimate of $0.59 by $0.07. The firm had revenue of $360.00 million for the quarter, compared to the consensus estimate of $365.54 million. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The company’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.53 earnings per share. As a group, sell-side analysts predict that NextEra Energy Partners, LP will post 1.74 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Tuesday, August 6th were given a $0.905 dividend. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.89. This represents a $3.62 dividend on an annualized basis and a dividend yield of 13.49%. The ex-dividend date of this dividend was Tuesday, August 6th. NextEra Energy Partners’s payout ratio is currently 118.69%.

Hedge Funds Weigh In On NextEra Energy Partners

Several institutional investors have recently added to or reduced their stakes in the company. Ameritas Advisory Services LLC grew its holdings in shares of NextEra Energy Partners by 1.4% in the second quarter. Ameritas Advisory Services LLC now owns 29,190 shares of the solar energy provider’s stock valued at $807,000 after purchasing an additional 412 shares in the last quarter. Pathway Financial Advisers LLC raised its position in shares of NextEra Energy Partners by 0.9% during the 2nd quarter. Pathway Financial Advisers LLC now owns 48,363 shares of the solar energy provider’s stock valued at $1,336,000 after buying an additional 454 shares in the last quarter. Arizona State Retirement System raised its position in shares of NextEra Energy Partners by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 26,186 shares of the solar energy provider’s stock valued at $724,000 after buying an additional 509 shares in the last quarter. Newbridge Financial Services Group Inc. lifted its holdings in shares of NextEra Energy Partners by 46.0% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 1,689 shares of the solar energy provider’s stock valued at $51,000 after acquiring an additional 532 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC grew its position in NextEra Energy Partners by 4.6% in the second quarter. Jaffetilchin Investment Partners LLC now owns 13,088 shares of the solar energy provider’s stock worth $362,000 after acquiring an additional 581 shares in the last quarter. Hedge funds and other institutional investors own 66.01% of the company’s stock.

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.