BNP Paribas Begins Coverage on NextEra Energy Partners (NYSE:NEP)

Analysts at BNP Paribas assumed coverage on shares of NextEra Energy Partners (NYSE:NEP) in a report released on Tuesday, StockNewsAPI reports. The firm set an “underperform” rating and a $15.00 price target on the solar energy provider’s stock. BNP Paribas’ target price points to a potential downside of 45.67% from the stock’s current price.

Several other research firms have also issued reports on NEP. Jefferies Financial Group assumed coverage on shares of 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. StockNews.com raised shares of NextEra Energy Partners to a “sell” rating in a research note on Thursday, July 25th. BMO Capital Markets decreased their price objective on shares of NextEra Energy Partners from $32.00 to $28.00 and set an “outperform” rating on the stock in a research note 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. Finally, Barclays cut shares of NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $32.00 to $25.00 in a research note on Thursday, June 13th. Five equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $30.27.

NextEra Energy Partners Stock Performance

NYSE:NEP opened at $27.61 on Tuesday. NextEra Energy Partners has a 12-month low of $20.17 and a 12-month high of $35.15. The company has a quick ratio of 1.22, a current ratio of 1.30 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $2.58 billion, a PE ratio of 9.05 and a beta of 1.05. The firm has a 50-day moving average price of $25.67 and a 200 day moving average price of $28.15.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $360.00 million during the quarter, compared to analyst estimates of $365.54 million. During the same quarter in the prior year, the business posted $0.53 earnings per share. The company’s quarterly revenue was up 22.9% compared to the same quarter last year. Research 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 hedge funds have recently bought and sold shares of NEP. Sanctuary Advisors LLC acquired a new stake in shares of NextEra Energy Partners during the second quarter worth $639,000. Cetera Investment Advisers grew its stake in NextEra Energy Partners by 10.6% in the 2nd quarter. Cetera Investment Advisers now owns 70,491 shares of the solar energy provider’s stock valued at $1,948,000 after buying an additional 6,769 shares during the last quarter. Granite Bay Wealth Management LLC acquired a new position in NextEra Energy Partners in the 2nd quarter valued at about $418,000. Pathway Financial Advisers LLC grew its stake in NextEra Energy Partners by 0.9% in 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 during the last quarter. Finally, B. Riley Wealth Advisors Inc. grew its stake in NextEra Energy Partners by 40.4% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 10,648 shares of the solar energy provider’s stock valued at $294,000 after buying an additional 3,064 shares during the last quarter. 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.