NextEra Energy Partners (NYSE:NEP) Shares Gap Down Following Weak Earnings

NextEra Energy Partners, LP (NYSE:NEP)’s share price gapped down prior to trading on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $25.09, but opened at $23.42. NextEra Energy Partners shares last traded at $23.24, with a volume of 1,000,644 shares changing hands.

The solar energy provider reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.94). The firm had revenue of $319.00 million during the quarter, compared to analyst estimates of $332.25 million. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.57 EPS.

NextEra Energy Partners Dividend Announcement

The company also recently disclosed a dividend, which will be paid on Thursday, November 14th. Stockholders of record on Wednesday, November 6th will be given a $0.9175 dividend. The ex-dividend date of this dividend is Wednesday, November 6th. NextEra Energy Partners’s dividend payout ratio is presently 118.69%.

Analyst Ratings Changes

Several brokerages recently commented on NEP. Barclays reaffirmed an “underweight” rating and set a $25.00 price target on shares of NextEra Energy Partners in a research report on Friday, October 4th. Evercore ISI dropped their price target on shares of NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday. CIBC dropped their price target on shares of NextEra Energy Partners from $34.00 to $32.00 and set a “neutral” rating for the company in a research report on Tuesday. Wolfe Research lowered shares of NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 25th. Finally, Jefferies Financial Group dropped their price target on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating for the company in a research report on Thursday. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, NextEra Energy Partners currently has a consensus rating of “Hold” and a consensus price target of $27.85.

Institutional Investors Weigh In On NextEra Energy Partners

Large investors have recently made changes to their positions in the business. Hexagon Capital Partners LLC boosted its stake in shares of NextEra Energy Partners by 208.3% in the first quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock valued at $28,000 after purchasing an additional 627 shares during the period. Central Pacific Bank Trust Division purchased a new position in shares of NextEra Energy Partners in the first quarter valued at $36,000. FinTrust Capital Advisors LLC purchased a new position in shares of NextEra Energy Partners in the first quarter valued at $45,000. Larson Financial Group LLC purchased a new position in shares of NextEra Energy Partners in the first quarter valued at $48,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in shares of NextEra Energy Partners by 150.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock valued at $46,000 after purchasing an additional 1,000 shares during the period. Institutional investors and hedge funds own 66.01% of the company’s stock.

NextEra Energy Partners Stock Down 0.1 %

The firm has a market capitalization of $1.96 billion, a PE ratio of 6.88 and a beta of 1.06. The firm’s 50 day moving average price is $25.53 and its two-hundred day moving average price is $27.73. The company has a quick ratio of 1.22, a current ratio of 1.30 and a debt-to-equity ratio of 0.36.

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.