Equities Analysts Set Expectations for NEP FY2024 Earnings

NextEra Energy Partners, LP (NYSE:NEP) – Investment analysts at Seaport Res Ptn dropped their FY2024 earnings estimates for NextEra Energy Partners in a research note issued to investors on Monday, October 28th. Seaport Res Ptn analyst A. Storozynski now expects that the solar energy provider will post earnings of $0.79 per share for the year, down from their prior forecast of $1.33. The consensus estimate for NextEra Energy Partners’ current full-year earnings is $1.77 per share. Seaport Res Ptn also issued estimates for NextEra Energy Partners’ FY2025 earnings at $0.83 EPS, FY2026 earnings at $0.89 EPS, FY2027 earnings at $0.61 EPS and FY2028 earnings at $0.51 EPS.

Other equities analysts have also recently issued reports about the stock. StockNews.com upgraded shares of NextEra Energy Partners to a “sell” rating in a research report on Thursday, July 25th. Wolfe Research cut NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 25th. Mizuho reduced their target price on NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Morgan Stanley cut NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $31.00 to $20.00 in a report on Wednesday, July 31st. Finally, Raymond James lowered NextEra Energy Partners from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 9th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $26.69.

NextEra Energy Partners Trading Up 0.9 %

Shares of NEP stock opened at $19.36 on Wednesday. The stock has a market cap of $1.81 billion, a P/E ratio of 8.87 and a beta of 1.06. 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. The stock has a 50 day simple moving average of $25.08 and a 200 day simple moving average of $27.47.

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.

NextEra Energy Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Wednesday, November 6th will be paid a $0.9175 dividend. The ex-dividend date of this dividend is Wednesday, November 6th. This represents a $3.67 annualized dividend and a dividend yield of 18.96%. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.91. NextEra Energy Partners’s payout ratio is currently 166.06%.

Hedge Funds Weigh In On NextEra Energy Partners

Several institutional investors have recently made changes to their positions in the stock. M&G Plc bought a new position in shares of NextEra Energy Partners in the 1st quarter worth $83,069,000. Commerce Bank acquired a new position in shares of NextEra Energy Partners during the first quarter valued at about $15,597,000. M&G PLC increased its position in shares of NextEra Energy Partners by 19.3% during the third quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider’s stock worth $85,738,000 after acquiring an additional 496,383 shares in the last quarter. Swedbank AB acquired a new stake in shares of NextEra Energy Partners in the 1st quarter worth about $9,927,000. Finally, ClearBridge Investments Ltd lifted its position in NextEra Energy Partners by 6.4% in the 1st quarter. ClearBridge Investments Ltd now owns 4,161,433 shares of the solar energy provider’s stock valued at $125,176,000 after acquiring an additional 250,456 shares in the last quarter. Institutional investors and hedge funds 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.