Brokerages Set NextEra Energy Partners, LP (NYSE:NEP) Price Target at $26.69

NextEra Energy Partners, LP (NYSE:NEP) has been assigned an average recommendation of “Hold” from the sixteen research firms that are covering the company, Marketbeat.com reports. Three analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and three have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $26.69.

Several brokerages have recently issued reports on NEP. Jefferies Financial Group reduced their target price on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. JPMorgan Chase & Co. raised shares of NextEra Energy Partners from an “underweight” rating to a “neutral” rating and reduced their price objective for the company from $25.00 to $22.00 in a research note on Thursday, October 24th. Barclays reiterated an “underweight” rating and set a $25.00 target price on shares of NextEra Energy Partners in a research report on Friday, October 4th. BNP Paribas started coverage on NextEra Energy Partners in a research report on Tuesday, October 1st. They issued an “underperform” rating and a $15.00 price target on the stock. Finally, BMO Capital Markets decreased their price objective on shares of NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating for the company in a report on Monday, October 21st.

NextEra Energy Partners Stock Down 0.6 %

Shares of NEP opened at $17.18 on Friday. The business’s fifty day moving average price is $22.38 and its two-hundred day moving average price is $26.01. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of 7.88 and a beta of 1.10. NextEra Energy Partners has a 52 week low of $15.55 and a 52 week high of $35.15. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.78 and a current ratio of 2.02.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.94). The firm had revenue of $319.00 million during the quarter, compared to the consensus estimate of $332.25 million. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. NextEra Energy Partners’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.57 EPS. On average, analysts predict that NextEra Energy Partners will post 1.36 earnings per share for the current year.

NextEra Energy Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Wednesday, November 6th were issued a $0.9175 dividend. This represents a $3.67 dividend on an annualized basis and a dividend yield of 21.36%. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.91. The ex-dividend date of this dividend was Wednesday, November 6th. NextEra Energy Partners’s payout ratio is 168.35%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of NEP. Vanguard Group Inc. grew its stake in shares of NextEra Energy Partners by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 635,881 shares of the solar energy provider’s stock worth $19,127,000 after acquiring an additional 22,370 shares in the last quarter. Shell Asset Management Co. bought a new position in NextEra Energy Partners in the first quarter valued at $393,000. Paloma Partners Management Co bought a new stake in NextEra Energy Partners during the 1st quarter worth about $363,000. Bayesian Capital Management LP acquired a new position in shares of NextEra Energy Partners during the 1st quarter worth about $266,000. Finally, Janus Henderson Group PLC bought a new position in shares of NextEra Energy Partners in the 1st quarter valued at about $1,308,000. 66.01% of the stock is currently owned by institutional investors.

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.