Morgan Stanley Upgrades NextEra Energy Partners (NYSE:NEP) to Overweight

NextEra Energy Partners (NYSE:NEP) was upgraded by equities researchers at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The firm presently has a $22.00 price objective on the solar energy provider’s stock. Morgan Stanley’s price target would indicate a potential upside of 17.40% from the company’s current price.

Other analysts have also issued research reports about the company. BMO Capital Markets cut their price objective on NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating for the company in a report on Monday, October 21st. JPMorgan Chase & Co. upgraded 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 report on Thursday, October 24th. CIBC dropped their target price on shares of NextEra Energy Partners from $34.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. BNP Paribas started coverage on shares of NextEra Energy Partners in a research note on Tuesday, October 1st. They set an “underperform” rating and a $15.00 target price for the company. Finally, UBS Group decreased their price target on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Monday, September 30th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $26.85.

NextEra Energy Partners Stock Down 4.7 %

NextEra Energy Partners stock opened at $18.74 on Monday. The company’s 50-day moving average price is $21.36 and its two-hundred day moving average price is $25.38. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 8.60 and a beta of 1.07. NextEra Energy Partners has a 52 week low of $15.55 and a 52 week 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.

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

Hedge Funds Weigh In On NextEra Energy Partners

Several institutional investors and hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. raised its holdings in shares of NextEra Energy Partners by 150.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock worth $46,000 after acquiring an additional 1,000 shares in the last quarter. EverSource Wealth Advisors LLC acquired a new position in NextEra Energy Partners in the 2nd quarter worth about $51,000. Eastern Bank purchased a new stake in shares of NextEra Energy Partners during the 3rd quarter worth about $57,000. McIlrath & Eck LLC acquired a new stake in shares of NextEra Energy Partners during the 3rd quarter valued at about $63,000. Finally, Central Bank & Trust Co. bought a new stake in shares of NextEra Energy Partners in the 2nd quarter valued at approximately $99,000. Hedge funds and other institutional investors own 66.01% of the company’s stock.

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.