Franklin Resources Inc. Acquires 37,265 Shares of NextEra Energy Partners, LP (NYSE:NEP)

Franklin Resources Inc. increased its stake in NextEra Energy Partners, LP (NYSE:NEP) by 89.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 78,930 shares of the solar energy provider’s stock after purchasing an additional 37,265 shares during the quarter. Franklin Resources Inc. owned about 0.08% of NextEra Energy Partners worth $2,049,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of NextEra Energy Partners by 150.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock worth $46,000 after purchasing an additional 1,000 shares in the last quarter. EverSource Wealth Advisors LLC bought a new stake in shares of NextEra Energy Partners in the 2nd quarter worth approximately $51,000. Eastern Bank purchased a new position in NextEra Energy Partners during the 3rd quarter valued at $57,000. McIlrath & Eck LLC purchased a new stake in shares of NextEra Energy Partners in the 3rd quarter worth about $63,000. Finally, International Assets Investment Management LLC purchased a new position in shares of NextEra Energy Partners during the second quarter valued at about $104,000. Hedge funds and other institutional investors own 66.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on NEP shares. BMO Capital Markets lowered 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. Mizuho lowered their price target on NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Jefferies Financial Group cut their price objective on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Guggenheim lowered NextEra Energy Partners from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $37.00 to $22.00 in a report on Monday, October 28th. Finally, Scotiabank decreased their price objective on shares of NextEra Energy Partners from $26.00 to $15.00 and set a “sector perform” rating for the company in a report on Thursday, December 12th. Three analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $26.00.

NextEra Energy Partners Price Performance

NextEra Energy Partners stock opened at $17.68 on Friday. NextEra Energy Partners, LP has a 12-month low of $15.55 and a 12-month 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 firm has a 50-day moving average price of $18.65 and a 200-day moving average price of $23.69. The firm has a market capitalization of $1.65 billion, a PE ratio of 8.11 and a beta of 1.07.

NextEra Energy Partners (NYSE:NEP) last announced its quarterly earnings data 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 negative return on equity of 1.07% and a net margin of 17.47%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.57 EPS. As a group, equities research analysts forecast that NextEra Energy Partners, LP will post 1.96 EPS for the current year.

NextEra Energy Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th were given a $0.9175 dividend. This represents a $3.67 annualized dividend and a yield of 20.76%. The ex-dividend date of this dividend was Wednesday, November 6th. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.91. NextEra Energy Partners’s dividend payout ratio is 168.35%.

NextEra Energy Partners 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.