CIBC Cuts NextEra Energy Partners (NYSE:NEP) Price Target to $21.00

NextEra Energy Partners (NYSE:NEP) had its target price decreased by CIBC from $26.00 to $21.00 in a research report released on Wednesday,Benzinga reports. CIBC currently has a neutral rating on the solar energy provider’s stock.

A number of other brokerages have also recently weighed in on NEP. Barclays reissued an “underweight” rating and set a $25.00 price objective on shares of NextEra Energy Partners in a research note on Friday, October 4th. Evercore ISI dropped their price target on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Morgan Stanley upgraded NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price objective on the stock in a research report on Monday, December 2nd. Jefferies Financial Group decreased their price objective on 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. Finally, BNP Paribas assumed coverage on shares of NextEra Energy Partners in a research note on Tuesday, October 1st. They issued an “underperform” rating and a $15.00 target price for the company. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $25.21.

NextEra Energy Partners Stock Down 0.8 %

NEP opened at $18.11 on Wednesday. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.78 and a current ratio of 2.02. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 8.31 and a beta of 1.06. NextEra Energy Partners has a one year low of $15.55 and a one year high of $35.15. The business’s fifty day moving average is $17.76 and its two-hundred day moving average is $22.87.

NextEra Energy Partners (NYSE:NEP) last released its quarterly earnings data 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). NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The business had revenue of $319.00 million during the quarter, compared to analysts’ expectations of $332.25 million. During the same quarter in the prior year, the firm earned $0.57 earnings per share. NextEra Energy Partners’s quarterly revenue was up 3.6% on a year-over-year basis. Analysts anticipate that NextEra Energy Partners will post 1.96 EPS for the current fiscal year.

NextEra Energy Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders 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 20.27%. The ex-dividend date of this dividend was Wednesday, November 6th. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.91. NextEra Energy Partners’s dividend payout ratio (DPR) is 168.35%.

Institutional Trading of NextEra Energy Partners

Institutional investors and hedge funds have recently made changes to their positions in the company. Arizona State Retirement System boosted its holdings in NextEra Energy Partners by 2.0% in the second quarter. Arizona State Retirement System now owns 26,186 shares of the solar energy provider’s stock valued at $724,000 after acquiring an additional 509 shares during the last quarter. Headlands Technologies LLC grew its holdings in shares of NextEra Energy Partners by 201.4% during the 2nd quarter. Headlands Technologies LLC now owns 43,287 shares of the solar energy provider’s stock worth $1,196,000 after purchasing an additional 28,923 shares during the period. Johnson Investment Counsel Inc. grew its holdings in shares of NextEra Energy Partners by 18.8% during the 2nd quarter. Johnson Investment Counsel Inc. now owns 39,827 shares of the solar energy provider’s stock worth $1,101,000 after purchasing an additional 6,315 shares during the period. Quantbot Technologies LP increased its position in NextEra Energy Partners by 83.4% during the 2nd quarter. Quantbot Technologies LP now owns 149,718 shares of the solar energy provider’s stock worth $4,138,000 after purchasing an additional 68,084 shares in the last quarter. Finally, Virtu Financial LLC purchased a new position in NextEra Energy Partners in the second quarter valued at approximately $1,377,000. 66.01% of the stock is currently owned by institutional investors and hedge funds.

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.