NextEra Energy Partners (NYSE:NEP) Stock Price Down 4.2% on Analyst Downgrade

NextEra Energy Partners, LP (NYSE:NEPGet Free Report) shares were down 4.2% on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $22.00 to $20.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. NextEra Energy Partners traded as low as $16.24 and last traded at $16.13. Approximately 1,005,895 shares traded hands during trading, a decline of 43% from the average daily volume of 1,776,274 shares. The stock had previously closed at $16.84.

A number of other brokerages have also recently weighed in on NEP. Morgan Stanley upgraded shares of NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price target for the company in a research note on Monday, December 2nd. Guggenheim downgraded shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $37.00 to $22.00 in a report on Monday, October 28th. Scotiabank decreased their target price on shares of NextEra Energy Partners from $26.00 to $15.00 and set a “sector perform” rating on the stock in a research report on Thursday, December 12th. BMO Capital Markets reissued a “market perform” rating and set a $18.00 target price (down from $26.00) on shares of NextEra Energy Partners in a research report on Monday, January 13th. Finally, BNP Paribas started coverage on shares of NextEra Energy Partners in a research note on Tuesday, October 1st. They issued an “underperform” rating and a $15.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, NextEra Energy Partners presently has a consensus rating of “Hold” and a consensus target price of $24.50.

Read Our Latest Stock Analysis on NextEra Energy Partners

Institutional Trading of NextEra Energy Partners

Several hedge funds have recently bought and sold shares of NEP. Northwestern Mutual Wealth Management Co. grew its stake 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 valued at $46,000 after buying an additional 1,000 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new position in NextEra Energy Partners in the 2nd quarter worth approximately $51,000. Eastern Bank purchased a new stake in shares of NextEra Energy Partners during the 3rd quarter valued at approximately $57,000. McIlrath & Eck LLC acquired a new position in shares of NextEra Energy Partners in the third quarter worth $63,000. Finally, Central Pacific Bank Trust Division grew its stake in shares of NextEra Energy Partners by 153.1% during the fourth quarter. Central Pacific Bank Trust Division now owns 6,200 shares of the solar energy provider’s stock worth $110,000 after purchasing an additional 3,750 shares in the last quarter. Institutional investors own 66.01% of the company’s stock.

NextEra Energy Partners Trading Down 6.6 %

The business’s 50-day moving average is $17.51 and its two-hundred day moving average is $22.06. The company has a quick ratio of 1.78, a current ratio of 2.02 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $1.47 billion, a PE ratio of 7.22 and a beta of 1.06.

NextEra Energy Partners (NYSE:NEPGet Free Report) last released its quarterly 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). NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The business had revenue of $319.00 million during the quarter, compared to analyst estimates of $332.25 million. During the same quarter in the prior year, the company earned $0.57 earnings per share. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. On average, analysts anticipate that NextEra Energy Partners, LP will post 2.06 earnings per share for the current fiscal year.

NextEra Energy Partners Company Profile

(Get Free Report)

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.

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