NextEra Energy Partners, LP (NYSE:NEP) Receives $33.00 Consensus Target Price from Analysts

NextEra Energy Partners, LP (NYSE:NEP) has been assigned a consensus rating of “Hold” from the seventeen brokerages that are covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a sell recommendation, eleven have given a hold recommendation and three have assigned a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $33.00.

A number of analysts have recently commented on the company. Morgan Stanley lowered NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $31.00 to $20.00 in a report on Wednesday, July 31st. Mizuho downgraded NextEra Energy Partners from a “buy” rating to a “neutral” rating and set a $33.00 price target for the company. in a research report on Wednesday, June 12th. Barclays cut shares of NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $32.00 to $25.00 in a research note on Thursday, June 13th. Wolfe Research lowered shares of NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 25th. Finally, BMO Capital Markets decreased their target price on shares of NextEra Energy Partners from $32.00 to $28.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd.

Institutional Investors Weigh In On NextEra Energy Partners

Hedge funds have recently added to or reduced their stakes in the business. ClearBridge Investments Ltd raised its position in shares of NextEra Energy Partners by 6.4% in the first quarter. ClearBridge Investments Ltd now owns 4,161,433 shares of the solar energy provider’s stock valued at $125,176,000 after purchasing an additional 250,456 shares during the period. M&G Investment Management Ltd. grew its stake in NextEra Energy Partners by 27.1% in the 4th quarter. M&G Investment Management Ltd. now owns 3,044,055 shares of the solar energy provider’s stock valued at $91,322,000 after buying an additional 648,775 shares during the last quarter. M&G Plc bought a new position in NextEra Energy Partners in the 1st quarter valued at about $83,069,000. 1832 Asset Management L.P. lifted its position in NextEra Energy Partners by 599.4% during the fourth quarter. 1832 Asset Management L.P. now owns 2,602,485 shares of the solar energy provider’s stock worth $79,142,000 after acquiring an additional 2,230,374 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC boosted its holdings in shares of NextEra Energy Partners by 23.2% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,087,066 shares of the solar energy provider’s stock worth $33,058,000 after acquiring an additional 204,845 shares during the period. Institutional investors and hedge funds own 66.01% of the company’s stock.

NextEra Energy Partners Stock Performance

Shares of NEP stock opened at $25.18 on Tuesday. The company has a market capitalization of $2.36 billion, a P/E ratio of 8.26 and a beta of 1.05. NextEra Energy Partners has a 52 week low of $20.17 and a 52 week high of $51.28. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.22 and a current ratio of 1.30. The company’s 50 day moving average price is $25.77 and its two-hundred day moving average price is $28.29.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings data on Wednesday, July 24th. The solar energy provider reported $0.66 EPS for the quarter, beating the consensus estimate of $0.59 by $0.07. The business had revenue of $360.00 million for the quarter, compared to analysts’ expectations of $365.54 million. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The firm’s revenue was up 22.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.53 EPS. On average, analysts expect that NextEra Energy Partners will post 1.74 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Investors of record on Tuesday, August 6th were issued a dividend of $0.905 per share. The ex-dividend date of this dividend was Tuesday, August 6th. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.89. This represents a $3.62 dividend on an annualized basis and a dividend yield of 14.38%. NextEra Energy Partners’s payout ratio is presently 118.69%.

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.