What is Seaport Res Ptn’s Estimate for NEP FY2024 Earnings?

NextEra Energy Partners, LP (NYSE:NEP) – Equities research analysts at Seaport Res Ptn lowered their FY2024 earnings estimates for shares of NextEra Energy Partners in a report released on Tuesday, October 22nd. Seaport Res Ptn analyst A. Storozynski now anticipates that the solar energy provider will post earnings per share of $1.33 for the year, down from their prior estimate of $1.34. The consensus estimate for NextEra Energy Partners’ current full-year earnings is $2.20 per share. Seaport Res Ptn also issued estimates for NextEra Energy Partners’ FY2026 earnings at $0.67 EPS and FY2028 earnings at $0.29 EPS.

NextEra Energy Partners (NYSE:NEP) last announced its quarterly earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.07. The company had revenue of $360.00 million during the quarter, compared to the consensus estimate of $365.54 million. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The company’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same period in the prior year, the business earned $0.53 earnings per share.

Other research analysts also recently issued research reports about the company. BNP Paribas began coverage on NextEra Energy Partners in a research note on Tuesday, October 1st. They issued an “underperform” rating and a $15.00 price objective for the company. Royal Bank of Canada lowered shares of NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $38.00 to $30.00 in a report on Monday, July 1st. Wolfe Research downgraded NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a report on Thursday, July 25th. UBS Group lowered their target price on NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating for the company in a research report on Monday, September 30th. Finally, StockNews.com raised NextEra Energy Partners to a “sell” rating in a research note on Thursday, July 25th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $29.15.

NextEra Energy Partners Price Performance

Shares of NEP opened at $21.01 on Wednesday. The company has a quick ratio of 1.22, a current ratio of 1.30 and a debt-to-equity ratio of 0.36. The stock has a market cap of $1.97 billion, a PE ratio of 6.89 and a beta of 1.06. NextEra Energy Partners has a 12-month low of $20.82 and a 12-month high of $35.15. The business has a 50-day simple moving average of $25.61 and a two-hundred day simple moving average of $27.77.

Institutional Investors Weigh In On NextEra Energy Partners

Hedge funds and other institutional investors have recently modified their holdings of the company. B. Riley Wealth Advisors Inc. raised its holdings in shares of NextEra Energy Partners by 15.5% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 8,763 shares of the solar energy provider’s stock worth $266,000 after acquiring an additional 1,179 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in NextEra Energy Partners in the first quarter worth $83,000. Ervin Investment Management LLC raised its position in shares of NextEra Energy Partners by 9.8% in the first quarter. Ervin Investment Management LLC now owns 27,136 shares of the solar energy provider’s stock valued at $816,000 after purchasing an additional 2,429 shares during the period. Brown Miller Wealth Management LLC boosted its position in shares of NextEra Energy Partners by 44.4% in the first quarter. Brown Miller Wealth Management LLC now owns 18,033 shares of the solar energy provider’s stock valued at $542,000 after acquiring an additional 5,546 shares during the period. Finally, Hexagon Capital Partners LLC increased its holdings in shares of NextEra Energy Partners by 208.3% in the first quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock worth $28,000 after purchasing an additional 627 shares during the period. 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.