Assenagon Asset Management S.A. Acquires 7,501 Shares of NextEra Energy Partners, LP (NYSE:NEP)

Assenagon Asset Management S.A. grew its holdings in NextEra Energy Partners, LP (NYSE:NEP) by 7.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 108,578 shares of the solar energy provider’s stock after purchasing an additional 7,501 shares during the period. Assenagon Asset Management S.A. owned approximately 0.12% of NextEra Energy Partners worth $2,999,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Ameritas Advisory Services LLC increased its stake in shares of NextEra Energy Partners by 1.4% in the 2nd quarter. Ameritas Advisory Services LLC now owns 29,190 shares of the solar energy provider’s stock valued at $807,000 after purchasing an additional 412 shares during the last quarter. Brown Miller Wealth Management LLC increased its stake in shares of NextEra Energy Partners by 2.4% in the 3rd quarter. Brown Miller Wealth Management LLC now owns 18,459 shares of the solar energy provider’s stock valued at $509,000 after purchasing an additional 433 shares during the last quarter. Pathway Financial Advisers LLC increased its stake in shares of NextEra Energy Partners by 0.9% in the 2nd quarter. Pathway Financial Advisers LLC now owns 48,363 shares of the solar energy provider’s stock valued at $1,336,000 after purchasing an additional 454 shares during the last quarter. Arizona State Retirement System increased its stake in shares of NextEra Energy Partners by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 26,186 shares of the solar energy provider’s stock valued at $724,000 after purchasing an additional 509 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC increased its stake in shares of NextEra Energy Partners by 4.6% in the 2nd quarter. Jaffetilchin Investment Partners LLC now owns 13,088 shares of the solar energy provider’s stock valued at $362,000 after purchasing an additional 581 shares during the last quarter. Institutional investors own 66.01% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on NEP. Evercore ISI reduced their price objective on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. JPMorgan Chase & Co. upgraded NextEra Energy Partners from an “underweight” rating to a “neutral” rating and reduced their price target for the stock from $25.00 to $22.00 in a report on Thursday, October 24th. Mizuho dropped their price objective on shares of NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. Guggenheim downgraded shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and cut their target price for the stock from $37.00 to $22.00 in a research report on Monday. Finally, Raymond James cut shares of NextEra Energy Partners from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 9th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $26.69.

NextEra Energy Partners Stock Performance

Shares of NEP opened at $19.18 on Thursday. 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 stock has a market capitalization of $1.79 billion, a P/E ratio of 8.83 and a beta of 1.06. The firm’s fifty day simple moving average is $25.21 and its two-hundred day simple moving average is $27.53. NextEra Energy Partners, LP has a 12 month low of $19.16 and a 12 month high of $35.15.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.94). The firm had revenue of $319.00 million for the quarter, compared to the consensus estimate of $332.25 million. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The business’s revenue was up 3.6% compared to the same quarter last year. During the same period last year, the company posted $0.57 EPS. As a group, analysts predict that NextEra Energy Partners, LP will post 1.77 EPS for the current year.

NextEra Energy Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th will be given a dividend of $0.9175 per share. The ex-dividend date is Wednesday, November 6th. This represents a $3.67 dividend on an annualized basis and a yield of 19.13%. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.91. NextEra Energy Partners’s dividend payout ratio is 166.06%.

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.