NextEra Energy Partners, LP (NYSE:NEP) Given Consensus Recommendation of “Hold” by Brokerages

Shares of NextEra Energy Partners, LP (NYSE:NEP) have been given an average recommendation of “Hold” by the sixteen brokerages that are presently covering the stock, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation and three have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $26.69.

Several equities analysts have recently commented on the company. Evercore ISI lowered their target price on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. BMO Capital Markets dropped their target price on NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating on the stock in a research report on Monday, October 21st. Morgan Stanley downgraded shares of NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and reduced their price target for the company from $31.00 to $20.00 in a report on Wednesday, July 31st. Mizuho lowered their price target on shares of NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Finally, UBS Group cut their price objective on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Monday, September 30th.

NextEra Energy Partners Stock Performance

Shares of NEP opened at $16.78 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.02 and a quick ratio of 1.78. NextEra Energy Partners has a 12-month low of $15.55 and a 12-month high of $35.15. The business’s fifty day moving average price is $22.55 and its 200 day moving average price is $26.18. The stock has a market capitalization of $1.57 billion, a PE ratio of 7.70 and a beta of 1.10.

NextEra Energy Partners (NYSE:NEP) last posted 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 period last year, the firm posted $0.57 earnings per share. The company’s quarterly revenue was up 3.6% on a year-over-year basis. Equities research analysts forecast that NextEra Energy Partners will post 1.36 EPS for the current year.

NextEra Energy Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Wednesday, November 6th were paid a dividend of $0.9175 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $3.67 annualized dividend and a yield of 21.87%. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.91. NextEra Energy Partners’s dividend payout ratio (DPR) is currently 168.35%.

Institutional Investors Weigh In On NextEra Energy Partners

Hedge funds and other institutional investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. grew its stake in shares of NextEra Energy Partners by 150.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock worth $46,000 after purchasing an additional 1,000 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new position in NextEra Energy Partners in the second quarter worth approximately $51,000. Eastern Bank bought a new position in shares of NextEra Energy Partners in the third quarter valued at $57,000. McIlrath & Eck LLC bought a new position in shares of NextEra Energy Partners in the third quarter valued at $63,000. Finally, Central Bank & Trust Co. acquired a new stake in shares of NextEra Energy Partners during the 2nd quarter valued at $99,000. 66.01% of the stock is currently owned by institutional investors.

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.