NextEra Energy Partners (NYSE:NEP) Lowered to Sector Perform at Royal Bank of Canada

Royal Bank of Canada lowered shares of NextEra Energy Partners (NYSE:NEP) from an outperform rating to a sector perform rating in a research report released on Monday morning, MarketBeat Ratings reports. Royal Bank of Canada currently has $30.00 target price on the solar energy provider’s stock, down from their previous target price of $38.00.

Several other equities analysts have also weighed in on the company. Raymond James cut their target price on NextEra Energy Partners from $50.00 to $45.00 and set an outperform rating on the stock in a report on Wednesday, April 3rd. Barclays lowered NextEra Energy Partners from an equal weight rating to an underweight rating and dropped their price objective for the stock from $32.00 to $25.00 in a research note on Thursday, June 13th. Mizuho lowered NextEra Energy Partners from a buy rating to a neutral rating and set a $33.00 price target on the stock. in a research note on Wednesday, June 12th. StockNews.com upgraded NextEra Energy Partners to a sell rating in a research note on Tuesday, March 19th. Finally, Marathon Capitl reaffirmed an equal weight rating on shares of NextEra Energy Partners in a report on Tuesday, March 26th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, NextEra Energy Partners presently has a consensus rating of Hold and a consensus price target of $38.20.

NextEra Energy Partners Price Performance

NEP opened at $25.21 on Monday. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of 8.27 and a beta of 1.04. NextEra Energy Partners has a 1 year low of $20.17 and a 1 year high of $59.90. The company has a current ratio of 1.36, a quick ratio of 1.31 and a debt-to-equity ratio of 0.35. The stock has a fifty day moving average price of $30.89 and a 200 day moving average price of $29.49.

NextEra Energy Partners (NYSE:NEP) last released its quarterly earnings data on Monday, April 22nd. The solar energy provider reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.12 by $0.63. The firm had revenue of $257.00 million during the quarter, compared to analysts’ expectations of $331.78 million. NextEra Energy Partners had a negative return on equity of 0.48% and a net margin of 23.55%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.17) earnings per share. Analysts forecast that NextEra Energy Partners will post 1.89 EPS for the current fiscal year.

NextEra Energy Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, May 7th were given a $0.8925 dividend. This represents a $3.57 annualized dividend and a yield of 14.16%. The ex-dividend date of this dividend was Monday, May 6th. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.88. NextEra Energy Partners’s payout ratio is 117.05%.

Institutional Trading of NextEra Energy Partners

Institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC increased its position in shares of NextEra Energy Partners by 160.2% in the 4th quarter. CWM LLC now owns 830 shares of the solar energy provider’s stock valued at $25,000 after buying an additional 511 shares in the last quarter. Richardson Financial Services Inc. acquired a new position in NextEra Energy Partners in the 4th quarter worth $27,000. Hexagon Capital Partners LLC boosted its stake in NextEra Energy Partners by 208.3% in the 1st 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. MV Capital Management Inc. acquired a new position in NextEra Energy Partners in the 4th quarter worth $30,000. Finally, Heritage Wealth Advisors acquired a new position in NextEra Energy Partners in the 4th quarter worth $33,000. 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.