NextEra Energy Partners (NYSE:NEP) Trading Down 3.5%

NextEra Energy Partners, LP (NYSE:NEP)’s share price fell 3.5% on Monday . The company traded as low as $26.55 and last traded at $26.66. 361,013 shares were traded during mid-day trading, a decline of 74% from the average session volume of 1,413,252 shares. The stock had previously closed at $27.64.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NEP. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $25.00 price objective on shares of NextEra Energy Partners in a research report on Thursday, May 23rd. Raymond James cut their target price on shares of NextEra Energy Partners from $50.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, April 3rd. Barclays cut shares of NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $32.00 to $25.00 in a research note on Thursday, June 13th. Mizuho cut shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and set a $33.00 target price for the company. in a research note on Wednesday, June 12th. Finally, StockNews.com raised shares of NextEra Energy Partners to a “sell” rating in a research note on Tuesday, March 19th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, NextEra Energy Partners presently has a consensus rating of “Hold” and an average target price of $38.20.

NextEra Energy Partners Stock Performance

The firm’s fifty day moving average price is $30.82 and its 200 day moving average price is $29.45. 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 market capitalization of $2.37 billion, a price-to-earnings ratio of 8.30 and a beta of 1.04.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings data on Monday, April 22nd. The solar energy provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.12 by $0.63. NextEra Energy Partners had a net margin of 23.55% and a negative return on equity of 0.48%. The firm had revenue of $257.00 million for the quarter, compared to analyst estimates of $331.78 million. During the same period in the prior year, the business posted ($0.17) EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. Analysts forecast that NextEra Energy Partners, LP will post 1.89 EPS for the current fiscal year.

NextEra Energy Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, May 7th were issued a dividend of $0.8925 per share. The ex-dividend date of this dividend was Monday, May 6th. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.88. This represents a $3.57 dividend on an annualized basis and a yield of 14.11%. NextEra Energy Partners’s dividend payout ratio is 117.05%.

Institutional Investors Weigh In On NextEra Energy Partners

A number of hedge funds have recently added to or reduced their stakes in NEP. CWM LLC lifted its holdings in NextEra Energy Partners by 160.2% during the 4th quarter. CWM LLC now owns 830 shares of the solar energy provider’s stock worth $25,000 after buying an additional 511 shares in the last quarter. Richardson Financial Services Inc. acquired a new stake in NextEra Energy Partners during the 4th quarter worth approximately $27,000. Hexagon Capital Partners LLC lifted its holdings in NextEra Energy Partners by 208.3% during the 1st quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock worth $28,000 after buying an additional 627 shares in the last quarter. MV Capital Management Inc. acquired a new stake in NextEra Energy Partners during the 4th quarter worth approximately $30,000. Finally, Heritage Wealth Advisors acquired a new stake in shares of NextEra Energy Partners in the 4th quarter valued at $33,000. 66.01% of the stock is currently owned by institutional investors and hedge funds.

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.