Bank of Montreal Can Lowers Stock Position in NextEra Energy Partners, LP (NYSE:NEP)

Bank of Montreal Can decreased its holdings in shares of NextEra Energy Partners, LP (NYSE:NEP) by 3.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 113,813 shares of the solar energy provider’s stock after selling 4,080 shares during the period. Bank of Montreal Can’s holdings in NextEra Energy Partners were worth $3,235,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Franklin Resources Inc. raised its position in NextEra Energy Partners by 100.2% in the fourth quarter. Franklin Resources Inc. now owns 31,183 shares of the solar energy provider’s stock worth $948,000 after acquiring an additional 15,604 shares in the last quarter. Advisory Services Network LLC acquired a new stake in shares of NextEra Energy Partners in the fourth quarter valued at about $267,000. Steward Partners Investment Advisory LLC boosted its holdings in NextEra Energy Partners by 147.3% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 26,032 shares of the solar energy provider’s stock worth $792,000 after buying an additional 15,506 shares in the last quarter. Belpointe Asset Management LLC increased its holdings in NextEra Energy Partners by 120.0% in the fourth quarter. Belpointe Asset Management LLC now owns 18,089 shares of the solar energy provider’s stock valued at $550,000 after buying an additional 9,865 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its holdings in NextEra Energy Partners by 599.4% in the fourth quarter. 1832 Asset Management L.P. now owns 2,602,485 shares of the solar energy provider’s stock valued at $79,142,000 after buying an additional 2,230,374 shares in the last quarter. 66.01% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

NEP has been the subject of several research analyst reports. Royal Bank of Canada downgraded NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and dropped their price objective for the company from $38.00 to $30.00 in a research note on Monday, July 1st. StockNews.com raised NextEra Energy Partners to a “sell” rating in a research note on Thursday, July 25th. Wolfe Research downgraded shares of NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a report on Thursday, July 25th. BNP Paribas initiated coverage on shares of NextEra Energy Partners in a report on Tuesday. They issued an “underperform” rating and a $15.00 price target on the stock. Finally, BMO Capital Markets dropped their price objective on shares of NextEra Energy Partners from $32.00 to $28.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $30.08.

NextEra Energy Partners Price Performance

Shares of NYSE:NEP opened at $26.65 on Thursday. The business has a fifty day simple moving average of $25.64 and a 200-day simple moving average of $28.13. NextEra Energy Partners, LP has a 52 week low of $20.17 and a 52 week high of $35.15. The company has a market cap of $2.49 billion, a P/E ratio of 8.74 and a beta of 1.05. The company has a quick ratio of 1.22, a current ratio of 1.30 and a debt-to-equity ratio of 0.36.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The company had revenue of $360.00 million for the quarter, compared to the consensus estimate of $365.54 million. During the same quarter last year, the firm posted $0.53 earnings per share. NextEra Energy Partners’s revenue was up 22.9% on a year-over-year basis. Equities research analysts forecast that NextEra Energy Partners, LP will post 2.2 EPS for the current year.

NextEra Energy Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Tuesday, August 6th were paid a $0.905 dividend. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.89. This represents a $3.62 annualized dividend and a dividend yield of 13.58%. The ex-dividend date was Tuesday, August 6th. NextEra Energy Partners’s payout ratio is currently 118.69%.

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.