NextEra Energy Partners (NYSE:NEP) Price Target Lowered to $32.00 at CIBC

NextEra Energy Partners (NYSE:NEP) had its price objective dropped by equities researchers at CIBC from $34.00 to $32.00 in a report issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the solar energy provider’s stock. CIBC’s price target suggests a potential upside of 52.31% from the stock’s previous close.

NEP has been the subject of a number of other 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 stock from $38.00 to $30.00 in a report on Monday, July 1st. Mizuho dropped their price target on NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. UBS Group reduced their price objective on NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating on the stock in a research note on Monday, September 30th. Wolfe Research downgraded shares of NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 25th. Finally, Raymond James lowered shares of NextEra Energy Partners from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 9th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, NextEra Energy Partners currently has an average rating of “Hold” and a consensus target price of $29.15.

NextEra Energy Partners Trading Down 16.3 %

NYSE NEP opened at $21.01 on Tuesday. The company has a market cap of $1.97 billion, a P/E ratio of 6.89 and a beta of 1.06. NextEra Energy Partners has a 12 month low of $20.82 and a 12 month high of $35.15. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.30 and a quick ratio of 1.22. The company has a 50-day moving average of $25.61 and a 200-day moving average of $27.77.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. ClearBridge Investments Ltd grew its stake in NextEra Energy Partners by 6.4% during the 1st quarter. ClearBridge Investments Ltd now owns 4,161,433 shares of the solar energy provider’s stock valued at $125,176,000 after purchasing an additional 250,456 shares in the last quarter. M&G Plc acquired a new position in shares of NextEra Energy Partners in the 1st quarter valued at approximately $83,069,000. Raymond James & Associates boosted its stake in shares of NextEra Energy Partners by 6.2% during the 2nd quarter. Raymond James & Associates now owns 802,161 shares of the solar energy provider’s stock valued at $22,172,000 after buying an additional 46,718 shares during the last quarter. Redwood Grove Capital LLC grew its position in shares of NextEra Energy Partners by 0.9% during the first quarter. Redwood Grove Capital LLC now owns 776,555 shares of the solar energy provider’s stock worth $23,359,000 after buying an additional 7,200 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of NextEra Energy Partners by 3.6% in the first quarter. Vanguard Group Inc. now owns 635,881 shares of the solar energy provider’s stock worth $19,127,000 after buying an additional 22,370 shares during the last quarter. Institutional investors and hedge funds own 66.01% of the company’s stock.

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.