NextEra Energy Partners, LP (NYSE:NEP) Receives $26.00 Consensus Target Price from Analysts

NextEra Energy Partners, LP (NYSE:NEP) has received an average recommendation of “Hold” from the seventeen brokerages that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $26.00.

Several analysts have recently weighed in on the stock. Morgan Stanley raised shares of NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 target price on the stock in a report on Monday, December 2nd. UBS Group decreased 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. Guggenheim downgraded NextEra Energy Partners from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $37.00 to $22.00 in a research report on Monday, October 28th. Jefferies Financial Group reduced their price objective on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. Finally, Scotiabank lowered their price target on NextEra Energy Partners from $26.00 to $15.00 and set a “sector perform” rating for the company in a report on Thursday, December 12th.

NextEra Energy Partners Stock Performance

NYSE NEP opened at $17.61 on Thursday. NextEra Energy Partners has a 1-year low of $15.55 and a 1-year high of $35.15. The stock has a 50-day moving average of $19.15 and a two-hundred day moving average of $24.00. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.02 and a quick ratio of 1.78. The company has a market cap of $1.65 billion, a P/E ratio of 8.08 and a beta of 1.07.

NextEra Energy Partners (NYSE:NEP) last released its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.94). NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The company had revenue of $319.00 million for the quarter, compared to analyst estimates of $332.25 million. During the same period in the previous year, the business posted $0.57 EPS. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. As a group, analysts anticipate that NextEra Energy Partners will post 1.96 EPS for the current year.

NextEra Energy Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th were paid a dividend of $0.9175 per share. This represents a $3.67 dividend on an annualized basis and a dividend yield of 20.84%. The ex-dividend date was Wednesday, November 6th. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.91. NextEra Energy Partners’s payout ratio is currently 168.35%.

Institutional Investors Weigh In On NextEra Energy Partners

Several hedge funds have recently modified their holdings of the stock. Northwestern Mutual Wealth Management Co. boosted its position in 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 valued at $46,000 after buying an additional 1,000 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new stake in NextEra Energy Partners in the second quarter valued at $51,000. Eastern Bank acquired a new stake in NextEra Energy Partners in the third quarter valued at $57,000. McIlrath & Eck LLC bought a new position in NextEra Energy Partners during the 3rd quarter valued at $63,000. Finally, International Assets Investment Management LLC acquired a new position in NextEra Energy Partners during the 2nd quarter worth $104,000. 66.01% of the stock is currently owned by hedge funds and other 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.