BMO Capital Markets Reaffirms Market Perform Rating for NextEra Energy Partners (NYSE:NEP)

NextEra Energy Partners (NYSE:NEP)‘s stock had its “market perform” rating reissued by analysts at BMO Capital Markets in a note issued to investors on Monday, Marketbeat reports. They currently have a $18.00 target price on the solar energy provider’s stock, down from their prior target price of $26.00. BMO Capital Markets’ price objective suggests a potential upside of 7.02% from the company’s previous close.

A number of other brokerages have also issued reports on NEP. Jefferies Financial Group cut their price target on NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Evercore ISI cut their target price on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. 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. Morgan Stanley upgraded shares of NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price objective on the stock in a research report on Monday, December 2nd. Finally, UBS Group dropped their target price on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating for the company in a research report on Monday, September 30th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $24.64.

NextEra Energy Partners Stock Down 3.0 %

NYSE NEP opened at $16.82 on Monday. NextEra Energy Partners has a 52 week low of $15.55 and a 52 week high of $35.15. The company has a quick ratio of 1.78, a current ratio of 2.02 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $1.57 billion, a P/E ratio of 7.72 and a beta of 1.06. The stock’s 50-day moving average price is $17.60 and its 200-day moving average price is $22.57.

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

Institutional Trading of NextEra Energy Partners

Hedge funds and other institutional investors have recently bought and sold shares of the stock. M&G PLC boosted its stake in NextEra Energy Partners by 19.3% during the third quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider’s stock worth $85,738,000 after buying an additional 496,383 shares during the period. Franklin Resources Inc. grew its holdings in NextEra Energy Partners by 89.4% during the 3rd quarter. Franklin Resources Inc. now owns 78,930 shares of the solar energy provider’s stock valued at $2,049,000 after purchasing an additional 37,265 shares during the last quarter. Thrivent Financial for Lutherans bought a new position in NextEra Energy Partners during the 3rd quarter valued at about $16,186,000. Healthcare of Ontario Pension Plan Trust Fund raised its position in NextEra Energy Partners by 158.4% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 255,754 shares of the solar energy provider’s stock worth $7,064,000 after purchasing an additional 156,774 shares during the period. Finally, International Assets Investment Management LLC lifted its stake in NextEra Energy Partners by 2,514.3% in the third quarter. International Assets Investment Management LLC now owns 98,142 shares of the solar energy provider’s stock worth $2,711,000 after purchasing an additional 94,388 shares during the last quarter. Hedge funds and other institutional investors 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.