JPMorgan Chase & Co. Cuts Stock Position in NextEra Energy Partners, LP (NYSE:NEP)

JPMorgan Chase & Co. lowered its holdings in NextEra Energy Partners, LP (NYSE:NEP) by 87.3% in the third quarter, HoldingsChannel reports. The firm owned 109,544 shares of the solar energy provider’s stock after selling 753,413 shares during the quarter. JPMorgan Chase & Co.’s holdings in NextEra Energy Partners were worth $3,026,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. increased its position in shares of NextEra Energy Partners by 150.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock worth $46,000 after acquiring an additional 1,000 shares during the period. EverSource Wealth Advisors LLC acquired a new stake in NextEra Energy Partners during the second quarter worth approximately $51,000. Eastern Bank purchased a new stake in shares of NextEra Energy Partners in the 3rd quarter valued at about $57,000. McIlrath & Eck LLC acquired a new stake in shares of NextEra Energy Partners in the third quarter valued at approximately $63,000. Finally, Future Financial Wealth Managment LLC purchased a new position in NextEra Energy Partners during the 3rd quarter worth $173,000. 66.01% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages recently weighed in on NEP. Jefferies Financial Group dropped their price objective on NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Guggenheim lowered NextEra Energy Partners from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $37.00 to $22.00 in a research note on Monday, October 28th. Mizuho lowered their target price on shares of 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. CIBC dropped their price objective on shares of NextEra Energy Partners from $26.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Finally, Barclays reaffirmed an “underweight” rating and issued a $25.00 target price on shares of NextEra Energy Partners in a research report on Friday, October 4th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $24.64.

NextEra Energy Partners Trading Up 1.0 %

NYSE NEP opened at $17.09 on Monday. The company has a market capitalization of $1.60 billion, a PE ratio of 7.84 and a beta of 1.06. NextEra Energy Partners, LP has a 1-year low of $15.55 and a 1-year high of $35.15. The company has a current ratio of 2.02, a quick ratio of 1.78 and a debt-to-equity ratio of 0.37. The firm’s fifty day simple moving average is $17.53 and its 200-day simple moving average is $22.39.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings results 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). The firm had revenue of $319.00 million for the quarter, compared to analysts’ expectations of $332.25 million. NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period last year, the business earned $0.57 earnings per share. As a group, sell-side analysts anticipate that NextEra Energy Partners, LP will post 2.04 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th were paid a $0.9175 dividend. The ex-dividend date was Wednesday, November 6th. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.91. This represents a $3.67 dividend on an annualized basis and a yield of 21.48%. NextEra Energy Partners’s payout ratio is 168.35%.

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.