NextEra Energy Partners (NYSE:NEP) Sees Strong Trading Volume After Earnings Beat

NextEra Energy Partners, LP (NYSE:NEP) saw an uptick in trading volume on Wednesday after the company announced better than expected quarterly earnings. 2,508,746 shares changed hands during trading, a decline of 21% from the previous session’s volume of 3,182,788 shares.The stock last traded at $10.69 and had previously closed at $11.83.

The solar energy provider reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.79 by $0.20. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%.

Analysts Set New Price Targets

A number of analysts recently weighed in on NEP shares. Wells Fargo & Company dropped their target price on NextEra Energy Partners from $33.00 to $13.00 and set an “equal weight” rating for the company in a research report on Wednesday. Mizuho lowered their price objective on shares of NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. BMO Capital Markets reaffirmed a “market perform” rating and set a $18.00 target price (down previously from $26.00) on shares of NextEra Energy Partners in a report on Monday, January 13th. CIBC lowered their price target 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, JPMorgan Chase & Co. reduced their price objective on NextEra Energy Partners from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, January 23rd. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $22.07.

Institutional Investors Weigh In On NextEra Energy Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NEP. M&G PLC grew its position in shares of NextEra Energy Partners by 19.3% in the 3rd 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. Assenagon Asset Management S.A. increased its stake in shares of NextEra Energy Partners by 59.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 173,251 shares of the solar energy provider’s stock valued at $3,084,000 after purchasing an additional 64,673 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of NextEra Energy Partners by 89.4% during the third 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 stake in shares of NextEra Energy Partners in the 3rd quarter worth approximately $16,186,000. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of 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 buying an additional 156,774 shares during the last quarter. 66.01% of the stock is owned by hedge funds and other institutional investors.

NextEra Energy Partners Trading Down 0.6 %

The stock has a 50-day moving average of $17.20 and a two-hundred day moving average of $21.68. The company has a market cap of $975.05 million, a P/E ratio of 4.78 and a beta of 1.06. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.78 and a current ratio of 2.02.

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.