NextEra Energy Partners (NYSE:NEP) Trading Down 3.5%

Shares of NextEra Energy Partners, LP (NYSE:NEP) dropped 3.5% on Monday . The company traded as low as $26.55 and last traded at $26.66. Approximately 361,013 shares were traded during trading, a decline of 74% from the average daily volume of 1,413,252 shares. The stock had previously closed at $27.64.

Wall Street Analyst Weigh In

A number of research firms have commented on NEP. Raymond James reduced their price target on NextEra Energy Partners from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 3rd. Royal Bank of Canada lowered NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and cut their target price for the company from $38.00 to $30.00 in a research report on Monday. Barclays lowered NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $32.00 to $25.00 in a research report on Thursday, June 13th. Marathon Capitl reaffirmed an “equal weight” rating on shares of NextEra Energy Partners in a research note on Tuesday, March 26th. Finally, StockNews.com raised NextEra Energy Partners to a “sell” rating in a research note on Tuesday, March 19th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $38.20.

NextEra Energy Partners Stock Up 0.4 %

The company has a quick ratio of 1.31, a current ratio of 1.36 and a debt-to-equity ratio of 0.35. The stock has a 50-day simple moving average of $30.82 and a 200-day simple moving average of $29.45. The firm has a market capitalization of $2.37 billion, a PE ratio of 8.30 and a beta of 1.04.

NextEra Energy Partners (NYSE:NEP) last released its earnings results on Monday, April 22nd. The solar energy provider reported $0.75 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.12 by $0.63. NextEra Energy Partners had a negative return on equity of 0.48% and a net margin of 23.55%. The business had revenue of $257.00 million during the quarter, compared to the consensus estimate of $331.78 million. During the same period last year, the business posted ($0.17) earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. Analysts forecast that NextEra Energy Partners, LP will post 1.89 EPS for the current year.

NextEra Energy Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, May 7th were given a $0.8925 dividend. The ex-dividend date of this dividend was Monday, May 6th. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.88. This represents a $3.57 annualized dividend and a dividend yield of 14.11%. NextEra Energy Partners’s payout ratio is 117.05%.

Hedge Funds Weigh In On NextEra Energy Partners

Several hedge funds have recently made changes to their positions in NEP. CWM LLC grew its position in shares of NextEra Energy Partners by 160.2% in the fourth quarter. CWM LLC now owns 830 shares of the solar energy provider’s stock valued at $25,000 after purchasing an additional 511 shares in the last quarter. Richardson Financial Services Inc. purchased a new position in shares of NextEra Energy Partners in the fourth quarter valued at $27,000. Hexagon Capital Partners LLC grew its position in shares of NextEra Energy Partners by 208.3% in the first quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock valued at $28,000 after purchasing an additional 627 shares in the last quarter. MV Capital Management Inc. bought a new stake in NextEra Energy Partners during the fourth quarter valued at $30,000. Finally, Heritage Wealth Advisors bought a new stake in NextEra Energy Partners during the fourth quarter valued at $33,000. 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.