Arizona State Retirement System Boosts Stock Position in NextEra Energy Partners, LP (NYSE:NEP)

Arizona State Retirement System increased its position in NextEra Energy Partners, LP (NYSE:NEP) by 2.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,186 shares of the solar energy provider’s stock after acquiring an additional 509 shares during the quarter. Arizona State Retirement System’s holdings in NextEra Energy Partners were worth $724,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Richardson Financial Services Inc. bought a new stake in shares of NextEra Energy Partners during the 4th quarter valued at $27,000. Hexagon Capital Partners LLC raised its holdings in NextEra Energy Partners by 208.3% during the first quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock valued at $28,000 after acquiring an additional 627 shares during the period. Heritage Wealth Advisors bought a new position in shares of NextEra Energy Partners in the fourth quarter worth about $33,000. Central Pacific Bank Trust Division purchased a new stake in shares of NextEra Energy Partners during the first quarter worth about $36,000. Finally, FinTrust Capital Advisors LLC bought a new stake in NextEra Energy Partners during the 1st quarter valued at approximately $45,000. Hedge funds and other institutional investors own 66.01% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on NEP shares. StockNews.com upgraded NextEra Energy Partners to a “sell” rating in a research note on Thursday, July 25th. Royal Bank of Canada downgraded shares of NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $38.00 to $30.00 in a report on Monday, July 1st. Mizuho lowered NextEra Energy Partners from a “buy” rating to a “neutral” rating and set a $33.00 price objective for the company. in a research report on Wednesday, June 12th. BMO Capital Markets reduced their target price on NextEra Energy Partners from $32.00 to $28.00 and set an “outperform” rating on the stock in a report on Monday, July 22nd. Finally, Morgan Stanley cut NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and cut their price target for the company from $31.00 to $20.00 in a report on Wednesday, July 31st. Four investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $33.00.

NextEra Energy Partners Stock Performance

NextEra Energy Partners stock opened at $25.32 on Monday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.30 and a quick ratio of 1.22. The firm has a market capitalization of $2.37 billion, a P/E ratio of 8.30 and a beta of 1.05. NextEra Energy Partners, LP has a 1-year low of $20.17 and a 1-year high of $51.28. The company’s 50-day moving average is $25.72 and its 200 day moving average is $28.27.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The firm had revenue of $360.00 million during the quarter, compared to analyst estimates of $365.54 million. NextEra Energy Partners had a negative return on equity of 0.40% and a net margin of 24.42%. NextEra Energy Partners’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same period last year, the company earned $0.53 EPS. Research analysts forecast that NextEra Energy Partners, LP will post 1.74 EPS for the current year.

NextEra Energy Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Tuesday, August 6th were issued a $0.905 dividend. The ex-dividend date of this dividend was Tuesday, August 6th. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.89. This represents a $3.62 dividend on an annualized basis and a dividend yield of 14.30%. NextEra Energy Partners’s dividend payout ratio is presently 118.69%.

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.