Gabelli Funds LLC Sells 11,617 Shares of NextEra Energy Partners, LP (NYSE:NEP)

Gabelli Funds LLC trimmed its holdings in shares of NextEra Energy Partners, LP (NYSE:NEP) by 2.8% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 404,054 shares of the solar energy provider’s stock after selling 11,617 shares during the quarter. Gabelli Funds LLC owned 0.43% of NextEra Energy Partners worth $11,168,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of the stock. ClearBridge Investments Ltd increased its position in shares of NextEra Energy Partners by 6.4% during the first quarter. ClearBridge Investments Ltd now owns 4,161,433 shares of the solar energy provider’s stock worth $125,176,000 after acquiring an additional 250,456 shares in the last quarter. M&G Plc bought a new position in NextEra Energy Partners during the 1st quarter worth about $83,069,000. 1832 Asset Management L.P. increased its holdings in NextEra Energy Partners by 599.4% during the 4th quarter. 1832 Asset Management L.P. now owns 2,602,485 shares of the solar energy provider’s stock worth $79,142,000 after purchasing an additional 2,230,374 shares in the last quarter. Cbre Investment Management Listed Real Assets LLC raised its stake in shares of NextEra Energy Partners by 23.2% in the 4th quarter. Cbre Investment Management Listed Real Assets LLC now owns 1,087,066 shares of the solar energy provider’s stock valued at $33,058,000 after purchasing an additional 204,845 shares during the period. Finally, Raymond James & Associates lifted its holdings in shares of NextEra Energy Partners by 6.2% in the second quarter. Raymond James & Associates now owns 802,161 shares of the solar energy provider’s stock valued at $22,172,000 after purchasing an additional 46,718 shares in the last quarter. 66.01% of the stock is currently owned by institutional investors and hedge funds.

NextEra Energy Partners Stock Up 0.3 %

Shares of NEP opened at $27.12 on Tuesday. The firm has a market cap of $2.54 billion, a P/E ratio of 8.89 and a beta of 1.05. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.22 and a current ratio of 1.30. NextEra Energy Partners, LP has a 52 week low of $20.17 and a 52 week high of $48.89. The firm’s 50-day simple moving average is $25.64 and its 200 day simple moving average is $28.19.

NextEra Energy Partners (NYSE:NEP) last announced its earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The company had revenue of $360.00 million for 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%. The firm’s quarterly revenue was up 22.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.53 earnings per share. On average, analysts forecast that NextEra Energy Partners, LP will post 1.74 earnings per share for the current year.

NextEra Energy Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Tuesday, August 6th were issued a dividend of $0.905 per share. The ex-dividend date of this dividend was Tuesday, August 6th. This represents a $3.62 dividend on an annualized basis and a dividend yield of 13.35%. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.89. NextEra Energy Partners’s dividend payout ratio (DPR) is currently 118.69%.

Analysts Set New Price Targets

NEP has been the topic of a number of recent research reports. Barclays lowered NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and dropped their target price for the company from $32.00 to $25.00 in a research report on Thursday, June 13th. StockNews.com raised shares of NextEra Energy Partners to a “sell” rating in a research report on Thursday, July 25th. Mizuho downgraded shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and set a $33.00 target price for the company. in a research report on Wednesday, June 12th. Royal Bank of Canada cut shares of NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $38.00 to $30.00 in a research report on Monday, July 1st. Finally, Morgan Stanley cut NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $31.00 to $20.00 in a report on Wednesday, July 31st. Four research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $32.67.

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.