NextEra Energy Partners (NYSE:NEP) Price Target Cut to $26.00

NextEra Energy Partners (NYSE:NEP) had its price objective reduced by research analysts at BMO Capital Markets from $28.00 to $26.00 in a research report issued on Monday, Benzinga reports. The firm presently has an “outperform” rating on the solar energy provider’s stock. BMO Capital Markets’ price target would suggest a potential upside of 3.63% from the company’s current price.

A number of other brokerages have also commented on NEP. Royal Bank of Canada lowered NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and dropped their price target for the company from $38.00 to $30.00 in a research note on Monday, July 1st. StockNews.com raised NextEra Energy Partners to a “sell” rating in a research note on Thursday, July 25th. Barclays reissued an “underweight” rating and set a $25.00 price target on shares of NextEra Energy Partners in a research note on Friday, October 4th. Wolfe Research lowered NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 25th. Finally, Mizuho dropped their price target on 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. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $29.15.

NextEra Energy Partners Stock Performance

Shares of NEP opened at $25.09 on Monday. The company has a quick ratio of 1.22, a current ratio of 1.30 and a debt-to-equity ratio of 0.36. The business has a 50-day simple moving average of $25.69 and a two-hundred day simple moving average of $27.82. The stock has a market cap of $2.35 billion, a price-to-earnings ratio of 8.23 and a beta of 1.06. NextEra Energy Partners has a 52 week low of $21.83 and a 52 week high of $35.15.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The business had revenue of $360.00 million during the quarter, compared to analysts’ expectations of $365.54 million. NextEra Energy Partners had a negative return on equity of 0.40% and a net margin of 24.42%. The business’s quarterly revenue was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.53 earnings per share. On average, analysts expect that NextEra Energy Partners will post 2.2 EPS for the current year.

Hedge Funds Weigh In On NextEra Energy Partners

Large investors have recently bought and sold shares of the business. ClearBridge Investments Ltd raised its holdings 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 valued at $125,176,000 after acquiring an additional 250,456 shares during the last quarter. M&G Plc acquired a new position in shares of NextEra Energy Partners during the first quarter valued at approximately $83,069,000. Raymond James & Associates raised its holdings in shares of NextEra Energy Partners by 6.2% during the second quarter. Raymond James & Associates now owns 802,161 shares of the solar energy provider’s stock valued at $22,172,000 after acquiring an additional 46,718 shares during the last quarter. Redwood Grove Capital LLC raised its holdings in shares of NextEra Energy Partners by 0.9% during the first quarter. Redwood Grove Capital LLC now owns 776,555 shares of the solar energy provider’s stock valued at $23,359,000 after acquiring an additional 7,200 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of NextEra Energy Partners by 3.6% during the first quarter. Vanguard Group Inc. now owns 635,881 shares of the solar energy provider’s stock valued at $19,127,000 after acquiring an additional 22,370 shares during the last quarter. Institutional investors and hedge funds own 66.01% of the company’s stock.

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.