NextEra Energy Partners (NYSE:NEP) Shares Gap Down After Analyst Downgrade

Shares of NextEra Energy Partners, LP (NYSE:NEP) gapped down prior to trading on Wednesday after CIBC lowered their price target on the stock from $34.00 to $32.00. The stock had previously closed at $25.09, but opened at $23.42. CIBC currently has a neutral rating on the stock. NextEra Energy Partners shares last traded at $23.24, with a volume of 1,000,644 shares trading hands.

A number of other brokerages have also recently weighed in on NEP. Wolfe Research cut shares of NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 25th. Mizuho cut their price objective on shares of NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. BMO Capital Markets cut their price objective on shares of NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating on the stock in a research note on Monday. BNP Paribas initiated coverage on shares of NextEra Energy Partners in a research note on Tuesday, October 1st. They set an “underperform” rating and a $15.00 price objective on the stock. Finally, Morgan Stanley cut shares of NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and cut their price objective for the company from $31.00 to $20.00 in a research note on Wednesday, July 31st. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $29.15.

Institutional Trading of NextEra Energy Partners

Hedge funds have recently modified their holdings of the business. Hexagon Capital Partners LLC lifted its holdings 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. Central Pacific Bank Trust Division purchased a new stake in shares of NextEra Energy Partners during the first quarter worth $36,000. FinTrust Capital Advisors LLC purchased a new stake in shares of NextEra Energy Partners during the first quarter worth $45,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of NextEra Energy Partners by 150.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock worth $46,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Larson Financial Group LLC purchased a new stake in shares of NextEra Energy Partners during the first quarter worth $48,000. Hedge funds and other institutional investors own 66.01% of the company’s stock.

NextEra Energy Partners Trading Down 16.3 %

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 company has a fifty day moving average of $25.61 and a 200-day moving average of $27.77. The firm has a market capitalization of $1.97 billion, a PE ratio of 6.89 and a beta of 1.06.

NextEra Energy Partners (NYSE:NEP) last announced its quarterly earnings data on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.07. NextEra Energy Partners had a negative return on equity of 0.40% and a net margin of 24.42%. The business had revenue of $360.00 million during the quarter, compared to analyst estimates of $365.54 million. During the same period last year, the company earned $0.53 earnings per share. NextEra Energy Partners’s quarterly revenue was up 22.9% compared to the same quarter last year. On average, sell-side analysts anticipate that NextEra Energy Partners, LP will post 2.2 earnings per share for the current fiscal year.

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.