Guggenheim Downgrades NextEra Energy Partners (NYSE:NEP) to Neutral

NextEra Energy Partners (NYSE:NEP) was downgraded by stock analysts at Guggenheim from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Monday, Marketbeat reports. They presently have a $22.00 price target on the solar energy provider’s stock, down from their prior price target of $37.00. Guggenheim’s target price would indicate a potential upside of 14.35% from the company’s current price.

A number of other analysts have also commented on the company. UBS Group reduced their target price on NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating for the company in a report on Monday, September 30th. BNP Paribas started coverage on NextEra Energy Partners in a report on Tuesday, October 1st. They issued an “underperform” rating and a $15.00 price objective for the company. Wolfe Research lowered NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a report on Thursday, July 25th. JPMorgan Chase & Co. raised NextEra Energy Partners from an “underweight” rating to a “neutral” rating and cut their price objective for the stock from $25.00 to $22.00 in a report on Thursday, October 24th. Finally, Evercore ISI cut their price objective on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $26.69.

NextEra Energy Partners Trading Down 5.7 %

NEP opened at $19.24 on Monday. The stock has a market cap of $1.80 billion, a PE ratio of 8.83 and a beta of 1.06. The company has a quick ratio of 1.78, a current ratio of 2.02 and a debt-to-equity ratio of 0.37. The business has a 50 day moving average of $25.34 and a 200-day moving average of $27.58. NextEra Energy Partners has a 52 week low of $19.17 and a 52 week high of $35.15.

NextEra Energy Partners (NYSE:NEP) last announced its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.94). The company had revenue of $319.00 million for the quarter, compared to analysts’ expectations of $332.25 million. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The firm’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.57 EPS. Equities research analysts predict that NextEra Energy Partners will post 1.77 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NextEra Energy Partners

Several large investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC lifted its position in shares of NextEra Energy Partners by 18.6% in the third quarter. Janney Montgomery Scott LLC now owns 121,259 shares of the solar energy provider’s stock valued at $3,349,000 after acquiring an additional 19,050 shares in the last quarter. Pathway Financial Advisers LLC lifted its position in shares of NextEra Energy Partners by 3.6% in the third quarter. Pathway Financial Advisers LLC now owns 50,110 shares of the solar energy provider’s stock worth $1,384,000 after buying an additional 1,747 shares in the last quarter. abrdn plc lifted its position in shares of NextEra Energy Partners by 6.2% in the third quarter. abrdn plc now owns 850,200 shares of the solar energy provider’s stock worth $23,483,000 after buying an additional 49,400 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of NextEra Energy Partners by 390.9% in the third quarter. DekaBank Deutsche Girozentrale now owns 127,971 shares of the solar energy provider’s stock worth $3,732,000 after buying an additional 101,900 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in shares of NextEra Energy Partners by 7.4% in the third quarter. Assenagon Asset Management S.A. now owns 108,578 shares of the solar energy provider’s stock worth $2,999,000 after buying an additional 7,501 shares in the last quarter. 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.