Fmr LLC Cuts Holdings in NextEra Energy Partners, LP (NYSE:NEP)

Fmr LLC lowered its stake in shares of NextEra Energy Partners, LP (NYSE:NEP) by 9.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,228,175 shares of the solar energy provider’s stock after selling 349,131 shares during the period. Fmr LLC owned 3.45% of NextEra Energy Partners worth $89,162,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of NEP. Thrivent Financial for Lutherans acquired a new position in shares of NextEra Energy Partners during the third quarter worth $16,186,000. M&G PLC boosted its stake in NextEra Energy Partners by 19.3% in the 3rd quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider’s stock worth $85,738,000 after purchasing an additional 496,383 shares in the last quarter. Fred Alger Management LLC acquired a new position in NextEra Energy Partners during the 2nd quarter valued at approximately $5,452,000. DekaBank Deutsche Girozentrale increased its stake in NextEra Energy Partners by 390.9% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 127,971 shares of the solar energy provider’s stock valued at $3,732,000 after purchasing an additional 101,900 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in shares of NextEra Energy Partners in the second quarter worth $2,794,000. Institutional investors own 66.01% of the company’s stock.

Analyst Upgrades and Downgrades

NEP has been the subject of a number of research reports. Guggenheim downgraded NextEra Energy Partners from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $37.00 to $22.00 in a report on Monday, October 28th. Barclays reissued an “underweight” rating and issued a $25.00 price objective on shares of NextEra Energy Partners in a report on Friday, October 4th. BMO Capital Markets dropped their target price on NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating on the stock in a report on Monday, October 21st. JPMorgan Chase & Co. raised shares of NextEra Energy Partners from an “underweight” rating to a “neutral” rating and dropped their price objective for the stock from $25.00 to $22.00 in a research note on Thursday, October 24th. Finally, Mizuho decreased their target price on shares of 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. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $26.85.

NextEra Energy Partners Price Performance

Shares of NextEra Energy Partners stock opened at $18.22 on Friday. The business has a 50 day simple moving average of $20.98 and a two-hundred day simple moving average of $25.28. NextEra Energy Partners, LP has a 12 month low of $15.55 and a 12 month high of $35.15. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.02 and a quick ratio of 1.78. The stock has a market capitalization of $1.70 billion, a P/E ratio of 8.36 and a beta of 1.07.

NextEra Energy Partners (NYSE:NEP) last released its earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.94). The business had revenue of $319.00 million during the quarter, compared to analysts’ expectations of $332.25 million. NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period last year, the business earned $0.57 earnings per share. As a group, analysts predict that NextEra Energy Partners, LP will post 1.41 EPS for the current fiscal year.

NextEra Energy Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th were given a dividend of $0.9175 per share. The ex-dividend date of this dividend was Wednesday, November 6th. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.91. This represents a $3.67 dividend on an annualized basis and a dividend yield of 20.14%. NextEra Energy Partners’s dividend payout ratio (DPR) is currently 168.35%.

NextEra Energy Partners 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.