NextEra Energy Partners, LP (NYSE:NEP) Shares Sold by State Street Corp

State Street Corp lessened its stake in shares of NextEra Energy Partners, LP (NYSE:NEP) by 2.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 267,250 shares of the solar energy provider’s stock after selling 6,919 shares during the quarter. State Street Corp owned about 0.29% of NextEra Energy Partners worth $7,381,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Northwestern Mutual Wealth Management Co. grew its stake in NextEra Energy Partners by 150.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock worth $46,000 after buying an additional 1,000 shares during the last quarter. EverSource Wealth Advisors LLC purchased a new position in shares of NextEra Energy Partners during the second quarter worth approximately $51,000. Eastern Bank purchased a new position in shares of NextEra Energy Partners during the third quarter worth approximately $57,000. International Assets Investment Management LLC acquired a new position in shares of NextEra Energy Partners in the 2nd quarter valued at $104,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in NextEra Energy Partners in the 3rd quarter valued at $173,000. Institutional investors and hedge funds own 66.01% of the company’s stock.

NextEra Energy Partners Stock Performance

NYSE:NEP opened at $17.38 on Friday. The firm’s fifty day simple moving average is $18.48 and its 200-day simple moving average is $23.64. 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 stock has a market cap of $1.63 billion, a PE ratio of 7.97 and a beta of 1.07. NextEra Energy Partners, LP has a fifty-two week low of $15.55 and a fifty-two week high of $35.15.

NextEra Energy Partners (NYSE:NEP) last issued its earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.94). NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The company had revenue of $319.00 million for the quarter, compared to analyst estimates of $332.25 million. During the same quarter in the previous year, the company posted $0.57 earnings per share. The company’s quarterly revenue was up 3.6% compared to the same quarter last year. Analysts expect that NextEra Energy Partners, LP will post 1.96 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Wednesday, November 6th were paid a $0.9175 dividend. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.91. This represents a $3.67 annualized dividend and a yield of 21.12%. The ex-dividend date of this dividend was Wednesday, November 6th. NextEra Energy Partners’s dividend payout ratio (DPR) is presently 168.35%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Scotiabank lowered their price objective on shares of NextEra Energy Partners from $26.00 to $15.00 and set a “sector perform” rating on the stock in a research report on Thursday, December 12th. Jefferies Financial Group lowered their price target on NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. BMO Capital Markets reduced their price objective on NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating for the company in a research note on Monday, October 21st. Mizuho lowered their target price on 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. Finally, UBS Group cut their price target on NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating for the company in a research note on Monday, September 30th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, NextEra Energy Partners presently has an average rating of “Hold” and a consensus target price of $26.00.

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.