NextEra Energy Partners’ (NEP) “Market Perform” Rating Reaffirmed at BMO Capital Markets

BMO Capital Markets reiterated their market perform rating on shares of NextEra Energy Partners (NYSE:NEP) in a research note released on Monday, Marketbeat Ratings reports. BMO Capital Markets currently has a $18.00 price objective on the solar energy provider’s stock, down from their previous price objective of $26.00.

Other analysts also recently issued research reports about the company. JPMorgan Chase & Co. upgraded NextEra Energy Partners from an “underweight” rating to a “neutral” rating and dropped their price target for the company from $25.00 to $22.00 in a research note on Thursday, October 24th. Evercore ISI dropped their price target on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. BNP Paribas assumed 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. UBS Group decreased their price objective 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. Finally, Scotiabank decreased their price objective on NextEra Energy Partners from $26.00 to $15.00 and set a “sector perform” rating for the company in a report on Thursday, December 12th. Three research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $24.64.

NextEra Energy Partners Price Performance

NYSE:NEP opened at $17.39 on Monday. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of 7.98 and a beta of 1.06. NextEra Energy Partners has a 1 year low of $15.55 and a 1 year high of $35.15. The business has a 50 day simple moving average of $17.74 and a 200-day simple moving average of $22.73. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.02 and a quick ratio of 1.78.

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 analysts’ consensus estimates of $0.51 by ($0.94). NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The firm had revenue of $319.00 million for the quarter, compared to the consensus estimate of $332.25 million. During the same period last year, the firm earned $0.57 earnings per share. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. Equities analysts forecast that NextEra Energy Partners will post 1.96 EPS for the current year.

NextEra Energy Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Wednesday, November 6th were issued a $0.9175 dividend. This represents a $3.67 dividend on an annualized basis and a dividend yield of 21.10%. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.91. The ex-dividend date was Wednesday, November 6th. NextEra Energy Partners’s payout ratio is presently 168.35%.

Institutional Trading of NextEra Energy Partners

Hedge funds and other institutional investors have recently modified their holdings of the business. Thrivent Financial for Lutherans bought a new position in shares of NextEra Energy Partners during the 3rd quarter valued at $16,186,000. Two Sigma Advisers LP acquired a new position in shares of NextEra Energy Partners during the third quarter worth approximately $15,310,000. M&G PLC boosted its holdings 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 valued at $85,738,000 after purchasing an additional 496,383 shares during the period. Fred Alger Management LLC acquired a new stake in NextEra Energy Partners during the second quarter worth about $5,452,000. Finally, Redwood Grove Capital LLC increased its position in shares of NextEra Energy Partners by 19.7% during the third quarter. Redwood Grove Capital LLC now owns 982,235 shares of the solar energy provider’s stock valued at $27,129,000 after purchasing an additional 161,436 shares during the period. Institutional investors and hedge funds own 66.01% of the company’s stock.

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.