NextEra Energy Partners (NYSE:NEP) Sees Unusually-High Trading Volume After Better-Than-Expected Earnings

NextEra Energy Partners, LP (NYSE:NEP) saw strong trading volume on Wednesday following a stronger than expected earnings report. 2,508,746 shares were traded during trading, a decline of 21% from the previous session’s volume of 3,182,788 shares.The stock last traded at $10.69 and had previously closed at $11.83.

The solar energy provider reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.20. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%.

Analyst Ratings Changes

Several brokerages recently commented on NEP. CIBC dropped their target price on NextEra Energy Partners from $26.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, January 8th. BMO Capital Markets reissued a “market perform” rating and issued a $18.00 price objective (down previously from $26.00) on shares of NextEra Energy Partners in a research note on Monday, January 13th. Wells Fargo & Company cut their price objective on NextEra Energy Partners from $33.00 to $13.00 and set an “equal weight” rating for the company in a report on Wednesday. Guggenheim lowered their target price on NextEra Energy Partners from $17.00 to $12.00 and set a “neutral” rating on the stock in a report on Wednesday. Finally, Jefferies Financial Group cut their price target on shares of NextEra Energy Partners from $25.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, NextEra Energy Partners currently has an average rating of “Hold” and a consensus price target of $22.07.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. boosted its position 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 acquiring an additional 1,000 shares during the period. Eastern Bank acquired a new stake in shares of NextEra Energy Partners during the third quarter worth approximately $57,000. McIlrath & Eck LLC purchased a new position in NextEra Energy Partners during the third quarter valued at approximately $63,000. Avion Wealth increased its stake in NextEra Energy Partners by 610.2% in the 4th quarter. Avion Wealth now owns 2,642 shares of the solar energy provider’s stock valued at $47,000 after buying an additional 2,270 shares during the period. Finally, Central Pacific Bank Trust Division lifted its position in NextEra Energy Partners by 153.1% in the 4th quarter. Central Pacific Bank Trust Division now owns 6,200 shares of the solar energy provider’s stock worth $110,000 after buying an additional 3,750 shares in the last quarter. Hedge funds and other institutional investors own 66.01% of the company’s stock.

NextEra Energy Partners Trading Down 11.2 %

The business’s 50-day simple moving average is $17.31 and its 200-day simple moving average is $21.76. The company has a current ratio of 2.02, a quick ratio of 1.78 and a debt-to-equity ratio of 0.37. The company has a market cap of $982.57 million, a PE ratio of 4.82 and a beta of 1.06.

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.