Garner Asset Management Corp Boosts Position in NextEra Energy Partners, LP (NYSE:NEP)

Garner Asset Management Corp raised its position in NextEra Energy Partners, LP (NYSE:NEP) by 8.1% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 25,250 shares of the solar energy provider’s stock after purchasing an additional 1,900 shares during the period. Garner Asset Management Corp’s holdings in NextEra Energy Partners were worth $698,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Richardson Financial Services Inc. acquired a new stake in NextEra Energy Partners in the 4th quarter valued at about $27,000. Hexagon Capital Partners LLC grew its position in shares of NextEra Energy Partners by 208.3% in the first quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock valued at $28,000 after purchasing an additional 627 shares during the last quarter. Heritage Wealth Advisors purchased a new position in shares of NextEra Energy Partners during the 4th quarter worth approximately $33,000. Central Pacific Bank Trust Division acquired a new position in shares of NextEra Energy Partners during the 1st quarter worth approximately $36,000. Finally, FinTrust Capital Advisors LLC purchased a new stake in NextEra Energy Partners in the 1st quarter valued at approximately $45,000. Institutional investors and hedge funds own 66.01% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on NEP shares. JPMorgan Chase & Co. reissued an “underweight” rating and set a $25.00 price target on shares of NextEra Energy Partners in a research report on Thursday, May 23rd. StockNews.com raised shares of NextEra Energy Partners to a “sell” rating in a research note on Thursday, July 25th. Morgan Stanley cut shares of NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $31.00 to $20.00 in a research note on Wednesday, July 31st. Wolfe Research lowered shares of NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 25th. Finally, Royal Bank of Canada downgraded shares of NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $38.00 to $30.00 in a research note on Monday, July 1st. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, NextEra Energy Partners currently has a consensus rating of “Hold” and an average target price of $33.00.

NextEra Energy Partners Stock Performance

NextEra Energy Partners stock opened at $25.84 on Thursday. The firm has a market capitalization of $2.42 billion, a PE ratio of 8.47 and a beta of 1.05. NextEra Energy Partners, LP has a one year low of $20.17 and a one year high of $50.66. The stock’s 50 day moving average price is $25.68 and its 200 day moving average price is $28.23. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.22 and a current ratio of 1.30.

NextEra Energy Partners (NYSE:NEP) last posted its earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The business had revenue of $360.00 million for the quarter, compared to analysts’ expectations of $365.54 million. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The business’s revenue for the quarter was up 22.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.53 earnings per share. As a group, sell-side analysts expect that NextEra Energy Partners, LP will post 1.74 EPS for the current fiscal year.

NextEra Energy Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Tuesday, August 6th were given a $0.905 dividend. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.89. This represents a $3.62 dividend on an annualized basis and a yield of 14.01%. The ex-dividend date was Tuesday, August 6th. NextEra Energy Partners’s dividend payout ratio is presently 118.69%.

NextEra Energy Partners Company 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.