NextEra Energy Partners, LP (NYSE:NEP) Given Average Recommendation of “Hold” by Brokerages

NextEra Energy Partners, LP (NYSE:NEP) has been given an average rating of “Hold” by the sixteen research firms that are currently covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $30.08.

Several analysts have recently commented on NEP shares. Royal Bank of Canada cut shares of NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $38.00 to $30.00 in a research note on Monday, July 1st. Wolfe Research cut NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 25th. Jefferies Financial Group began coverage on NextEra Energy Partners in a research note on Thursday, September 19th. They set a “buy” rating and a $28.00 price target on the stock. Barclays reiterated an “underweight” rating and issued a $25.00 price target on shares of NextEra Energy Partners in a report on Friday. Finally, BNP Paribas began coverage on NextEra Energy Partners in a report on Tuesday. They set an “underperform” rating and a $15.00 price objective for the company.

NextEra Energy Partners Price Performance

NextEra Energy Partners stock opened at $26.06 on Friday. The business’s fifty day moving average is $25.62 and its two-hundred day moving average is $28.10. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.22 and a current ratio of 1.30. The firm has a market cap of $2.44 billion, a P/E ratio of 8.54 and a beta of 1.05. NextEra Energy Partners has a 52 week low of $20.17 and a 52 week high of $35.15.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.07. The business had revenue of $360.00 million for the quarter, compared to the consensus estimate of $365.54 million. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.53 EPS. Equities research analysts forecast that NextEra Energy Partners will post 2.2 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Tuesday, August 6th were paid a $0.905 dividend. This represents a $3.62 dividend on an annualized basis and a yield of 13.89%. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.89. The ex-dividend date was Tuesday, August 6th. NextEra Energy Partners’s payout ratio is presently 118.69%.

Institutional Investors Weigh In On NextEra Energy Partners

Several large investors have recently modified their holdings of the business. Richardson Financial Services Inc. bought a new stake in NextEra Energy Partners during the 4th quarter worth approximately $27,000. Hexagon Capital Partners LLC increased its position in shares of NextEra Energy Partners by 208.3% during the first quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock worth $28,000 after acquiring an additional 627 shares in the last quarter. Central Pacific Bank Trust Division acquired a new stake in shares of NextEra Energy Partners during the first quarter worth $36,000. FinTrust Capital Advisors LLC bought a new stake in NextEra Energy Partners in the 1st quarter valued at $45,000. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in NextEra Energy Partners by 150.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock worth $46,000 after purchasing an additional 1,000 shares during the period. 66.01% of the stock is currently owned by institutional investors.

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.