Algert Global LLC Sells 118,629 Shares of NextEra Energy Partners, LP (NYSE:NEP)

Algert Global LLC cut its position in NextEra Energy Partners, LP (NYSE:NEP) by 78.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 31,854 shares of the solar energy provider’s stock after selling 118,629 shares during the quarter. Algert Global LLC’s holdings in NextEra Energy Partners were worth $880,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Richardson Financial Services Inc. bought a new stake in shares of NextEra Energy Partners in the fourth quarter worth $27,000. Hexagon Capital Partners LLC grew its position in shares of NextEra Energy Partners by 208.3% in the 1st quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock valued at $28,000 after buying an additional 627 shares during the last quarter. Central Pacific Bank Trust Division bought a new stake in shares of NextEra Energy Partners in the 1st quarter valued at about $36,000. FinTrust Capital Advisors LLC acquired a new stake in shares of NextEra Energy Partners in the first quarter valued at about $45,000. Finally, Larson Financial Group LLC bought a new position in shares of NextEra Energy Partners during the first quarter worth about $48,000. 66.01% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently commented on NEP. BNP Paribas began coverage on NextEra Energy Partners in a report on Tuesday, October 1st. They issued an “underperform” rating and a $15.00 target price on the stock. BMO Capital Markets decreased their price objective on shares of NextEra Energy Partners from $32.00 to $28.00 and set an “outperform” rating for the company in a research report on Monday, July 22nd. UBS Group lowered their target price on shares of 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. Wolfe Research cut shares of NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 25th. Finally, Mizuho lowered NextEra Energy Partners from a “buy” rating to a “neutral” rating and set a $33.00 price objective for the company. in a research report on Wednesday, June 12th. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $30.08.

NextEra Energy Partners Price Performance

Shares of NEP opened at $26.06 on Friday. The stock has a market cap of $2.44 billion, a P/E ratio of 8.54 and a beta of 1.06. The business’s fifty day moving average is $25.62 and its 200 day moving average is $28.10. The company has a quick ratio of 1.22, a current ratio of 1.30 and a debt-to-equity ratio of 0.36. NextEra Energy Partners, LP has a 12-month low of $20.17 and a 12-month high of $35.15.

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

NextEra Energy Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Shareholders of record on Tuesday, August 6th were issued a dividend of $0.905 per share. This is a positive change 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 13.89%. The ex-dividend date of this dividend was Tuesday, August 6th. NextEra Energy Partners’s payout ratio is currently 118.69%.

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.