Brokerages Set NextEra Energy Partners, LP (NYSE:NEP) Target Price at $38.20

Shares of NextEra Energy Partners, LP (NYSE:NEP) have received an average rating of “Hold” from the seventeen ratings firms that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $33.79.

Several analysts have recently issued reports on the stock. Barclays cut shares of NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $32.00 to $25.00 in a research report on Thursday, June 13th. Wolfe Research lowered shares of NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a report on Thursday. Raymond James downgraded shares of NextEra Energy Partners from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 9th. BMO Capital Markets cut their price objective on NextEra Energy Partners from $32.00 to $28.00 and set an “outperform” rating on the stock in a research report on Monday, July 22nd. Finally, Mizuho lowered NextEra Energy Partners from a “buy” rating to a “neutral” rating and set a $33.00 target price for the company. in a report on Wednesday, June 12th.

NextEra Energy Partners Stock Performance

NYSE:NEP opened at $26.19 on Monday. NextEra Energy Partners has a fifty-two week low of $20.17 and a fifty-two week high of $57.29. The company has a 50 day moving average price of $29.59 and a 200 day moving average price of $29.08. The stock has a market capitalization of $2.45 billion, a P/E ratio of 8.59 and a beta of 1.03. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.31 and a current ratio of 1.36.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings data on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.07. NextEra Energy Partners had a negative return on equity of 0.40% and a net margin of 24.42%. The firm had revenue of $360.00 million for the quarter, compared to the consensus estimate of $365.54 million. During the same quarter in the previous year, the business earned $0.53 EPS. The company’s quarterly revenue was up 22.9% compared to the same quarter last year. Equities research analysts forecast that NextEra Energy Partners will post 1.85 EPS for the current year.

NextEra Energy Partners Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Tuesday, August 6th will be paid a $0.905 dividend. The ex-dividend date is Tuesday, August 6th. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.89. This represents a $3.62 dividend on an annualized basis and a dividend yield of 13.82%. NextEra Energy Partners’s payout ratio is 117.05%.

Institutional Investors Weigh In On NextEra Energy Partners

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. CWM LLC increased its holdings in shares of NextEra Energy Partners by 160.2% in the 4th quarter. CWM LLC now owns 830 shares of the solar energy provider’s stock valued at $25,000 after purchasing an additional 511 shares in the last quarter. Richardson Financial Services Inc. purchased a new stake in shares of NextEra Energy Partners during the 4th quarter worth approximately $27,000. Hexagon Capital Partners LLC increased its stake in 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 purchasing an additional 627 shares in the last quarter. MV Capital Management Inc. acquired a new position in NextEra Energy Partners during the fourth quarter worth $30,000. Finally, Heritage Wealth Advisors purchased a new stake in NextEra Energy Partners during the fourth quarter worth $33,000. Institutional investors and hedge funds own 66.01% of the company’s stock.

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.