Barclays Reaffirms “Underweight” Rating for NextEra Energy Partners (NYSE:NEP)

Barclays restated their underweight rating on shares of NextEra Energy Partners (NYSE:NEP) in a research report released on Friday morning, Benzinga reports. Barclays currently has a $25.00 price objective on the solar energy provider’s stock.

Other equities research analysts also recently issued reports about the company. BMO Capital Markets cut their target price on 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. Raymond James lowered NextEra Energy Partners from an outperform rating to a market perform rating in a report on Tuesday, July 9th. Mizuho downgraded shares of NextEra Energy Partners from a buy rating to a neutral rating and set a $33.00 price target for the company. in a report on Wednesday, June 12th. Jefferies Financial Group assumed coverage on shares of NextEra Energy Partners in a research note on Thursday, September 19th. They set a buy rating and a $28.00 target price for the company. Finally, 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. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $30.08.

NextEra Energy Partners Price Performance

NYSE NEP opened at $26.06 on Friday. The company has a 50-day moving average price of $25.62 and a two-hundred day moving average price of $28.11. The stock has a market cap of $2.44 billion, a price-to-earnings ratio of 8.54 and a beta of 1.06. The company has a current ratio of 1.30, a quick ratio of 1.22 and a debt-to-equity ratio of 0.36. 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 announced its quarterly earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company had revenue of $360.00 million during the quarter, compared to analyst estimates of $365.54 million. During the same quarter in the previous year, the firm posted $0.53 EPS. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. Analysts forecast that NextEra Energy Partners will post 2.2 EPS for the current year.

NextEra Energy Partners Increases Dividend

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NEP. Sanctuary Advisors LLC acquired a new stake in shares of NextEra Energy Partners during the 2nd quarter valued at $639,000. Cetera Investment Advisers grew its stake in NextEra Energy Partners by 10.6% in the second quarter. Cetera Investment Advisers now owns 70,491 shares of the solar energy provider’s stock valued at $1,948,000 after purchasing an additional 6,769 shares in the last quarter. Granite Bay Wealth Management LLC acquired a new position in NextEra Energy Partners in the 2nd quarter worth about $418,000. Pathway Financial Advisers LLC raised its stake in shares of NextEra Energy Partners by 0.9% during the 2nd quarter. Pathway Financial Advisers LLC now owns 48,363 shares of the solar energy provider’s stock worth $1,336,000 after purchasing an additional 454 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. lifted its holdings in shares of NextEra Energy Partners by 40.4% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 10,648 shares of the solar energy provider’s stock valued at $294,000 after buying an additional 3,064 shares during the last quarter. 66.01% of the stock is owned by hedge funds and other institutional investors.

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.