NextEra Energy Partners (NYSE:NEP) Sets New 52-Week Low Following Weak Earnings

NextEra Energy Partners, LP (NYSE:NEP)’s share price hit a new 52-week low during mid-day trading on Thursday following a dissappointing earnings announcement. The company traded as low as $20.75 and last traded at $21.10, with a volume of 285044 shares. The stock had previously closed at $21.01.

The solar energy provider reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.94). NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The firm had revenue of $319.00 million for the quarter, compared to the consensus estimate of $332.25 million. During the same quarter in the prior year, the firm earned $0.57 earnings per share. The company’s revenue was up 3.6% on a year-over-year basis.

Analyst Ratings Changes

Several brokerages recently issued reports on NEP. Morgan Stanley lowered NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $31.00 to $20.00 in a research note on Wednesday, July 31st. Jefferies Financial Group lowered their price target on NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating on the stock in a research note on Thursday. StockNews.com upgraded NextEra Energy Partners to a “sell” rating in a research note on Thursday, July 25th. CIBC lowered their price objective on NextEra Energy Partners from $34.00 to $32.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, JPMorgan Chase & Co. upgraded NextEra Energy Partners from an “underweight” rating to a “neutral” rating and lowered their price objective for the company from $25.00 to $22.00 in a research note on Thursday. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, NextEra Energy Partners has a consensus rating of “Hold” and an average target price of $28.85.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. B. Riley Wealth Advisors Inc. lifted its holdings in NextEra Energy Partners by 15.5% during the 4th quarter. B. Riley Wealth Advisors Inc. now owns 8,763 shares of the solar energy provider’s stock worth $266,000 after buying an additional 1,179 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new position in NextEra Energy Partners during the 1st quarter worth $83,000. Brown Miller Wealth Management LLC lifted its holdings in NextEra Energy Partners by 44.4% during the 1st quarter. Brown Miller Wealth Management LLC now owns 18,033 shares of the solar energy provider’s stock worth $542,000 after buying an additional 5,546 shares in the last quarter. Hexagon Capital Partners LLC lifted its holdings in NextEra Energy Partners by 208.3% during the 1st quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock worth $28,000 after buying an additional 627 shares in the last quarter. Finally, InTrack Investment Management Inc lifted its holdings in NextEra Energy Partners by 23.1% during the 1st quarter. InTrack Investment Management Inc now owns 11,275 shares of the solar energy provider’s stock worth $339,000 after buying an additional 2,114 shares in the last quarter. 66.01% of the stock is owned by institutional investors and hedge funds.

NextEra Energy Partners Stock Performance

The firm has a fifty day simple moving average of $25.61 and a 200-day simple moving average of $27.77. The company has a current ratio of 1.30, a quick ratio of 1.22 and a debt-to-equity ratio of 0.36. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of 6.89 and a beta of 1.06.

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.