Scotiabank Issues Pessimistic Forecast for NextEra Energy Partners (NYSE:NEP) Stock Price

NextEra Energy Partners (NYSE:NEP) had its price objective lowered by investment analysts at Scotiabank from $26.00 to $15.00 in a report released on Thursday,Benzinga reports. The firm currently has a “sector perform” rating on the solar energy provider’s stock. Scotiabank’s target price points to a potential downside of 15.73% from the stock’s current price.

A number of other research firms have also recently weighed in on NEP. Barclays reiterated an “underweight” rating and set a $25.00 price objective on shares of NextEra Energy Partners in a research report on Friday, October 4th. Mizuho decreased their target price on NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. BMO Capital Markets reduced their price target on shares of NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating on the stock in a research note on Monday, October 21st. Jefferies Financial Group lowered their price objective on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. Finally, CIBC reduced their target price on shares of NextEra Energy Partners from $34.00 to $32.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $26.00.

NextEra Energy Partners Price Performance

Shares of NextEra Energy Partners stock traded down $0.13 during trading hours on Thursday, reaching $17.80. The company’s stock had a trading volume of 436,410 shares, compared to its average volume of 1,581,108. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.02 and a quick ratio of 1.78. NextEra Energy Partners has a one year low of $15.55 and a one year high of $35.15. The firm has a 50 day moving average price of $20.23 and a 200-day moving average price of $24.78. The stock has a market cap of $1.66 billion, a P/E ratio of 8.13 and a beta of 1.07.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.94). The company had revenue of $319.00 million during the quarter, compared to the consensus estimate of $332.25 million. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. NextEra Energy Partners’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.57 earnings per share. On average, analysts predict that NextEra Energy Partners will post 1.41 EPS for the current year.

Institutional Investors Weigh In On NextEra Energy Partners

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NEP. Northwestern Mutual Wealth Management Co. increased its stake in NextEra Energy Partners by 150.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock valued at $46,000 after purchasing an additional 1,000 shares during the period. EverSource Wealth Advisors LLC acquired a new position in NextEra Energy Partners in the 2nd quarter valued at about $51,000. Eastern Bank purchased a new stake in NextEra Energy Partners during the 3rd quarter valued at approximately $57,000. McIlrath & Eck LLC acquired a new stake in NextEra Energy Partners during the 3rd quarter worth approximately $63,000. Finally, Central Bank & Trust Co. purchased a new position in shares of NextEra Energy Partners in the 2nd quarter valued at approximately $99,000. Hedge funds and other institutional investors 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.