NextEra Energy Partners (NYSE:NEP) Stock Rating Lowered by Guggenheim

NextEra Energy Partners (NYSE:NEP) was downgraded by equities researchers at Guggenheim from a “buy” rating to a “neutral” rating in a report released on Monday, Briefing.com reports. They currently have a $22.00 target price on the solar energy provider’s stock, down from their previous target price of $37.00. Guggenheim’s price target indicates a potential upside of 4.27% from the company’s current price.

A number of other equities analysts have also issued reports on the stock. Raymond James lowered shares of NextEra Energy Partners from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 9th. StockNews.com raised shares of NextEra Energy Partners to a “sell” rating in a report on Thursday, July 25th. Royal Bank of Canada lowered NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and lowered their price target for the stock from $38.00 to $30.00 in a report on Monday, July 1st. BMO Capital Markets reduced their price objective on NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating for the company in a research note on Monday, October 21st. Finally, Jefferies Financial Group lowered their target price on NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating on the stock in a research note on Thursday. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $26.69.

NextEra Energy Partners Trading Up 0.5 %

NYSE:NEP opened at $21.10 on Monday. The stock has a market cap of $1.97 billion, a P/E ratio of 6.92 and a beta of 1.06. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.22 and a current ratio of 1.30. NextEra Energy Partners has a 1 year low of $20.28 and a 1 year high of $35.15. The stock has a 50-day simple moving average of $25.44 and a 200-day simple moving average of $27.64.

NextEra Energy Partners (NYSE:NEP) last posted its earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.94). The firm had revenue of $319.00 million for the quarter, compared to analyst estimates of $332.25 million. NextEra Energy Partners had a negative return on equity of 0.40% and a net margin of 24.42%. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.57 EPS. As a group, analysts anticipate that NextEra Energy Partners will post 2.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NextEra Energy Partners

A number of hedge funds and other institutional investors have recently modified their holdings of NEP. Vanguard Group Inc. increased its stake in NextEra Energy Partners by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 635,881 shares of the solar energy provider’s stock valued at $19,127,000 after purchasing an additional 22,370 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of NextEra Energy Partners during the 2nd quarter worth $638,000. Fred Alger Management LLC purchased a new stake in shares of NextEra Energy Partners in the 2nd quarter worth about $5,452,000. Sanctuary Advisors LLC acquired a new stake in NextEra Energy Partners in the 2nd quarter valued at about $639,000. Finally, Cetera Investment Advisers increased its holdings in NextEra Energy Partners by 574.0% during the 1st quarter. Cetera Investment Advisers now owns 63,722 shares of the solar energy provider’s stock valued at $1,917,000 after acquiring an additional 54,267 shares in the last quarter. 66.01% of the stock is currently owned by institutional investors and hedge funds.

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.