Wells Fargo & Company Issues Pessimistic Forecast for NextEra Energy Partners (NYSE:NEP) Stock Price

NextEra Energy Partners (NYSE:NEP) had its price target cut by analysts at Wells Fargo & Company from $33.00 to $13.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the solar energy provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 24.70% from the company’s current price.

NEP has been the subject of a number of other research reports. Guggenheim cut shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and cut their price objective for the company from $37.00 to $22.00 in a research note on Monday, October 28th. JPMorgan Chase & Co. reduced their price objective on NextEra Energy Partners from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, January 23rd. Barclays reissued an “underweight” rating and issued a $25.00 target price on shares of NextEra Energy Partners in a research note on Friday, October 4th. Morgan Stanley upgraded NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price target on the stock in a research report on Monday, December 2nd. Finally, Jefferies Financial Group lowered their price objective on 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. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $22.07.

NextEra Energy Partners Price Performance

NEP stock opened at $10.43 on Wednesday. The firm has a 50 day simple moving average of $17.20 and a two-hundred day simple moving average of $21.68. The stock has a market cap of $975.05 million, a PE ratio of 4.78 and a beta of 1.06. NextEra Energy Partners has a one year low of $9.98 and a one year high of $35.15. 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 (NYSE:NEP) last announced its earnings results on Tuesday, January 28th. The solar energy provider reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.20. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. On average, analysts predict that NextEra Energy Partners will post 2.06 EPS for the current fiscal year.

Institutional Trading of NextEra Energy Partners

Institutional investors and hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. boosted its position in shares of NextEra Energy Partners by 150.4% during 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 in the last quarter. Avion Wealth lifted its position in NextEra Energy Partners by 610.2% during the 4th quarter. Avion Wealth now owns 2,642 shares of the solar energy provider’s stock valued at $47,000 after acquiring an additional 2,270 shares during the period. Eastern Bank bought a new stake in NextEra Energy Partners during the third quarter worth about $57,000. McIlrath & Eck LLC bought a new position in shares of NextEra Energy Partners during the third quarter valued at approximately $63,000. Finally, Central Pacific Bank Trust Division lifted its holdings in shares of NextEra Energy Partners by 153.1% during the fourth quarter. Central Pacific Bank Trust Division now owns 6,200 shares of the solar energy provider’s stock valued at $110,000 after purchasing an additional 3,750 shares during the last quarter. 66.01% of the stock is currently 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.