NextEra Energy Partners (NYSE:NEP) Downgraded by Guggenheim to “Neutral”

NextEra Energy Partners (NYSE:NEP) was downgraded by Guggenheim from a “buy” rating to a “neutral” rating in a research note issued on Monday, Marketbeat.com reports. They currently have a $22.00 price target on the solar energy provider’s stock, down from their previous price target of $37.00. Guggenheim’s price target would suggest a potential upside of 14.35% from the company’s previous close.

NEP has been the topic of several other reports. BMO Capital Markets reduced their price objective on 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. Raymond James cut NextEra Energy Partners from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 9th. Evercore ISI cut their target price on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. BNP Paribas assumed coverage on NextEra Energy Partners in a research note on Tuesday, October 1st. They set an “underperform” rating and a $15.00 target price on the stock. Finally, Mizuho cut their target price on NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, NextEra Energy Partners currently has an average rating of “Hold” and a consensus target price of $26.69.

NextEra Energy Partners Price Performance

NYSE:NEP opened at $19.24 on Monday. The company has a current ratio of 2.02, a quick ratio of 1.78 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $1.80 billion, a P/E ratio of 8.83 and a beta of 1.06. NextEra Energy Partners has a 12 month low of $19.17 and a 12 month high of $35.15. The business’s 50-day moving average is $25.34 and its 200 day moving average is $27.58.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.94). NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The company had revenue of $319.00 million for the quarter, compared to the consensus estimate of $332.25 million. During the same period in the previous year, the firm earned $0.57 earnings per share. The company’s revenue was up 3.6% compared to the same quarter last year. On average, equities research analysts forecast that NextEra Energy Partners will post 1.77 earnings per share for the current fiscal year.

Institutional Trading of NextEra Energy Partners

A number of hedge funds have recently bought and sold shares of NEP. Vanguard Group Inc. lifted its holdings in shares of NextEra Energy Partners by 3.6% during 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 during the last quarter. Marshall Wace LLP purchased a new stake in shares of NextEra Energy Partners during the 2nd quarter valued at $638,000. Fred Alger Management LLC purchased a new stake in shares of NextEra Energy Partners during the 2nd quarter valued at $5,452,000. Sanctuary Advisors LLC purchased a new stake in shares of NextEra Energy Partners during the 2nd quarter valued at $639,000. Finally, Cetera Investment Advisers lifted its holdings in shares of 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 purchasing an additional 54,267 shares during the last quarter. 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.