NextEra Energy Partners (NYSE:NEP) Upgraded at Morgan Stanley

NextEra Energy Partners (NYSE:NEP) was upgraded by Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued on Monday, Marketbeat reports. The brokerage presently has a $22.00 target price on the solar energy provider’s stock. Morgan Stanley’s price objective indicates a potential upside of 17.40% from the stock’s current price.

NEP has been the topic of a number of other reports. Guggenheim downgraded NextEra Energy Partners from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $37.00 to $22.00 in a research report on Monday, October 28th. Mizuho lowered their price objective on NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Jefferies Financial Group reduced their target price 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. JPMorgan Chase & Co. raised shares of NextEra Energy Partners from an “underweight” rating to a “neutral” rating and lowered their price target for the company from $25.00 to $22.00 in a report on Thursday, October 24th. Finally, Evercore ISI dropped their price objective on shares of NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $26.85.

NextEra Energy Partners Price Performance

Shares of NYSE:NEP opened at $18.74 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.02 and a quick ratio of 1.78. The stock has a market capitalization of $1.75 billion, a P/E ratio of 8.60 and a beta of 1.07. The business has a 50-day moving average of $21.36 and a two-hundred day moving average of $25.38. NextEra Energy Partners has a fifty-two week low of $15.55 and a fifty-two week high of $35.15.

NextEra Energy Partners (NYSE:NEP) last announced its quarterly earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) EPS for the quarter, missing the consensus estimate of $0.51 by ($0.94). The company had revenue of $319.00 million for the quarter, compared to analyst estimates of $332.25 million. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same quarter last year, the business earned $0.57 EPS. On average, equities research analysts predict that NextEra Energy Partners will post 1.36 EPS for the current fiscal year.

Hedge Funds Weigh In On NextEra Energy Partners

Large investors have recently modified their holdings of the stock. M&G PLC raised its position in NextEra Energy Partners by 19.3% in the 3rd quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider’s stock worth $85,738,000 after purchasing an additional 496,383 shares during the last quarter. Redwood Grove Capital LLC lifted its stake in shares of NextEra Energy Partners by 19.7% during the third quarter. Redwood Grove Capital LLC now owns 982,235 shares of the solar energy provider’s stock valued at $27,129,000 after acquiring an additional 161,436 shares during the period. abrdn plc boosted its holdings in NextEra Energy Partners by 6.2% in the third quarter. abrdn plc now owns 850,200 shares of the solar energy provider’s stock valued at $23,483,000 after acquiring an additional 49,400 shares during the last quarter. Raymond James & Associates increased its position in NextEra Energy Partners by 6.2% in the second quarter. Raymond James & Associates now owns 802,161 shares of the solar energy provider’s stock worth $22,172,000 after purchasing an additional 46,718 shares during the period. Finally, Vanguard Group Inc. raised its holdings in 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 worth $19,127,000 after purchasing an additional 22,370 shares during the last quarter. 66.01% of the stock is currently owned by institutional investors and hedge funds.

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.