CIBC Lowers NextEra Energy Partners (NYSE:NEP) Price Target to $21.00

NextEra Energy Partners (NYSE:NEP) had its price target cut by CIBC from $26.00 to $21.00 in a report released on Wednesday,Benzinga reports. They currently have a neutral rating on the solar energy provider’s stock.

Other equities analysts have also issued research reports about the stock. Morgan Stanley upgraded shares of NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price objective on the stock in a report on Monday, December 2nd. Evercore ISI cut their price target 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 started coverage on NextEra Energy Partners in a research note on Tuesday, October 1st. They set an “underperform” rating and a $15.00 price objective for the company. UBS Group cut their target price on NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Monday, September 30th. Finally, BMO Capital Markets decreased their price target on shares of NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating for the company in a research report on Monday, October 21st. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $25.21.

NextEra Energy Partners Price Performance

NEP stock opened at $18.11 on Wednesday. The stock has a 50-day simple moving average of $17.76 and a 200-day simple moving average of $22.87. The firm has a market cap of $1.69 billion, a P/E ratio of 8.31 and a beta of 1.06. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.78 and a current ratio of 2.02. NextEra Energy Partners has a 1 year low of $15.55 and a 1 year high of $35.15.

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 (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.94). NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The firm had revenue of $319.00 million during the quarter, compared to analyst estimates of $332.25 million. During the same period last year, the business earned $0.57 EPS. The firm’s revenue was up 3.6% compared to the same quarter last year. On average, equities analysts predict that NextEra Energy Partners will post 1.96 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Wednesday, November 6th were issued a dividend of $0.9175 per share. The ex-dividend date was Wednesday, November 6th. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.91. This represents a $3.67 annualized dividend and a dividend yield of 20.27%. NextEra Energy Partners’s dividend payout ratio is 168.35%.

Institutional Trading of NextEra Energy Partners

Hedge funds have recently made changes to their positions in the stock. Brown Miller Wealth Management LLC increased its position in NextEra Energy Partners by 2.4% in the third quarter. Brown Miller Wealth Management LLC now owns 18,459 shares of the solar energy provider’s stock worth $509,000 after buying an additional 433 shares during the period. Pathway Financial Advisers LLC increased its holdings in shares of NextEra Energy Partners by 0.9% in the 2nd quarter. Pathway Financial Advisers LLC now owns 48,363 shares of the solar energy provider’s stock worth $1,336,000 after acquiring an additional 454 shares during the period. Arizona State Retirement System lifted its position in NextEra Energy Partners by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 26,186 shares of the solar energy provider’s stock valued at $724,000 after purchasing an additional 509 shares during the last quarter. Apollon Wealth Management LLC boosted its stake in NextEra Energy Partners by 5.7% during the 3rd quarter. Apollon Wealth Management LLC now owns 12,306 shares of the solar energy provider’s stock valued at $340,000 after purchasing an additional 667 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its position in NextEra Energy Partners by 150.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock worth $46,000 after purchasing an additional 1,000 shares during the last quarter. 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.