NextEra Energy Partners (NYSE:NEP) Sees Unusually-High Trading Volume Following Earnings Beat

NextEra Energy Partners, LP (NYSE:NEP) saw strong trading volume on Wednesday following a stronger than expected earnings report. 2,508,746 shares traded hands during trading, a decline of 21% from the previous session’s volume of 3,182,788 shares.The stock last traded at $10.69 and had previously closed at $11.83.

The solar energy provider reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.20. NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on NEP. Barclays restated an “underweight” rating and set a $25.00 target price on shares of NextEra Energy Partners in a research note on Friday, October 4th. Mizuho lowered their price objective on shares of 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. Wells Fargo & Company cut their target price on shares of NextEra Energy Partners from $33.00 to $13.00 and set an “equal weight” rating for the company in a research report on Wednesday. Evercore ISI lowered their price target on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Finally, Jefferies Financial Group cut their price objective on NextEra Energy Partners from $25.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday. Three equities research 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 has an average rating of “Hold” and an average price target of $22.07.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NEP. Marshall Wace LLP purchased a new position in shares of NextEra Energy Partners during the 2nd quarter valued at $638,000. Creative Planning raised its holdings in NextEra Energy Partners by 15.2% during the second quarter. Creative Planning now owns 11,307 shares of the solar energy provider’s stock valued at $313,000 after acquiring an additional 1,490 shares during the period. Northwestern Mutual Wealth Management Co. lifted its position in shares of NextEra Energy Partners by 150.4% in 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 acquiring an additional 1,000 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its stake in shares of NextEra Energy Partners by 40.4% in the second quarter. B. Riley Wealth Advisors Inc. now owns 10,648 shares of the solar energy provider’s stock worth $294,000 after acquiring an additional 3,064 shares during the period. Finally, Cetera Investment Advisers grew its position in shares of NextEra Energy Partners by 10.6% during the second quarter. Cetera Investment Advisers now owns 70,491 shares of the solar energy provider’s stock worth $1,948,000 after purchasing an additional 6,769 shares in the last quarter. 66.01% of the stock is currently owned by institutional investors.

NextEra Energy Partners Price Performance

The firm has a 50 day moving average of $17.20 and a 200-day moving average of $21.68. 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 cap of $975.05 million, a P/E ratio of 4.78 and a beta of 1.06.

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.