NextEra Energy Partners’ (NEP) “Market Perform” Rating Reaffirmed at Oppenheimer

Oppenheimer restated their market perform rating on shares of NextEra Energy Partners (NYSE:NEP) in a report released on Wednesday morning, Benzinga reports.

A number of other brokerages also recently weighed in on NEP. JPMorgan Chase & Co. boosted their target price on NextEra Energy Partners from $24.00 to $26.00 and gave the stock a neutral rating in a research note on Friday, January 26th. CIBC downgraded NextEra Energy Partners from a sector outperform rating to a neutral rating and set a $35.00 target price on the stock. in a research report on Tuesday, January 9th. Barclays assumed coverage on NextEra Energy Partners in a report on Wednesday, April 10th. They issued an equal weight rating and a $32.00 price target for the company. Raymond James cut their price target on NextEra Energy Partners from $50.00 to $45.00 and set an outperform rating for the company in a report on Wednesday, April 3rd. Finally, Evercore ISI initiated coverage on NextEra Energy Partners in a research report on Tuesday, February 13th. They issued an outperform rating and a $43.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Hold and a consensus target price of $43.88.

NextEra Energy Partners Stock Performance

Shares of NEP opened at $29.62 on Wednesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.28 and a current ratio of 1.33. The stock has a 50 day moving average price of $28.29 and a two-hundred day moving average price of $27.35. The firm has a market capitalization of $2.77 billion, a P/E ratio of 9.71 and a beta of 1.00. NextEra Energy Partners has a 52 week low of $20.17 and a 52 week high of $63.89.

NextEra Energy Partners (NYSE:NEP) last announced its earnings results on Monday, April 22nd. The solar energy provider reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.63. NextEra Energy Partners had a negative return on equity of 0.48% and a net margin of 23.55%. The firm had revenue of $257.00 million for the quarter, compared to the consensus estimate of $331.78 million. During the same quarter in the previous year, the business earned ($0.17) EPS. The company’s revenue was up 4.9% compared to the same quarter last year. Equities analysts forecast that NextEra Energy Partners will post 0.83 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, May 7th will be issued a $0.8925 dividend. The ex-dividend date is Monday, May 6th. This represents a $3.57 annualized dividend and a dividend yield of 12.05%. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.88. NextEra Energy Partners’s payout ratio is currently 115.41%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NEP. 1832 Asset Management L.P. increased its holdings in shares of NextEra Energy Partners by 599.4% in the fourth quarter. 1832 Asset Management L.P. now owns 2,602,485 shares of the solar energy provider’s stock worth $79,142,000 after buying an additional 2,230,374 shares during the period. ClearBridge Investments Ltd grew its stake in shares of NextEra Energy Partners by 64.4% in the third quarter. ClearBridge Investments Ltd now owns 3,583,336 shares of the solar energy provider’s stock worth $106,425,000 after purchasing an additional 1,404,318 shares during the last quarter. FMR LLC grew its stake in shares of NextEra Energy Partners by 18.9% in the third quarter. FMR LLC now owns 4,865,533 shares of the solar energy provider’s stock worth $144,506,000 after purchasing an additional 774,665 shares during the last quarter. M&G Investment Management Ltd. boosted its position in NextEra Energy Partners by 27.1% during the 4th quarter. M&G Investment Management Ltd. now owns 3,044,055 shares of the solar energy provider’s stock valued at $91,322,000 after acquiring an additional 648,775 shares in the last quarter. Finally, Verition Fund Management LLC bought a new stake in NextEra Energy Partners during the 4th quarter valued at approximately $14,269,000. Hedge funds and other institutional investors own 66.01% of the company’s stock.

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.