Brokerages Set NextEra Energy Partners, LP (NYSE:NEP) Price Target at $38.79

NextEra Energy Partners, LP (NYSE:NEP) has received a consensus rating of “Hold” from the sixteen ratings firms that are currently covering the stock, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, ten have issued a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among brokers that have covered the stock in the last year is $38.20.

A number of analysts recently issued reports on NEP shares. Oppenheimer reiterated a “market perform” rating on shares of NextEra Energy Partners in a report on Wednesday, April 24th. Barclays lowered NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $32.00 to $25.00 in a research report on Thursday, June 13th. Royal Bank of Canada downgraded shares of NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and lowered their target price for the company from $38.00 to $30.00 in a research note on Monday. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $25.00 price objective on shares of NextEra Energy Partners in a report on Thursday, May 23rd. Finally, Mizuho downgraded shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and set a $33.00 price target on the stock. in a report on Wednesday, June 12th.

NextEra Energy Partners Stock Performance

NEP stock opened at $25.21 on Thursday. NextEra Energy Partners has a twelve month low of $20.17 and a twelve month high of $59.90. The firm has a market cap of $2.36 billion, a price-to-earnings ratio of 8.27 and a beta of 1.04. The business’s fifty day simple moving average is $30.89 and its two-hundred day simple moving average is $29.49. The company has a quick ratio of 1.31, a current ratio of 1.36 and a debt-to-equity ratio of 0.35.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings results on Monday, April 22nd. The solar energy provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.12 by $0.63. The company had revenue of $257.00 million for the quarter, compared to the consensus estimate of $331.78 million. NextEra Energy Partners had a net margin of 23.55% and a negative return on equity of 0.48%. The firm’s revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.17) EPS. Analysts predict that NextEra Energy Partners will post 1.89 earnings per share for the current year.

NextEra Energy Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, May 7th were issued a $0.8925 dividend. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.88. The ex-dividend date was Monday, May 6th. This represents a $3.57 annualized dividend and a dividend yield of 14.16%. NextEra Energy Partners’s dividend payout ratio is 117.05%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its holdings in NextEra Energy Partners by 243.8% during the third quarter. PNC Financial Services Group Inc. now owns 10,641 shares of the solar energy provider’s stock worth $316,000 after buying an additional 7,546 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in shares of NextEra Energy Partners by 60.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 1,208 shares of the solar energy provider’s stock valued at $36,000 after acquiring an additional 454 shares in the last quarter. Tower Research Capital LLC TRC boosted its stake in NextEra Energy Partners by 133,321.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 25,350 shares of the solar energy provider’s stock worth $753,000 after purchasing an additional 25,331 shares during the period. Alpine Global Management LLC purchased a new position in NextEra Energy Partners during the 3rd quarter worth approximately $297,000. Finally, Electron Capital Partners LLC raised its stake in NextEra Energy Partners by 7.9% during the 3rd quarter. Electron Capital Partners LLC now owns 1,493,087 shares of the solar energy provider’s stock valued at $44,345,000 after purchasing an additional 108,799 shares during the period. 66.01% of the stock is 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.