NextEra Energy Partners (NYSE:NEP) Downgraded by Royal Bank of Canada

Royal Bank of Canada cut shares of NextEra Energy Partners (NYSE:NEP) from an outperform rating to a sector perform rating in a report released on Monday, Marketbeat reports. Royal Bank of Canada currently has $30.00 target price on the solar energy provider’s stock, down from their previous target price of $38.00.

Several other equities research analysts have also commented on NEP. JPMorgan Chase & Co. reiterated an underweight rating and set a $25.00 price target on shares of NextEra Energy Partners in a research note on Thursday, May 23rd. Mizuho lowered shares of NextEra Energy Partners from a buy rating to a neutral rating and set a $33.00 price objective on the stock. in a research note on Wednesday, June 12th. Oppenheimer reaffirmed a market perform rating on shares of NextEra Energy Partners in a report on Wednesday, April 24th. Marathon Capitl reaffirmed an equal weight rating on shares of NextEra Energy Partners in a report on Tuesday, March 26th. Finally, Barclays downgraded shares of NextEra Energy Partners from an equal weight rating to an underweight rating and lowered their target price for the company from $32.00 to $25.00 in a report on Thursday, June 13th. Three 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 company. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $38.20.

NextEra Energy Partners Stock Performance

NYSE:NEP opened at $26.68 on Monday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.31 and a current ratio of 1.36. The stock has a market capitalization of $2.50 billion, a P/E ratio of 8.75 and a beta of 1.03. The company has a 50 day moving average price of $30.71 and a 200 day moving average price of $29.41. NextEra Energy Partners has a fifty-two week low of $20.17 and a fifty-two week high of $59.90.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings results on Monday, April 22nd. The solar energy provider reported $0.75 EPS for the quarter, beating the consensus estimate of $0.12 by $0.63. NextEra Energy Partners had a net margin of 23.55% and a negative return on equity of 0.48%. The company had revenue of $257.00 million during the quarter, compared to analysts’ expectations of $331.78 million. During the same quarter last year, the company posted ($0.17) EPS. The firm’s revenue was up 4.9% compared to the same quarter last year. Equities research analysts forecast that NextEra Energy Partners will post 1.89 EPS 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 given a $0.8925 dividend. This represents a $3.57 dividend on an annualized basis and a dividend yield of 13.38%. The ex-dividend date of this dividend was Monday, May 6th. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.88. NextEra Energy Partners’s payout ratio is currently 117.05%.

Hedge Funds Weigh In On NextEra Energy Partners

Institutional investors have recently modified their holdings of the company. Clearbridge Investments LLC acquired a new position in NextEra Energy Partners during the fourth quarter worth approximately $6,818,000. Benjamin F. Edwards & Company Inc. increased its position in NextEra Energy Partners by 13.2% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 9,720 shares of the solar energy provider’s stock worth $296,000 after purchasing an additional 1,130 shares during the last quarter. Otter Creek Advisors LLC acquired a new position in NextEra Energy Partners during the fourth quarter worth approximately $3,061,000. Tudor Investment Corp Et Al increased its position in NextEra Energy Partners by 477.2% during the third quarter. Tudor Investment Corp Et Al now owns 238,288 shares of the solar energy provider’s stock worth $7,077,000 after purchasing an additional 197,002 shares during the last quarter. Finally, Caxton Associates LP acquired a new stake in shares of NextEra Energy Partners in the fourth quarter worth $1,509,000. Institutional investors and hedge funds 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.