NextEra Energy Partners, LP (NYSE:NEP) Declares Dividend Increase – $0.91 Per Share

NextEra Energy Partners, LP (NYSE:NEP) declared a quarterly dividend on Wednesday, July 24th, Wall Street Journal reports. Shareholders of record on Tuesday, August 6th will be given a dividend of 0.905 per share by the solar energy provider on Wednesday, August 14th. This represents a $3.62 dividend on an annualized basis and a yield of 13.97%. The ex-dividend date of this dividend is Tuesday, August 6th. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.89.

NextEra Energy Partners has increased its dividend by an average of 14.3% per year over the last three years. NextEra Energy Partners has a payout ratio of 199.4% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect NextEra Energy Partners to earn $1.05 per share next year, which means the company may not be able to cover its $3.57 annual dividend with an expected future payout ratio of 340.0%.

NextEra Energy Partners Stock Down 5.7 %

NEP stock traded down $1.56 during midday trading on Thursday, hitting $25.92. The company’s stock had a trading volume of 4,070,507 shares, compared to its average volume of 1,466,754. NextEra Energy Partners has a twelve month low of $20.17 and a twelve month high of $57.29. The stock has a market capitalization of $2.42 billion, a P/E ratio of 8.50 and a beta of 1.03. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.36 and a quick ratio of 1.31. The company’s fifty day moving average price is $29.75 and its 200 day moving average price is $29.11.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. The firm had revenue of $360.00 million during the quarter, compared to the consensus estimate of $365.54 million. NextEra Energy Partners had a negative return on equity of 0.48% and a net margin of 23.55%. The business’s revenue was up 22.9% compared to the same quarter last year. During the same period last year, the company earned $0.53 earnings per share. As a group, equities research analysts predict that NextEra Energy Partners will post 1.89 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on NEP. BMO Capital Markets lowered their target price on shares of NextEra Energy Partners from $32.00 to $28.00 and set an “outperform” rating on the stock in a report on Monday. Oppenheimer reaffirmed a “market perform” rating on shares of NextEra Energy Partners in a report on Wednesday, April 24th. JPMorgan Chase & Co. reiterated an “underweight” rating and set a $25.00 price target on shares of NextEra Energy Partners in a report on Thursday, May 23rd. Raymond James lowered NextEra Energy Partners from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 9th. Finally, Mizuho downgraded NextEra Energy Partners from a “buy” rating to a “neutral” rating and set a $33.00 target price for the company. in a research note on Wednesday, June 12th. Three investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $36.93.

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.