NextEra Energy Partners, LP (NYSE:NEP) Announces $0.92 Dividend

NextEra Energy Partners, LP (NYSE:NEP) declared a dividend on Tuesday, October 22nd, NASDAQ reports. Investors of record on Wednesday, November 6th will be paid a dividend of 0.9175 per share by the solar energy provider on Thursday, November 14th. The ex-dividend date is Wednesday, November 6th.

NextEra Energy Partners has raised its dividend by an average of 14.3% annually over the last three years and has raised its dividend annually for the last 10 consecutive years. NextEra Energy Partners has a payout ratio of 155.4% 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 $1.56 per share next year, which means the company may not be able to cover its $3.62 annual dividend with an expected future payout ratio of 232.1%.

NextEra Energy Partners Price Performance

NYSE NEP traded down $0.03 on Thursday, hitting $20.98. 5,995,694 shares of the company’s stock were exchanged, compared to its average volume of 1,459,118. NextEra Energy Partners has a 52 week low of $20.28 and a 52 week high of $35.15. The stock has a 50-day moving average of $25.61 and a 200-day moving average of $27.77. The company has a current ratio of 1.30, a quick ratio of 1.22 and a debt-to-equity ratio of 0.36. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 6.88 and a beta of 1.06.

NextEra Energy Partners (NYSE:NEP) last released its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.94). The business had revenue of $319.00 million during the quarter, compared to analyst estimates of $332.25 million. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The business’s quarterly revenue was up 3.6% compared to the same quarter last year. During the same period last year, the business earned $0.57 earnings per share. Analysts expect that NextEra Energy Partners will post 2.2 earnings per share for the current year.

Wall Street Analyst Weigh In

NEP has been the subject of a number of research analyst reports. Wolfe Research cut shares of NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 25th. Barclays reiterated an “underweight” rating and issued a $25.00 price target on shares of NextEra Energy Partners in a research note on Friday, October 4th. BNP Paribas began coverage on NextEra Energy Partners in a report on Tuesday, October 1st. They set an “underperform” rating and a $15.00 price objective on the stock. Evercore ISI lowered their target price on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Royal Bank of Canada lowered NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and cut their price target for the company from $38.00 to $30.00 in a research note on Monday, July 1st. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, NextEra Energy Partners currently has a consensus rating of “Hold” and an average target price of $27.85.

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.