CIBC Lowers NextEra Energy Partners (NYSE:NEP) Price Target to $32.00

NextEra Energy Partners (NYSE:NEP) had its price objective reduced by research analysts at CIBC from $34.00 to $32.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the solar energy provider’s stock. CIBC’s target price suggests a potential upside of 27.54% from the stock’s previous close.

Several other equities research analysts have also commented on the stock. BMO Capital Markets decreased their target price on shares of NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating on the stock in a research report on Monday. Raymond James cut shares of NextEra Energy Partners from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 9th. Royal Bank of Canada downgraded shares of NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $38.00 to $30.00 in a research report on Monday, July 1st. Barclays restated an “underweight” rating and issued a $25.00 price target on shares of NextEra Energy Partners in a report on Friday, October 4th. Finally, StockNews.com raised NextEra Energy Partners to a “sell” rating in a report on Thursday, July 25th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, NextEra Energy Partners has a consensus rating of “Hold” and a consensus target price of $29.15.

NextEra Energy Partners Stock Performance

Shares of NextEra Energy Partners stock traded down $0.15 during trading hours on Tuesday, hitting $25.09. 1,408,213 shares of the company were exchanged, compared to its average volume of 1,393,501. 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 business has a 50-day moving average of $25.69 and a 200-day moving average of $27.85. NextEra Energy Partners has a 1 year low of $21.83 and a 1 year high of $35.15. The stock has a market capitalization of $2.35 billion, a price-to-earnings ratio of 8.23 and a beta of 1.06.

NextEra Energy Partners (NYSE:NEP) last released its earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 EPS for the quarter, topping the consensus estimate of $0.59 by $0.07. The company had revenue of $360.00 million during the quarter, compared to analysts’ expectations of $365.54 million. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The business’s revenue was up 22.9% on a year-over-year basis. During the same quarter last year, the business earned $0.53 EPS. As a group, analysts expect that NextEra Energy Partners will post 2.2 EPS for the current fiscal year.

Institutional Trading of NextEra Energy Partners

Hedge funds have recently bought and sold shares of the company. Ameritas Advisory Services LLC grew its position in shares of NextEra Energy Partners by 1.4% in the second quarter. Ameritas Advisory Services LLC now owns 29,190 shares of the solar energy provider’s stock valued at $807,000 after purchasing an additional 412 shares during the period. Brown Miller Wealth Management LLC grew its holdings in NextEra Energy Partners by 2.4% in the 3rd quarter. Brown Miller Wealth Management LLC now owns 18,459 shares of the solar energy provider’s stock valued at $509,000 after buying an additional 433 shares during the period. Pathway Financial Advisers LLC increased its stake in shares of NextEra Energy Partners by 0.9% during the 2nd quarter. Pathway Financial Advisers LLC now owns 48,363 shares of the solar energy provider’s stock valued at $1,336,000 after acquiring an additional 454 shares during the last quarter. Arizona State Retirement System lifted its holdings in shares of NextEra Energy Partners by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 26,186 shares of the solar energy provider’s stock worth $724,000 after acquiring an additional 509 shares during the period. Finally, Jaffetilchin Investment Partners LLC boosted its position in shares of NextEra Energy Partners by 4.6% in the second quarter. Jaffetilchin Investment Partners LLC now owns 13,088 shares of the solar energy provider’s stock worth $362,000 after acquiring an additional 581 shares during the last quarter. Institutional investors and hedge funds 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.