Brokerages Set NextEra Energy Partners, LP (NYSE:NEP) PT at $26.00

NextEra Energy Partners, LP (NYSE:NEP) has earned a consensus rating of “Hold” from the seventeen analysts that are presently covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell recommendation, eleven have issued a hold recommendation and four have given a buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $26.00.

A number of equities analysts have commented on the stock. CIBC reduced their target price on shares of NextEra Energy Partners from $34.00 to $32.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 22nd. Jefferies Financial Group lowered their price objective on NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. BNP Paribas assumed coverage on NextEra Energy Partners in a research note on Tuesday, October 1st. They issued an “underperform” rating and a $15.00 price target on the stock. JPMorgan Chase & Co. raised NextEra Energy Partners from an “underweight” rating to a “neutral” rating and cut their price objective for the stock from $25.00 to $22.00 in a research report on Thursday, October 24th. Finally, Mizuho dropped their price target on shares of NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th.

Hedge Funds Weigh In On NextEra Energy Partners

A number of hedge funds have recently modified their holdings of NEP. Northwestern Mutual Wealth Management Co. increased its stake in NextEra Energy Partners by 150.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock valued at $46,000 after purchasing an additional 1,000 shares during the period. EverSource Wealth Advisors LLC purchased a new stake in shares of NextEra Energy Partners during the second quarter worth approximately $51,000. Eastern Bank acquired a new stake in shares of NextEra Energy Partners during the third quarter worth $57,000. McIlrath & Eck LLC purchased a new position in NextEra Energy Partners in the 3rd quarter valued at $63,000. Finally, International Assets Investment Management LLC purchased a new position in NextEra Energy Partners during the 2nd quarter worth $104,000. 66.01% of the stock is currently owned by hedge funds and other institutional investors.

NextEra Energy Partners Stock Up 1.7 %

Shares of NEP opened at $17.78 on Thursday. NextEra Energy Partners has a one year low of $15.55 and a one year high of $35.15. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.78 and a current ratio of 2.02. The stock has a 50 day moving average price of $18.82 and a 200 day moving average price of $23.73. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of 8.16 and a beta of 1.07.

NextEra Energy Partners (NYSE:NEP) last released its earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.94). The business had revenue of $319.00 million during the quarter, compared to analysts’ expectations of $332.25 million. NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The company’s revenue for the quarter 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. Equities research analysts forecast that NextEra Energy Partners will post 1.96 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Wednesday, November 6th were paid a dividend of $0.9175 per share. This represents a $3.67 dividend on an annualized basis and a yield of 20.64%. The ex-dividend date was Wednesday, November 6th. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.91. NextEra Energy Partners’s dividend payout ratio (DPR) is currently 168.35%.

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.