NextEra Energy Partners (NYSE:NEP) Given New $21.00 Price Target at CIBC

NextEra Energy Partners (NYSE:NEP) had its price target dropped by stock analysts at CIBC from $26.00 to $21.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the solar energy provider’s stock. CIBC’s price target would suggest a potential upside of 16.09% from the stock’s current price.

A number of other research analysts have also recently weighed in on the stock. BNP Paribas started coverage on shares of NextEra Energy Partners in a research report on Tuesday, October 1st. They set an “underperform” rating and a $15.00 price target on the stock. Barclays restated an “underweight” rating and set a $25.00 target price on shares of NextEra Energy Partners in a report on Friday, October 4th. BMO Capital Markets decreased their target price on NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating for the company in a research report on Monday, October 21st. Morgan Stanley upgraded NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 target price on the stock in a report on Monday, December 2nd. Finally, Evercore ISI lowered their price objective on shares of NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating for the company in a research report on Thursday, October 24th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, NextEra Energy Partners presently has an average rating of “Hold” and an average target price of $25.21.

NextEra Energy Partners Trading Down 4.1 %

Shares of NEP traded down $0.78 during mid-day trading on Wednesday, reaching $18.09. The company had a trading volume of 449,407 shares, compared to its average volume of 1,026,849. The stock has a market cap of $1.69 billion, a price-to-earnings ratio of 8.30 and a beta of 1.06. The company has a current ratio of 2.02, a quick ratio of 1.78 and a debt-to-equity ratio of 0.37. The firm has a fifty day simple moving average of $17.80 and a 200-day simple moving average of $22.94. NextEra Energy Partners has a fifty-two week low of $15.55 and a fifty-two week high of $35.15.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.94). The firm had revenue of $319.00 million for the quarter, compared to analysts’ expectations of $332.25 million. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. NextEra Energy Partners’s revenue was up 3.6% on a year-over-year basis. During the same period last year, the firm posted $0.57 EPS. On average, sell-side analysts anticipate that NextEra Energy Partners will post 1.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. M&G PLC increased its holdings in shares of NextEra Energy Partners by 19.3% in the 3rd quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider’s stock worth $85,738,000 after acquiring an additional 496,383 shares during the period. Redwood Grove Capital LLC raised its holdings in shares of NextEra Energy Partners by 19.7% during the third quarter. Redwood Grove Capital LLC now owns 982,235 shares of the solar energy provider’s stock valued at $27,129,000 after buying an additional 161,436 shares during the last quarter. abrdn plc grew its holdings in NextEra Energy Partners by 6.2% in the 3rd quarter. abrdn plc now owns 850,200 shares of the solar energy provider’s stock worth $23,483,000 after buying an additional 49,400 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in NextEra Energy Partners by 8.0% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 630,588 shares of the solar energy provider’s stock worth $17,417,000 after buying an additional 46,728 shares in the last quarter. Finally, Thrivent Financial for Lutherans acquired a new stake in NextEra Energy Partners in the 3rd quarter valued at approximately $16,186,000. 66.01% of the stock is owned by institutional investors and hedge funds.

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.