NextEra Energy Partners (NYSE:NEP) Shares Gap Down – Here’s What Happened

NextEra Energy Partners, LP (NYSE:NEP) shares gapped down before the market opened on Tuesday . The stock had previously closed at $15.80, but opened at $11.93. NextEra Energy Partners shares last traded at $11.45, with a volume of 4,573,333 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on NEP shares. Guggenheim dropped their price target on NextEra Energy Partners from $17.00 to $12.00 and set a “neutral” rating on the stock in a research note on Wednesday. JPMorgan Chase & Co. decreased their target price on NextEra Energy Partners from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Thursday, January 23rd. CIBC cut their price target on NextEra Energy Partners from $26.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. Evercore ISI decreased their price objective on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a research note on Thursday, October 24th. Finally, Scotiabank cut their price objective on NextEra Energy Partners from $15.00 to $12.00 and set a “sector perform” rating for the company in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $22.07.

NextEra Energy Partners Stock Down 11.2 %

The company has a market capitalization of $982.53 million, a PE ratio of 4.82 and a beta of 1.06. The company has a quick ratio of 1.78, a current ratio of 2.02 and a debt-to-equity ratio of 0.37. The company’s 50 day moving average is $17.31 and its two-hundred day moving average is $21.76.

NextEra Energy Partners (NYSE:NEP) last announced its quarterly earnings results on Tuesday, January 28th. The solar energy provider reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.20. NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. On average, analysts anticipate that NextEra Energy Partners, LP will post 2.06 earnings per share for the current year.

Institutional Investors Weigh In On NextEra Energy Partners

Several institutional investors have recently modified their holdings of NEP. Marshall Wace LLP purchased a new position in shares of NextEra Energy Partners during the 2nd quarter worth about $638,000. Creative Planning boosted its position in shares of NextEra Energy Partners by 15.2% during the second quarter. Creative Planning now owns 11,307 shares of the solar energy provider’s stock valued at $313,000 after buying an additional 1,490 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in shares of NextEra Energy Partners by 150.4% during 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 buying an additional 1,000 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its stake in shares of NextEra Energy Partners by 40.4% during the second quarter. B. Riley Wealth Advisors Inc. now owns 10,648 shares of the solar energy provider’s stock valued at $294,000 after buying an additional 3,064 shares during the last quarter. Finally, Granite Bay Wealth Management LLC purchased a new stake in shares of NextEra Energy Partners in the second quarter worth approximately $418,000. 66.01% of the stock is owned by institutional investors.

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.