NextEra Energy Partners (NYSE:NEP) Hits New 12-Month Low – Here’s What Happened

NextEra Energy Partners, LP (NYSE:NEP) hit a new 52-week low on Wednesday . The stock traded as low as $18.13 and last traded at $18.27, with a volume of 182307 shares trading hands. The stock had previously closed at $20.67.

Analysts Set New Price Targets

NEP has been the subject of several recent research reports. Wolfe Research cut NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 25th. Jefferies Financial Group dropped their price target on NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. UBS Group lowered their target price on NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating for the company in a research note on Monday, September 30th. Barclays reissued an “underweight” rating and issued a $25.00 target price on shares of NextEra Energy Partners in a research note on Friday, October 4th. Finally, JPMorgan Chase & Co. raised NextEra Energy Partners from an “underweight” rating to a “neutral” rating and lowered their target price for the company from $25.00 to $22.00 in a research note on Thursday, October 24th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, NextEra Energy Partners currently has a consensus rating of “Hold” and an average price target of $26.69.

NextEra Energy Partners Price Performance

The business has a fifty day simple moving average of $24.37 and a two-hundred day simple moving average of $27.14. 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 stock has a market cap of $1.64 billion, a PE ratio of 8.09 and a beta of 1.10.

NextEra Energy Partners (NYSE:NEP) last posted 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). NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The firm had revenue of $319.00 million for the quarter, compared to analysts’ expectations of $332.25 million. During the same quarter last year, the company posted $0.57 EPS. The firm’s revenue was up 3.6% on a year-over-year basis. Research analysts forecast that NextEra Energy Partners, LP will post 1.45 earnings per share for the current year.

NextEra Energy Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Wednesday, November 6th will be paid a $0.9175 dividend. The ex-dividend date is Wednesday, November 6th. This represents a $3.67 annualized dividend and a dividend yield of 20.97%. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.91. NextEra Energy Partners’s dividend payout ratio is presently 166.06%.

Institutional Trading of NextEra Energy Partners

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Central Pacific Bank Trust Division bought a new stake in shares of NextEra Energy Partners in the 1st quarter worth $36,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of NextEra Energy Partners by 150.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock worth $46,000 after purchasing an additional 1,000 shares in the last quarter. Larson Financial Group LLC bought a new stake in shares of NextEra Energy Partners in the 1st quarter worth $48,000. EverSource Wealth Advisors LLC bought a new stake in shares of NextEra Energy Partners in the 2nd quarter worth $51,000. Finally, Eastern Bank bought a new stake in shares of NextEra Energy Partners in the 3rd quarter worth $57,000. Hedge funds and other institutional investors own 66.01% of the company’s stock.

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.