NextEra Energy Partners (NYSE:NEP) Price Target Cut to $15.00 by Analysts at Scotiabank

NextEra Energy Partners (NYSE:NEP) had its target price reduced by Scotiabank from $26.00 to $15.00 in a report released on Thursday,Benzinga reports. Scotiabank currently has a sector perform rating on the solar energy provider’s stock.

NEP has been the topic of a number of other reports. Mizuho decreased their price objective on NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Jefferies Financial Group decreased their price target on NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating on the stock in a research note on Thursday, October 24th. CIBC cut their price objective on NextEra Energy Partners from $34.00 to $32.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Guggenheim cut shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and decreased their target price for the company from $37.00 to $22.00 in a research report on Monday, October 28th. Finally, UBS Group dropped their price target on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating for the company in a research report on Monday, September 30th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $26.00.

NextEra Energy Partners Stock Up 1.5 %

Shares of NEP opened at $17.91 on Thursday. NextEra Energy Partners has a 52-week low of $15.55 and a 52-week high of $35.15. 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 stock has a fifty day simple moving average of $19.90 and a two-hundred day simple moving average of $24.56. The company has a market capitalization of $1.68 billion, a PE ratio of 8.22 and a beta of 1.07.

NextEra Energy Partners (NYSE:NEP) last issued its earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) EPS 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 period last year, the firm earned $0.57 earnings per share. NextEra Energy Partners’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, equities analysts forecast that NextEra Energy Partners will post 1.96 EPS for the current year.

NextEra Energy Partners Increases Dividend

The business also recently announced 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 annualized dividend and a yield of 20.49%. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.91. The ex-dividend date of this dividend was Wednesday, November 6th. NextEra Energy Partners’s payout ratio is presently 168.35%.

Hedge Funds Weigh In On NextEra Energy Partners

A number of institutional investors and hedge funds have recently made changes to their positions in NEP. Assenagon Asset Management S.A. acquired a new position in NextEra Energy Partners during the 2nd quarter worth approximately $2,794,000. Raymond James & Associates grew its stake in shares of NextEra Energy Partners by 6.2% during the second quarter. Raymond James & Associates now owns 802,161 shares of the solar energy provider’s stock worth $22,172,000 after purchasing an additional 46,718 shares in the last quarter. MONECO Advisors LLC purchased a new stake in NextEra Energy Partners during the 2nd quarter worth about $299,000. Central Bank & Trust Co. acquired a new position in NextEra Energy Partners in the second quarter valued at approximately $99,000. Finally, Wealth Advisory Solutions LLC grew its stake in NextEra Energy Partners by 20.3% during the 2nd quarter. Wealth Advisory Solutions LLC now owns 28,210 shares of the solar energy provider’s stock worth $780,000 after buying an additional 4,768 shares during the last quarter. 66.01% of the stock is owned by institutional investors and hedge funds.

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.