JPMorgan Chase & Co. Lowers NextEra Energy Partners (NYSE:NEP) Price Target to $20.00

NextEra Energy Partners (NYSE:NEP) had its price target cut by research analysts at JPMorgan Chase & Co. from $22.00 to $20.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the solar energy provider’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 23.94% from the stock’s previous close.

Other analysts have also issued reports about the company. Mizuho dropped their target price 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. UBS Group cut their target price on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating for the company in a report on Monday, September 30th. Scotiabank cut their price objective on shares of NextEra Energy Partners from $26.00 to $15.00 and set a “sector perform” rating for the company in a report on Thursday, December 12th. Morgan Stanley upgraded NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price target on the stock in a research report on Monday, December 2nd. Finally, Guggenheim downgraded NextEra Energy Partners from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $37.00 to $22.00 in a research note on Monday, October 28th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $24.50.

NextEra Energy Partners Stock Up 1.3 %

NYSE:NEP traded up $0.21 during midday trading on Thursday, reaching $16.14. 902,722 shares of the stock traded hands, compared to its average volume of 1,659,337. The business has a 50-day moving average of $17.53 and a two-hundred day moving average of $22.21. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.78 and a current ratio of 2.02. NextEra Energy Partners has a 12-month low of $15.55 and a 12-month high of $35.15. The stock has a market capitalization of $1.51 billion, a PE ratio of 7.40 and a beta of 1.06.

NextEra Energy Partners (NYSE:NEP) last announced its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) EPS for the quarter, missing the consensus estimate of $0.51 by ($0.94). The company had revenue of $319.00 million during 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%. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.57 earnings per share. On average, equities analysts forecast that NextEra Energy Partners will post 2.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NextEra Energy Partners

A number of institutional investors and hedge funds have recently bought and sold shares of NEP. M&G PLC lifted 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 valued at $85,738,000 after purchasing an additional 496,383 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of NextEra Energy Partners by 59.6% in the 4th quarter. Assenagon Asset Management S.A. now owns 173,251 shares of the solar energy provider’s stock valued at $3,084,000 after acquiring an additional 64,673 shares during the period. Franklin Resources Inc. raised its position in NextEra Energy Partners by 89.4% in the 3rd quarter. Franklin Resources Inc. now owns 78,930 shares of the solar energy provider’s stock valued at $2,049,000 after purchasing an additional 37,265 shares during the last quarter. Thrivent Financial for Lutherans purchased a new position in shares of NextEra Energy Partners during the third quarter worth about $16,186,000. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in NextEra Energy Partners by 158.4% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 255,754 shares of the solar energy provider’s stock worth $7,064,000 after acquiring an additional 156,774 shares during the period. 66.01% of the stock is owned by hedge funds and other 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.