NextEra Energy Partners (NYSE:NEP) Price Target Cut to $27.00 by Analysts at UBS Group

NextEra Energy Partners (NYSE:NEP) had its price objective reduced by investment analysts at UBS Group from $28.00 to $27.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “neutral” rating on the solar energy provider’s stock. UBS Group’s price objective suggests a potential upside of 0.07% from the company’s previous close.

NEP has been the subject of a number of other research reports. Royal Bank of Canada cut NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $38.00 to $30.00 in a research report on Monday, July 1st. StockNews.com upgraded shares of NextEra Energy Partners to a “sell” rating in a research note on Thursday, July 25th. BMO Capital Markets cut their target price on NextEra Energy Partners from $32.00 to $28.00 and set an “outperform” rating for the company in a research note on Monday, July 22nd. Jefferies Financial Group began coverage on shares of NextEra Energy Partners in a research note on Thursday, September 19th. They set a “buy” rating and a $28.00 price target for the company. Finally, Barclays lowered shares of NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $32.00 to $25.00 in a report on Thursday, June 13th. Five analysts have rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, NextEra Energy Partners has a consensus rating of “Hold” and an average price target of $30.27.

NextEra Energy Partners Stock Performance

NEP stock opened at $26.98 on Monday. NextEra Energy Partners has a 52 week low of $20.17 and a 52 week high of $35.15. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.22 and a current ratio of 1.30. The stock has a market cap of $2.52 billion, a P/E ratio of 8.91 and a beta of 1.05. The firm has a 50 day simple moving average of $25.66 and a 200 day simple moving average of $28.14.

NextEra Energy Partners (NYSE:NEP) last posted its earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The firm had revenue of $360.00 million during the quarter, compared to analysts’ expectations of $365.54 million. During the same period in the previous year, the company earned $0.53 earnings per share. The company’s revenue was up 22.9% compared to the same quarter last year. Research analysts anticipate that NextEra Energy Partners will post 2.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NextEra Energy Partners

Hedge funds have recently bought and sold shares of the stock. M&G Plc bought a new position in shares of NextEra Energy Partners during the first quarter worth approximately $83,069,000. 1832 Asset Management L.P. increased its position in shares of NextEra Energy Partners by 599.4% in the fourth quarter. 1832 Asset Management L.P. now owns 2,602,485 shares of the solar energy provider’s stock worth $79,142,000 after purchasing an additional 2,230,374 shares during the period. Commerce Bank acquired a new position in NextEra Energy Partners in the first quarter valued at about $15,597,000. Verition Fund Management LLC bought a new stake in NextEra Energy Partners during the fourth quarter worth about $14,269,000. Finally, Swedbank AB bought a new stake in NextEra Energy Partners during the first quarter worth about $9,927,000. 66.01% of the stock is currently 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.