NextEra Energy Partners (NYSE:NEP) Price Target Cut to $32.00 by Analysts at CIBC

NextEra Energy Partners (NYSE:NEP) had its target price lowered by CIBC from $34.00 to $32.00 in a report published on Tuesday morning, Benzinga reports. CIBC currently has a neutral rating on the solar energy provider’s stock.

Other equities analysts also recently issued reports about the company. UBS Group dropped their price objective 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. Morgan Stanley cut NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $31.00 to $20.00 in a research report on Wednesday, July 31st. Mizuho decreased their price objective on shares of NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 9th. Royal Bank of Canada downgraded shares of NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $38.00 to $30.00 in a report on Monday, July 1st. Finally, BNP Paribas initiated coverage on shares of NextEra Energy Partners in a research report on Tuesday, October 1st. They set an “underperform” rating and a $15.00 target price for the company. Four analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $27.85.

NextEra Energy Partners Stock Down 0.1 %

NEP stock opened at $20.98 on Tuesday. The stock has a market capitalization of $1.96 billion, a PE ratio of 6.60 and a beta of 1.06. The company has a fifty day moving average of $25.53 and a 200-day moving average of $27.73. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.22 and a current ratio of 1.30. NextEra Energy Partners has a one year low of $20.28 and a one year high of $35.15.

NextEra Energy Partners (NYSE:NEP) last released its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.94). NextEra Energy Partners had a negative return on equity of 0.40% and a net margin of 24.42%. The business had revenue of $319.00 million during the quarter, compared to analysts’ expectations of $332.25 million. During the same quarter in the previous year, the company posted $0.57 EPS. The company’s revenue was up 3.6% compared to the same quarter last year. As a group, analysts expect that NextEra Energy Partners will post 2.2 EPS for the current year.

NextEra Energy Partners Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th will be issued a $0.9175 dividend. The ex-dividend date of this dividend is Wednesday, November 6th. This represents a $3.67 annualized dividend and a yield of 17.49%. NextEra Energy Partners’s dividend payout ratio (DPR) is presently 113.84%.

Institutional Investors Weigh In On NextEra Energy Partners

A number of hedge funds and other institutional investors have recently made changes to their positions in NEP. M&G Plc purchased a new position in shares of NextEra Energy Partners during the 1st quarter worth about $83,069,000. Commerce Bank acquired a new position in NextEra Energy Partners during the first quarter worth approximately $15,597,000. Swedbank AB purchased a new position in NextEra Energy Partners during the first quarter worth approximately $9,927,000. ClearBridge Investments Ltd raised its stake in NextEra Energy Partners by 6.4% during the first quarter. ClearBridge Investments Ltd now owns 4,161,433 shares of the solar energy provider’s stock worth $125,176,000 after purchasing an additional 250,456 shares during the period. Finally, Fred Alger Management LLC acquired a new position in shares of NextEra Energy Partners in the 2nd quarter valued at $5,452,000. Hedge funds and other institutional investors own 66.01% of the company’s stock.

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.