JPMorgan Chase & Co. Issues Pessimistic Forecast for NextEra Energy Partners (NYSE:NEP) Stock Price

NextEra Energy Partners (NYSE:NEP) had its target price dropped by equities researchers at JPMorgan Chase & Co. from $22.00 to $20.00 in a research note issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the solar energy provider’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 23.94% from the company’s previous close.

A number of other research analysts have also recently commented on the company. Scotiabank dropped their price target on NextEra Energy Partners from $26.00 to $15.00 and set a “sector perform” rating on the stock in a research report on Thursday, December 12th. Morgan Stanley upgraded shares of NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 target price for the company in a research report on Monday, December 2nd. CIBC lowered their price target on shares of NextEra Energy Partners from $26.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, January 8th. Jefferies Financial Group reduced their price target on NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. Finally, Guggenheim lowered NextEra Energy Partners from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $37.00 to $22.00 in a research report on Monday, October 28th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $24.50.

NextEra Energy Partners Stock Performance

Shares of NYSE:NEP traded up $0.21 during midday trading on Thursday, reaching $16.14. The company had a trading volume of 902,722 shares, compared to its average volume of 1,659,337. NextEra Energy Partners has a 52-week low of $15.55 and a 52-week high of $35.15. The company’s 50 day moving average price is $17.53 and its 200 day moving average price is $22.21. 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 $1.51 billion, a P/E ratio of 7.40 and a beta of 1.06.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings results 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 1.07% and a net margin of 17.47%. The company had revenue of $319.00 million for the quarter, compared to analysts’ expectations of $332.25 million. During the same quarter in the previous year, the business earned $0.57 EPS. The company’s revenue for the quarter was up 3.6% on a year-over-year basis. As a group, sell-side analysts anticipate that NextEra Energy Partners will post 2.06 EPS for the current fiscal year.

Institutional Investors Weigh In On NextEra Energy Partners

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. M&G PLC grew its holdings in NextEra Energy Partners by 19.3% during 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. raised its holdings in shares of NextEra Energy Partners by 59.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 173,251 shares of the solar energy provider’s stock worth $3,084,000 after buying an additional 64,673 shares during the period. Franklin Resources Inc. lifted its position in shares of NextEra Energy Partners by 89.4% during the third quarter. Franklin Resources Inc. now owns 78,930 shares of the solar energy provider’s stock worth $2,049,000 after purchasing an additional 37,265 shares during the last quarter. Thrivent Financial for Lutherans bought a new position in shares of NextEra Energy Partners in the third quarter worth about $16,186,000. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in NextEra Energy Partners by 158.4% in 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 buying an additional 156,774 shares during the period. 66.01% of the stock is currently owned by hedge funds and other institutional investors.

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.