Wells Fargo & Company Cuts NextEra Energy Partners (NYSE:NEP) Price Target to $13.00

NextEra Energy Partners (NYSE:NEP) had its price objective cut by Wells Fargo & Company from $33.00 to $13.00 in a report published on Wednesday,Benzinga reports. They currently have an equal weight rating on the solar energy provider’s stock.

Several other research firms have also weighed in on NEP. BNP Paribas assumed coverage on shares of NextEra Energy Partners in a research note on Tuesday, October 1st. They set an “underperform” rating and a $15.00 price objective on the stock. Morgan Stanley raised shares of NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price target for the company in a report on Monday, December 2nd. Evercore ISI reduced their target price on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Jefferies Financial Group decreased their target price on NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating for the company in a research note on Thursday, October 24th. Finally, Barclays reiterated an “underweight” rating and set a $25.00 price objective on shares of NextEra Energy Partners in a report on Friday, October 4th. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $22.07.

NextEra Energy Partners Price Performance

NEP opened at $10.56 on Wednesday. The company has a fifty day moving average price of $17.07 and a two-hundred day moving average price of $21.56. The firm has a market capitalization of $987.21 million, a PE ratio of -105.55 and a beta of 1.06. NextEra Energy Partners has a 52 week low of $9.98 and a 52 week high of $35.15. 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 (NYSE:NEP) last announced its quarterly earnings data on Tuesday, January 28th. The solar energy provider reported $0.99 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.20. NextEra Energy Partners had a positive return on equity of 1.34% and a negative net margin of 0.73%. As a group, analysts anticipate that NextEra Energy Partners will post 1.54 earnings per share for the current year.

Hedge Funds Weigh In On NextEra Energy Partners

Institutional investors have recently added to or reduced their stakes in the company. Brown Miller Wealth Management LLC raised its stake in NextEra Energy Partners by 2.4% in the 3rd quarter. Brown Miller Wealth Management LLC now owns 18,459 shares of the solar energy provider’s stock valued at $509,000 after acquiring an additional 433 shares during the period. Apollon Wealth Management LLC grew its stake in NextEra Energy Partners by 5.7% in the 3rd quarter. Apollon Wealth Management LLC now owns 12,306 shares of the solar energy provider’s stock valued at $340,000 after buying an additional 667 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in NextEra Energy Partners by 150.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock valued at $46,000 after acquiring an additional 1,000 shares during the period. Truist Financial Corp lifted its position in NextEra Energy Partners by 10.1% during the fourth quarter. Truist Financial Corp now owns 11,434 shares of the solar energy provider’s stock worth $204,000 after acquiring an additional 1,049 shares during the last quarter. Finally, Creative Planning grew its position in shares of NextEra Energy Partners by 15.2% in the second quarter. Creative Planning now owns 11,307 shares of the solar energy provider’s stock valued at $313,000 after purchasing an additional 1,490 shares during the last quarter. 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.