NextEra Energy Partners, LP (NYSE:NEP) Holdings Decreased by 1832 Asset Management L.P.

1832 Asset Management L.P. reduced its stake in shares of NextEra Energy Partners, LP (NYSE:NEP) by 26.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,908,583 shares of the solar energy provider’s stock after selling 693,902 shares during the quarter. 1832 Asset Management L.P. owned about 2.04% of NextEra Energy Partners worth $57,410,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of NEP. M&G Plc bought a new stake in shares of NextEra Energy Partners during the first quarter valued at about $83,069,000. M&G Investment Management Ltd. raised its position in NextEra Energy Partners by 27.1% in the fourth quarter. M&G Investment Management Ltd. now owns 3,044,055 shares of the solar energy provider’s stock worth $91,322,000 after acquiring an additional 648,775 shares in the last quarter. Commerce Bank bought a new stake in NextEra Energy Partners in the first quarter worth about $15,597,000. Verition Fund Management LLC bought a new stake in NextEra Energy Partners in the fourth quarter worth about $14,269,000. Finally, ClearBridge Investments Ltd raised its position in NextEra Energy Partners by 9.1% in the fourth quarter. ClearBridge Investments Ltd now owns 3,910,977 shares of the solar energy provider’s stock worth $118,933,000 after acquiring an additional 327,641 shares in the last quarter. 66.01% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on NEP. JPMorgan Chase & Co. reiterated an “underweight” rating and issued a $25.00 price target on shares of NextEra Energy Partners in a research report on Thursday, May 23rd. StockNews.com upgraded shares of NextEra Energy Partners to a “sell” rating in a research report on Thursday. Barclays cut shares of NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $32.00 to $25.00 in a research report on Thursday, June 13th. Royal Bank of Canada downgraded NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and cut their price objective for the stock from $38.00 to $30.00 in a report on Monday, July 1st. Finally, Mizuho downgraded NextEra Energy Partners from a “buy” rating to a “neutral” rating and set a $33.00 price objective on the stock. in a report on Wednesday, June 12th. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $33.79.

NextEra Energy Partners Stock Up 1.0 %

Shares of NEP traded up $0.27 during trading hours on Friday, reaching $26.20. The company’s stock had a trading volume of 1,963,298 shares, compared to its average volume of 1,650,590. The firm has a market cap of $2.45 billion, a price-to-earnings ratio of 8.59 and a beta of 1.03. NextEra Energy Partners, LP has a 1-year low of $20.17 and a 1-year high of $57.29. The company has a quick ratio of 1.31, a current ratio of 1.30 and a debt-to-equity ratio of 0.36. The company has a 50 day moving average of $29.43 and a two-hundred day moving average of $29.05.

NextEra Energy Partners (NYSE:NEP) last issued its earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. The company had revenue of $360.00 million for the quarter, compared to the consensus estimate of $365.54 million. NextEra Energy Partners had a negative return on equity of 0.40% and a net margin of 24.42%. The firm’s quarterly revenue was up 22.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.53 EPS. As a group, research analysts predict that NextEra Energy Partners, LP will post 1.85 EPS for the current fiscal year.

NextEra Energy Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Tuesday, August 6th will be paid a $0.905 dividend. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.89. The ex-dividend date is Tuesday, August 6th. This represents a $3.62 annualized dividend and a dividend yield of 13.82%. NextEra Energy Partners’s payout ratio is presently 117.05%.

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.