NextEra Energy Partners (NYSE:NEP) Stock Rating Lowered by Wolfe Research

Wolfe Research downgraded shares of NextEra Energy Partners (NYSE:NEP) from an outperform rating to a peer perform rating in a research report report published on Thursday morning, Marketbeat.com reports.

Several other equities analysts have also recently issued reports on NEP. Barclays cut shares of NextEra Energy Partners from an equal weight rating to an underweight rating and dropped their price objective for the company from $32.00 to $25.00 in a research note on Thursday, June 13th. Mizuho lowered shares of NextEra Energy Partners from a buy rating to a neutral rating and set a $33.00 price target on the stock. in a research note on Wednesday, June 12th. JPMorgan Chase & Co. restated an underweight rating and issued a $25.00 price objective on shares of NextEra Energy Partners in a research report on Thursday, May 23rd. BMO Capital Markets lowered their price objective on NextEra Energy Partners from $32.00 to $28.00 and set an outperform rating on the stock in a report on Monday, July 22nd. Finally, Raymond James cut NextEra Energy Partners from an outperform rating to a market perform rating in a report on Tuesday, July 9th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average target price of $33.79.

NextEra Energy Partners Price Performance

Shares of NYSE NEP opened at $26.20 on Thursday. The stock has a market cap of $2.45 billion, a P/E ratio of 8.59 and a beta of 1.03. NextEra Energy Partners has a twelve month low of $20.17 and a twelve month high of $57.29. The stock has a 50 day moving average of $29.43 and a two-hundred day moving average of $29.05. The company has a current ratio of 1.30, a quick ratio of 1.31 and a debt-to-equity ratio of 0.36.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings data on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. The company had revenue of $360.00 million during the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 22.9% on a year-over-year basis. During the same period last year, the firm earned $0.53 EPS. On average, research analysts forecast that NextEra Energy Partners will post 1.72 earnings per share for the current year.

NextEra Energy Partners Increases Dividend

The business also recently announced 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. The ex-dividend date is Tuesday, August 6th. This represents a $3.62 dividend on an annualized basis and a yield of 13.82%. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.89. NextEra Energy Partners’s dividend payout ratio is presently 118.69%.

Hedge Funds Weigh In On NextEra Energy Partners

Several hedge funds have recently bought and sold shares of the stock. CWM LLC lifted its position in shares of NextEra Energy Partners by 160.2% in the fourth quarter. CWM LLC now owns 830 shares of the solar energy provider’s stock valued at $25,000 after acquiring an additional 511 shares in the last quarter. Richardson Financial Services Inc. acquired a new position in NextEra Energy Partners in the 4th quarter valued at about $27,000. Hexagon Capital Partners LLC raised its stake in NextEra Energy Partners by 208.3% in the 1st quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock valued at $28,000 after purchasing an additional 627 shares during the last quarter. MV Capital Management Inc. purchased a new position in NextEra Energy Partners in the 4th quarter valued at about $30,000. Finally, Heritage Wealth Advisors acquired a new stake in shares of NextEra Energy Partners during the 4th quarter worth about $33,000. 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.