NextEra Energy Partners (NYSE:NEP) Price Target Cut to $28.00

NextEra Energy Partners (NYSE:NEP) had its target price dropped by equities research analysts at BMO Capital Markets from $32.00 to $28.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “outperform” rating on the solar energy provider’s stock. BMO Capital Markets’ target price indicates a potential upside of 0.83% from the stock’s current price.

NEP has been the topic of a number of other research reports. Mizuho cut shares of 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. JPMorgan Chase & Co. reaffirmed an “underweight” rating and issued a $25.00 price objective on shares of NextEra Energy Partners in a report on Thursday, May 23rd. Royal Bank of Canada cut shares of NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and dropped their price objective for the stock from $38.00 to $30.00 in a report on Monday, July 1st. Oppenheimer reaffirmed a “market perform” rating on shares of NextEra Energy Partners in a report on Wednesday, April 24th. Finally, Marathon Capitl reaffirmed an “equal weight” rating on shares of NextEra Energy Partners in a report on Tuesday, March 26th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have given a buy rating to the company. According to MarketBeat, NextEra Energy Partners presently has a consensus rating of “Hold” and an average target price of $36.93.

NextEra Energy Partners Trading Down 0.8 %

NextEra Energy Partners stock opened at $27.77 on Monday. The firm’s 50-day moving average is $29.98 and its 200-day moving average is $29.13. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.31 and a current ratio of 1.36. NextEra Energy Partners has a 1 year low of $20.17 and a 1 year high of $59.40. The company has a market cap of $2.60 billion, a P/E ratio of 9.10 and a beta of 1.03.

NextEra Energy Partners (NYSE:NEP) last released its quarterly earnings data on Monday, April 22nd. The solar energy provider reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.63. NextEra Energy Partners had a net margin of 23.55% and a negative return on equity of 0.48%. The business had revenue of $257.00 million for the quarter, compared to analysts’ expectations of $331.78 million. During the same quarter last year, the company earned ($0.17) EPS. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. On average, equities analysts expect that NextEra Energy Partners will post 1.89 earnings per share for the current year.

Hedge Funds Weigh In On NextEra Energy Partners

Several hedge funds have recently made changes to their positions in NEP. M&G Plc acquired a new position in shares of NextEra Energy Partners in the 1st quarter worth approximately $83,069,000. 1832 Asset Management L.P. grew its stake in shares of NextEra Energy Partners by 599.4% in the 4th quarter. 1832 Asset Management L.P. now owns 2,602,485 shares of the solar energy provider’s stock worth $79,142,000 after purchasing an additional 2,230,374 shares during the last quarter. M&G Investment Management Ltd. grew its stake in shares of NextEra Energy Partners by 27.1% in the 4th quarter. M&G Investment Management Ltd. now owns 3,044,055 shares of the solar energy provider’s stock worth $91,322,000 after purchasing an additional 648,775 shares during the last quarter. Commerce Bank acquired a new position in shares of NextEra Energy Partners in the 1st quarter worth approximately $15,597,000. Finally, Verition Fund Management LLC acquired a new position in shares of NextEra Energy Partners in the 4th quarter worth approximately $14,269,000. Institutional investors and hedge funds own 66.01% of the company’s stock.

NextEra Energy Partners Company Profile

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.