NextEra Energy Partners (NYSE:NEP) Reaches New 12-Month Low – Here’s Why

NextEra Energy Partners, LP (NYSE:NEP)’s stock price reached a new 52-week low during trading on Wednesday . The company traded as low as $18.13 and last traded at $18.27, with a volume of 182307 shares changing hands. The stock had previously closed at $20.67.

Wall Street Analysts Forecast Growth

NEP has been the topic of several research reports. CIBC reduced their target price on NextEra Energy Partners from $34.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. BNP Paribas initiated coverage on NextEra Energy Partners in a report on Tuesday, October 1st. They issued an “underperform” rating and a $15.00 target price on the stock. UBS Group reduced their target price on NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating on the stock in a report on Monday, September 30th. JPMorgan Chase & Co. raised NextEra Energy Partners from an “underweight” rating to a “neutral” rating and reduced their target price for the stock from $25.00 to $22.00 in a report on Thursday, October 24th. Finally, BMO Capital Markets reduced their target price on NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating on the stock in a report on Monday, October 21st. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, NextEra Energy Partners presently has a consensus rating of “Hold” and an average target price of $26.69.

NextEra Energy Partners Stock Down 4.1 %

The company has a 50-day simple moving average of $24.37 and a 200-day simple moving average of $27.14. The firm has a market cap of $1.64 billion, a PE ratio of 8.09 and a beta of 1.10. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.02 and a quick ratio of 1.78.

NextEra Energy Partners (NYSE:NEP) last announced its 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 net margin of 17.47% and a negative return on equity of 1.07%. The business had revenue of $319.00 million for the quarter, compared to analysts’ expectations of $332.25 million. During the same quarter last year, the firm earned $0.57 EPS. The firm’s quarterly revenue was up 3.6% on a year-over-year basis. Analysts expect that NextEra Energy Partners, LP will post 1.45 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Wednesday, November 6th will be issued a $0.9175 dividend. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.91. The ex-dividend date is Wednesday, November 6th. This represents a $3.67 dividend on an annualized basis and a dividend yield of 20.97%. NextEra Energy Partners’s payout ratio is presently 166.06%.

Institutional Trading of NextEra Energy Partners

Large investors have recently modified their holdings of the company. Central Pacific Bank Trust Division purchased a new stake in shares of NextEra Energy Partners in the first quarter valued at approximately $36,000. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of NextEra Energy Partners by 150.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock valued at $46,000 after purchasing an additional 1,000 shares during the period. Larson Financial Group LLC purchased a new stake in shares of NextEra Energy Partners in the first quarter valued at approximately $48,000. EverSource Wealth Advisors LLC purchased a new stake in shares of NextEra Energy Partners in the second quarter valued at approximately $51,000. Finally, Eastern Bank purchased a new stake in shares of NextEra Energy Partners in the third quarter valued at approximately $57,000. 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.