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

Shares of NextEra Energy Partners, LP (NYSE:NEP) reached a new 52-week low on Tuesday . The stock traded as low as $16.79 and last traded at $16.82, with a volume of 250152 shares traded. The stock had previously closed at $17.29.

Analyst Ratings Changes

A number of brokerages have recently issued reports on NEP. UBS Group reduced their target price on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating for the company in a research report on Monday, September 30th. JPMorgan Chase & Co. upgraded shares of NextEra Energy Partners from an “underweight” rating to a “neutral” rating and decreased their target price for the stock from $25.00 to $22.00 in a research report on Thursday, October 24th. BMO Capital Markets dropped their price target on shares of NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating for the company in a research report on Monday, October 21st. Mizuho reduced their target price on NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. Finally, Jefferies Financial Group cut 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. Four analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $26.69.

NextEra Energy Partners Trading Down 8.6 %

The firm has a market capitalization of $1.48 billion, a P/E ratio of 7.37 and a beta of 1.10. The stock has a 50-day simple moving average of $24.06 and a two-hundred day simple moving average of $26.96. The company has a current ratio of 2.02, a quick ratio of 1.78 and a debt-to-equity ratio of 0.37.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.94). NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The business had revenue of $319.00 million during the quarter, compared to the consensus estimate of $332.25 million. During the same period last year, the firm earned $0.57 EPS. The business’s quarterly revenue was up 3.6% on a year-over-year basis. On average, equities research analysts anticipate that NextEra Energy Partners, LP will post 1.41 earnings per share for the current year.

NextEra Energy Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Investors of record on Wednesday, November 6th will be issued a dividend of $0.9175 per share. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.91. The ex-dividend date of this dividend is Wednesday, November 6th. This represents a $3.67 dividend on an annualized basis and a dividend yield of 23.21%. NextEra Energy Partners’s payout ratio is 168.35%.

Institutional Investors Weigh In On NextEra Energy Partners

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NEP. Northwestern Mutual Wealth Management Co. grew its position in shares of NextEra Energy Partners by 150.4% during 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. EverSource Wealth Advisors LLC acquired a new position in shares of NextEra Energy Partners during the 2nd quarter worth approximately $51,000. Eastern Bank purchased a new position in shares of NextEra Energy Partners during the 3rd quarter valued at approximately $57,000. Central Bank & Trust Co. acquired a new stake in NextEra Energy Partners in the 2nd quarter valued at $99,000. Finally, International Assets Investment Management LLC purchased a new stake in NextEra Energy Partners in the 2nd quarter worth $104,000. 66.01% of the stock is 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.