Otter Creek Advisors LLC Sells 96,788 Shares of NextEra Energy Partners, LP (NYSE:NEP)

Otter Creek Advisors LLC lowered its holdings in NextEra Energy Partners, LP (NYSE:NEP) by 91.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,135 shares of the solar energy provider’s stock after selling 96,788 shares during the period. Otter Creek Advisors LLC’s holdings in NextEra Energy Partners were worth $252,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Ameritas Advisory Services LLC grew its position in NextEra Energy Partners by 1.4% in the second quarter. Ameritas Advisory Services LLC now owns 29,190 shares of the solar energy provider’s stock valued at $807,000 after purchasing an additional 412 shares in the last quarter. Brown Miller Wealth Management LLC lifted its stake in NextEra Energy Partners by 2.4% in the third quarter. Brown Miller Wealth Management LLC now owns 18,459 shares of the solar energy provider’s stock valued at $509,000 after acquiring an additional 433 shares during the last quarter. Pathway Financial Advisers LLC lifted its stake in NextEra Energy Partners by 0.9% in the second quarter. Pathway Financial Advisers LLC now owns 48,363 shares of the solar energy provider’s stock valued at $1,336,000 after acquiring an additional 454 shares during the last quarter. Arizona State Retirement System lifted its stake in NextEra Energy Partners by 2.0% in the second quarter. Arizona State Retirement System now owns 26,186 shares of the solar energy provider’s stock valued at $724,000 after acquiring an additional 509 shares during the last quarter. Finally, Jaffetilchin Investment Partners LLC lifted its stake in NextEra Energy Partners by 4.6% in the second quarter. Jaffetilchin Investment Partners LLC now owns 13,088 shares of the solar energy provider’s stock valued at $362,000 after acquiring an additional 581 shares during the last quarter. Institutional investors own 66.01% of the company’s stock.

NextEra Energy Partners Price Performance

Shares of NextEra Energy Partners stock opened at $16.37 on Friday. NextEra Energy Partners, LP has a twelve month low of $15.55 and a twelve month high of $35.15. The company has a quick ratio of 1.78, a current ratio of 2.02 and a debt-to-equity ratio of 0.37. The company has a 50-day simple moving average of $22.90 and a two-hundred day simple moving average of $26.34. The stock has a market capitalization of $1.53 billion, a price-to-earnings ratio of 7.51 and a beta of 1.10.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share for the quarter, missing the consensus estimate 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 analyst estimates of $332.25 million. During the same quarter last year, the firm earned $0.57 EPS. NextEra Energy Partners’s revenue for the quarter was up 3.6% compared to the same quarter last year. Analysts forecast that NextEra Energy Partners, LP will post 1.36 EPS for the current year.

NextEra Energy Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th were issued a $0.9175 dividend. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.91. This represents a $3.67 annualized dividend and a yield of 22.41%. The ex-dividend date of this dividend was Wednesday, November 6th. NextEra Energy Partners’s dividend payout ratio (DPR) is currently 168.35%.

Analyst Ratings Changes

A number of analysts have commented on the stock. Guggenheim cut shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and cut their price target for the company from $37.00 to $22.00 in a research note on Monday, October 28th. UBS Group cut their price target on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating for the company in a research note on Monday, September 30th. Jefferies Financial Group cut their price target on shares of 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. CIBC cut their price target on shares of NextEra Energy Partners from $34.00 to $32.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. upgraded shares of NextEra Energy Partners from an “underweight” rating to a “neutral” rating and cut their target price for the stock from $25.00 to $22.00 in a research note on Thursday, October 24th. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. 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 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.