NextEra Energy Partners (NYSE:NEP) Shares Gap Up – Here’s Why

NextEra Energy Partners, LP (NYSE:NEP) shares gapped up prior to trading on Monday . The stock had previously closed at $17.47, but opened at $18.07. NextEra Energy Partners shares last traded at $18.73, with a volume of 764,440 shares traded.

Wall Street Analyst Weigh In

Several analysts recently weighed in on NEP shares. CIBC decreased their price target 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. Mizuho cut their price objective on shares of NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating on the stock in a report on Wednesday, October 9th. JPMorgan Chase & Co. raised shares of NextEra Energy Partners from an “underweight” rating to a “neutral” rating and decreased their price target for the company from $25.00 to $22.00 in a research report on Thursday, October 24th. BMO Capital Markets lowered their price objective on 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. Finally, Morgan Stanley raised NextEra Energy Partners from an “equal weight” rating to an “overweight” rating in a report on Monday. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $26.69.

NextEra Energy Partners Trading Up 9.7 %

The firm has a fifty day moving average of $21.67 and a 200-day moving average of $25.59. The stock has a market capitalization of $1.79 billion, a price-to-earnings ratio of 8.59 and a beta of 1.10. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.78 and a current ratio of 2.02.

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 analysts’ consensus estimates of $0.51 by ($0.94). The business had revenue of $319.00 million for the quarter, compared to analysts’ expectations of $332.25 million. NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The firm’s revenue was up 3.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.57 earnings per share. As a group, equities analysts predict that NextEra Energy Partners, LP will post 1.36 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th were issued a $0.9175 dividend. This represents a $3.67 dividend on an annualized basis and a yield of 19.15%. The ex-dividend date of this dividend was Wednesday, November 6th. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.91. NextEra Energy Partners’s payout ratio is currently 168.35%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameritas Advisory Services LLC grew its stake in shares of 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 worth $807,000 after purchasing an additional 412 shares in the last quarter. Brown Miller Wealth Management LLC increased its stake in NextEra Energy Partners by 2.4% during the 3rd quarter. Brown Miller Wealth Management LLC now owns 18,459 shares of the solar energy provider’s stock valued at $509,000 after buying an additional 433 shares during the period. Pathway Financial Advisers LLC raised its position in shares of NextEra Energy Partners by 0.9% during the 2nd quarter. Pathway Financial Advisers LLC now owns 48,363 shares of the solar energy provider’s stock worth $1,336,000 after buying an additional 454 shares in the last quarter. Arizona State Retirement System lifted its stake in shares of NextEra Energy Partners by 2.0% in the 2nd quarter. Arizona State Retirement System now owns 26,186 shares of the solar energy provider’s stock worth $724,000 after acquiring an additional 509 shares during the period. Finally, Jaffetilchin Investment Partners LLC boosted its holdings in shares of 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 in the last quarter. Institutional investors and hedge funds 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.