JPMorgan Chase & Co. Issues Pessimistic Forecast for NextEra Energy Partners (NYSE:NEP) Stock Price

NextEra Energy Partners (NYSE:NEP) had its target price lowered by JPMorgan Chase & Co. from $22.00 to $20.00 in a research report released on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the solar energy provider’s stock.

A number of other analysts have also weighed in on the company. CIBC dropped their price objective on NextEra Energy Partners from $26.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Barclays reissued an “underweight” rating and issued a $25.00 price target on shares of NextEra Energy Partners in a report on Friday, October 4th. Mizuho lowered their price objective on shares of NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating for the company in a research note on Wednesday, October 9th. BMO Capital Markets reissued a “market perform” rating and issued a $18.00 target price (down from $26.00) on shares of NextEra Energy Partners in a research note on Monday, January 13th. Finally, Guggenheim lowered NextEra Energy Partners from a “buy” rating to a “neutral” rating and lowered their price target for the company from $37.00 to $22.00 in a research report on Monday, October 28th. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, NextEra Energy Partners currently has an average rating of “Hold” and a consensus target price of $24.50.

NextEra Energy Partners Trading Up 5.6 %

NEP stock opened at $16.82 on Thursday. NextEra Energy Partners has a one year low of $15.55 and a one year high of $35.15. The company has a market capitalization of $1.57 billion, a PE ratio of 7.72 and a beta of 1.06. The company’s 50 day moving average price is $17.53 and its two-hundred day moving average price is $22.21. 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 released its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) EPS for the quarter, missing the consensus estimate of $0.51 by ($0.94). The company had revenue of $319.00 million during 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 quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 EPS. As a group, analysts predict that NextEra Energy Partners will post 2.06 earnings per share for the current fiscal year.

Institutional Investors Weigh In On NextEra Energy Partners

Several institutional investors have recently modified their holdings of NEP. M&G PLC lifted its stake in NextEra Energy Partners by 19.3% during the 3rd quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider’s stock valued at $85,738,000 after acquiring an additional 496,383 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new position in shares of NextEra Energy Partners during the fourth quarter valued at approximately $21,449,000. Redwood Grove Capital LLC lifted its position in NextEra Energy Partners by 19.7% during the third quarter. Redwood Grove Capital LLC now owns 982,235 shares of the solar energy provider’s stock valued at $27,129,000 after purchasing an additional 161,436 shares during the period. abrdn plc boosted its holdings in NextEra Energy Partners by 6.2% in the third quarter. abrdn plc now owns 850,200 shares of the solar energy provider’s stock worth $23,483,000 after purchasing an additional 49,400 shares during the last quarter. Finally, Rockefeller Capital Management L.P. grew its position in NextEra Energy Partners by 8.0% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 630,588 shares of the solar energy provider’s stock worth $17,417,000 after purchasing an additional 46,728 shares during the period. 66.01% of the stock is owned by hedge funds and other institutional investors.

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.