NextEra Energy Partners (NYSE:NEP) Given New $21.00 Price Target at CIBC

NextEra Energy Partners (NYSE:NEP) had its price target reduced by CIBC from $26.00 to $21.00 in a research report released on Wednesday,Benzinga reports. They currently have a neutral rating on the solar energy provider’s stock.

A number of other research analysts also recently issued reports on NEP. Barclays reaffirmed an “underweight” rating and issued a $25.00 price objective on shares of NextEra Energy Partners in a research report on Friday, October 4th. Guggenheim lowered shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and cut their price target for the stock from $37.00 to $22.00 in a report on Monday, October 28th. BNP Paribas started coverage on NextEra Energy Partners in a report on Tuesday, October 1st. They set an “underperform” rating and a $15.00 price objective for the company. Scotiabank dropped their target price on NextEra Energy Partners from $26.00 to $15.00 and set a “sector perform” rating on the stock in a research note on Thursday, December 12th. Finally, JPMorgan Chase & Co. raised NextEra Energy Partners from an “underweight” rating to a “neutral” rating and lowered their price target for the stock from $25.00 to $22.00 in a report on Thursday, October 24th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $25.21.

NextEra Energy Partners Price Performance

NextEra Energy Partners stock opened at $18.29 on Wednesday. NextEra Energy Partners has a 12-month low of $15.55 and a 12-month high of $35.15. The company has a current ratio of 2.02, a quick ratio of 1.78 and a debt-to-equity ratio of 0.37. The firm has a 50-day moving average price of $17.80 and a 200-day moving average price of $22.94. The firm has a market capitalization of $1.71 billion, a PE ratio of 8.39 and a beta of 1.06.

NextEra Energy Partners (NYSE:NEP) last announced its quarterly earnings data 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). The firm had revenue of $319.00 million during the quarter, compared to the consensus estimate 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 for the quarter was up 3.6% on a year-over-year basis. During the same period in the previous year, the business earned $0.57 EPS. As a group, equities research analysts forecast that NextEra Energy Partners will post 1.96 EPS for the current year.

NextEra Energy Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Wednesday, November 6th were paid a dividend of $0.9175 per share. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.91. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $3.67 dividend on an annualized basis and a dividend yield of 20.07%. NextEra Energy Partners’s dividend payout ratio (DPR) is presently 168.35%.

Institutional Investors Weigh In On NextEra Energy Partners

A number of institutional investors have recently modified their holdings of NEP. M&G PLC grew its holdings in NextEra Energy Partners by 19.3% in the third quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider’s stock valued at $85,738,000 after purchasing an additional 496,383 shares during the period. Redwood Grove Capital LLC increased its holdings in NextEra Energy Partners by 19.7% in the 3rd quarter. Redwood Grove Capital LLC now owns 982,235 shares of the solar energy provider’s stock worth $27,129,000 after acquiring an additional 161,436 shares in the last quarter. abrdn plc raised its position in NextEra Energy Partners by 6.2% during the third quarter. abrdn plc now owns 850,200 shares of the solar energy provider’s stock worth $23,483,000 after acquiring an additional 49,400 shares during the period. Rockefeller Capital Management L.P. lifted its holdings in NextEra Energy Partners by 8.0% during the third quarter. Rockefeller Capital Management L.P. now owns 630,588 shares of the solar energy provider’s stock valued at $17,417,000 after purchasing an additional 46,728 shares in the last quarter. Finally, Thrivent Financial for Lutherans acquired a new stake in shares of NextEra Energy Partners in the third quarter valued at about $16,186,000. 66.01% of the stock is currently 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.