NextEra Energy Partners (NYSE:NEP) Price Target Cut to $12.00 by Analysts at Guggenheim

NextEra Energy Partners (NYSE:NEP) had its price objective dropped by Guggenheim from $17.00 to $12.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the solar energy provider’s stock. Guggenheim’s price objective would indicate a potential upside of 13.61% from the stock’s previous close.

A number of other analysts have also issued reports on the company. Jefferies Financial Group lowered their target price on NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Barclays reaffirmed an “underweight” rating and set a $25.00 target price on shares of NextEra Energy Partners in a research report on Friday, October 4th. Morgan Stanley raised shares of NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price target for the company in a report on Monday, December 2nd. Evercore ISI dropped their price objective on shares of NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. Finally, Scotiabank reduced their target price on shares of NextEra Energy Partners from $15.00 to $12.00 and set a “sector perform” rating for the company in a research note on Wednesday. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, NextEra Energy Partners has a consensus rating of “Hold” and a consensus target price of $22.87.

NextEra Energy Partners Stock Performance

Shares of NYSE NEP traded down $1.27 during trading hours on Wednesday, hitting $10.56. 6,248,725 shares of the stock were exchanged, compared to its average volume of 3,404,036. NextEra Energy Partners has a one year low of $10.52 and a one year high of $35.15. The company’s 50 day moving average is $17.43 and its 200 day moving average is $21.84. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.02 and a quick ratio of 1.78. The firm has a market capitalization of $987.91 million, a P/E ratio of 4.85 and a beta of 1.06.

NextEra Energy Partners (NYSE:NEP) last released its quarterly earnings results on Tuesday, January 28th. The solar energy provider reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.20. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. On average, research analysts expect that NextEra Energy Partners will post 2.06 EPS for the current year.

Institutional Trading of NextEra Energy Partners

A number of large investors have recently bought and sold shares of NEP. Brown Miller Wealth Management LLC raised its stake in shares of 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. Apollon Wealth Management LLC increased its holdings in NextEra Energy Partners by 5.7% during the 3rd quarter. Apollon Wealth Management LLC now owns 12,306 shares of the solar energy provider’s stock valued at $340,000 after purchasing an additional 667 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its position in NextEra Energy Partners by 150.4% in 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 purchasing an additional 1,000 shares during the last quarter. Creative Planning boosted its stake in NextEra Energy Partners by 15.2% in the second quarter. Creative Planning now owns 11,307 shares of the solar energy provider’s stock worth $313,000 after purchasing an additional 1,490 shares in the last quarter. Finally, Pathway Financial Advisers LLC grew its holdings in shares of NextEra Energy Partners by 3.6% during the third quarter. Pathway Financial Advisers LLC now owns 50,110 shares of the solar energy provider’s stock worth $1,384,000 after purchasing an additional 1,747 shares during the last quarter. 66.01% of the stock is currently owned by institutional investors.

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.