NextEra Energy Partners (NYSE:NEP) Price Target Lowered to $21.00 at CIBC

NextEra Energy Partners (NYSE:NEP) had its price target reduced by stock analysts at CIBC from $26.00 to $21.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the solar energy provider’s stock. CIBC’s target price would indicate a potential upside of 16.09% from the stock’s current price.

Several other research firms also recently issued reports on NEP. Guggenheim downgraded shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $37.00 to $22.00 in a research note on Monday, October 28th. Mizuho reduced their price objective on 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. Jefferies Financial Group lowered their target price on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Evercore ISI lowered 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 research report on Thursday, October 24th. Finally, BNP Paribas initiated coverage on shares of NextEra Energy Partners in a report on Tuesday, October 1st. They issued an “underperform” rating and a $15.00 target price for the company. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, NextEra Energy Partners presently has a consensus rating of “Hold” and an average target price of $25.21.

NextEra Energy Partners Trading Down 4.1 %

NYSE NEP traded down $0.78 during trading on Wednesday, hitting $18.09. The stock had a trading volume of 449,407 shares, compared to its average volume of 1,026,849. The company has a market capitalization of $1.69 billion, a PE ratio of 8.30 and a beta of 1.06. NextEra Energy Partners 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 firm has a 50 day moving average price of $17.80 and a 200 day moving average price of $22.94.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings results 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 business had revenue of $319.00 million during the quarter, compared to analysts’ expectations of $332.25 million. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.57 EPS. As a group, equities research analysts forecast that NextEra Energy Partners will post 1.96 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. boosted its stake in shares of NextEra Energy Partners by 150.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock valued at $46,000 after acquiring an additional 1,000 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new stake in shares of NextEra Energy Partners during the 2nd quarter worth about $51,000. Eastern Bank acquired a new stake in shares of NextEra Energy Partners during the 3rd quarter worth about $57,000. McIlrath & Eck LLC purchased a new stake in shares of NextEra Energy Partners during the third quarter worth about $63,000. Finally, Central Pacific Bank Trust Division raised its position in shares of NextEra Energy Partners by 153.1% in the fourth quarter. Central Pacific Bank Trust Division now owns 6,200 shares of the solar energy provider’s stock valued at $110,000 after buying an additional 3,750 shares during the last quarter. Hedge funds and other institutional investors own 66.01% of the company’s stock.

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.