NextEra Energy Partners (NYSE:NEP) Shares Gap Down Following Weak Earnings

NextEra Energy Partners, LP (NYSE:NEP)’s stock price gapped down before the market opened on Wednesday following a dissappointing earnings announcement. The stock had previously closed at $25.09, but opened at $23.42. NextEra Energy Partners shares last traded at $23.24, with a volume of 1,000,644 shares trading hands.

The solar energy provider reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.94). NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The company had revenue of $319.00 million for the quarter, compared to the consensus estimate of $332.25 million. During the same quarter last year, the company earned $0.57 earnings per share. The company’s revenue was up 3.6% compared to the same quarter last year.

NextEra Energy Partners Announces Dividend

The business also recently disclosed a dividend, which will be paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th will be paid a dividend of $0.9175 per share. The ex-dividend date of this dividend is Wednesday, November 6th. NextEra Energy Partners’s dividend payout ratio (DPR) is 118.69%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on NEP. Mizuho reduced 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 research note on Wednesday, October 9th. CIBC reduced their price objective on shares of NextEra Energy Partners from $34.00 to $32.00 and set a “neutral” rating on the stock in a research note on Tuesday. StockNews.com raised shares of NextEra Energy Partners to a “sell” rating in a report on Thursday, July 25th. BNP Paribas started coverage on shares of NextEra Energy Partners in a report on Tuesday, October 1st. They set an “underperform” rating and a $15.00 target price on the stock. Finally, Barclays reissued an “underweight” rating and set a $25.00 target price on shares of NextEra Energy Partners in a report on Friday, October 4th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $27.85.

Institutional Trading of NextEra Energy Partners

A number of large investors have recently modified their holdings of NEP. Hexagon Capital Partners LLC increased its holdings in shares of NextEra Energy Partners by 208.3% in the 1st quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock worth $28,000 after acquiring an additional 627 shares during the period. Central Pacific Bank Trust Division acquired a new stake in shares of NextEra Energy Partners in the 1st quarter worth about $36,000. FinTrust Capital Advisors LLC acquired a new stake in shares of NextEra Energy Partners in the 1st quarter worth about $45,000. Northwestern Mutual Wealth Management Co. increased its stake in NextEra Energy Partners by 150.4% during 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 buying an additional 1,000 shares during the period. Finally, Larson Financial Group LLC acquired a new position in NextEra Energy Partners during the 1st quarter valued at about $48,000. Institutional investors and hedge funds own 66.01% of the company’s stock.

NextEra Energy Partners Stock Performance

The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 6.88 and a beta of 1.06. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.22 and a current ratio of 1.30. The company’s 50 day simple moving average is $25.53 and its 200 day simple moving average is $27.73.

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.