NextEra Energy Partners (NYSE:NEP) Trading Down 4.2% on Analyst Downgrade

NextEra Energy Partners, LP (NYSE:NEP) fell 4.2% during mid-day trading on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $22.00 to $20.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. NextEra Energy Partners traded as low as $16.24 and last traded at $16.13. 1,005,895 shares changed hands during mid-day trading, a decline of 43% from the average session volume of 1,776,274 shares. The stock had previously closed at $16.84.

Several other analysts also recently commented on NEP. Barclays reiterated an “underweight” rating and issued a $25.00 price target on shares of NextEra Energy Partners in a research report on Friday, October 4th. Guggenheim cut NextEra Energy Partners from a “buy” rating to a “neutral” rating and dropped their price target for the company from $37.00 to $22.00 in a research report on Monday, October 28th. UBS Group dropped their price objective on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating on the stock in a research note on Monday, September 30th. Mizuho dropped their price target 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. Finally, Morgan Stanley upgraded shares of NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price objective for the company in a research report on Monday, December 2nd. Three equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.50.

Institutional Trading of NextEra Energy Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Everett Harris & Co. CA purchased a new stake in NextEra Energy Partners during the fourth quarter valued at about $543,000. Swedbank AB grew its holdings in shares of NextEra Energy Partners by 14.5% during the 4th quarter. Swedbank AB now owns 278,689 shares of the solar energy provider’s stock worth $4,961,000 after purchasing an additional 35,307 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new stake in NextEra Energy Partners during the 4th quarter worth approximately $21,449,000. LexAurum Advisors LLC acquired a new position in NextEra Energy Partners during the fourth quarter valued at approximately $215,000. Finally, Clear Harbor Asset Management LLC purchased a new stake in NextEra Energy Partners during the fourth quarter worth approximately $1,509,000. Hedge funds and other institutional investors own 66.01% of the company’s stock.

NextEra Energy Partners Stock Down 4.5 %

The firm’s 50-day moving average price is $17.53 and its 200-day moving average price is $22.21. 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 company has a market cap of $1.50 billion, a price-to-earnings ratio of 7.40 and a beta of 1.06.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings data on Wednesday, October 23rd. 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 negative return on equity of 1.07% and a net margin of 17.47%. The company had revenue of $319.00 million for the quarter, compared to analyst estimates of $332.25 million. During the same quarter in the prior year, the firm earned $0.57 EPS. The company’s revenue for the quarter was up 3.6% compared to the same quarter last year. Sell-side analysts forecast that NextEra Energy Partners, LP will post 2.06 earnings per share for the current fiscal year.

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.