NextEra Energy Partners (NYSE:NEP) Shares Gap Down After Analyst Downgrade

NextEra Energy Partners, LP (NYSE:NEP) gapped down prior to trading on Wednesday after CIBC lowered their price target on the stock from $34.00 to $32.00. The stock had previously closed at $25.09, but opened at $23.42. CIBC currently has a neutral rating on the stock. NextEra Energy Partners shares last traded at $23.24, with a volume of 1,000,644 shares.

A number of other equities research analysts also recently weighed in on the company. StockNews.com upgraded NextEra Energy Partners to a “sell” rating in a report on Thursday, July 25th. Wolfe Research cut shares of NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 25th. BMO Capital Markets cut their price objective on shares of NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating on the stock in a research note on Monday. UBS Group lowered their price target on NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Monday, September 30th. Finally, Mizuho decreased their target price 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. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $29.15.

Institutional Trading of NextEra Energy Partners

A number of institutional investors have recently added to or reduced their stakes in the business. M&G Plc acquired a new stake in shares of NextEra Energy Partners in the first quarter worth about $83,069,000. Commerce Bank acquired a new position in shares of NextEra Energy Partners during the 1st quarter worth about $15,597,000. Swedbank AB bought a new stake in NextEra Energy Partners during the 1st quarter valued at approximately $9,927,000. ClearBridge Investments Ltd grew its holdings in NextEra Energy Partners by 6.4% in the 1st quarter. ClearBridge Investments Ltd now owns 4,161,433 shares of the solar energy provider’s stock valued at $125,176,000 after buying an additional 250,456 shares during the last quarter. Finally, Fred Alger Management LLC bought a new position in NextEra Energy Partners in the 2nd quarter worth approximately $5,452,000. 66.01% of the stock is currently owned by institutional investors and hedge funds.

NextEra Energy Partners Trading Down 8.6 %

The business has a fifty day moving average price of $25.69 and a 200 day moving average price of $27.82. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of 7.55 and a beta of 1.06. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.30 and a quick ratio of 1.22.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. The firm had revenue of $360.00 million during the quarter, compared to the consensus estimate of $365.54 million. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The business’s revenue was up 22.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.53 EPS. On average, equities analysts expect that NextEra Energy Partners, LP will post 2.2 EPS for the current fiscal year.

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.