NextEra Energy Partners, LP (NYSE:NEP) Shares Bought by Pinnacle West Asset Management Inc.

Pinnacle West Asset Management Inc. grew its holdings in shares of NextEra Energy Partners, LP (NYSE:NEP) by 27.7% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,075 shares of the solar energy provider’s stock after acquiring an additional 2,400 shares during the period. Pinnacle West Asset Management Inc.’s holdings in NextEra Energy Partners were worth $306,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of NEP. Hexagon Capital Partners LLC grew its stake in shares of NextEra Energy Partners by 208.3% during the first quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock valued at $28,000 after acquiring an additional 627 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in NextEra Energy Partners in the first quarter worth about $36,000. FinTrust Capital Advisors LLC acquired a new position in NextEra Energy Partners in the first quarter worth about $45,000. Northwestern Mutual Wealth Management Co. grew its stake in NextEra Energy Partners by 150.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock worth $46,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Larson Financial Group LLC acquired a new position in NextEra Energy Partners in the first quarter worth about $48,000. 66.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Barclays reiterated an “underweight” rating and issued a $25.00 price target on shares of NextEra Energy Partners in a research note on Friday, October 4th. Mizuho decreased their price target 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. Royal Bank of Canada downgraded NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and decreased their target price for the company from $38.00 to $30.00 in a research note on Monday, July 1st. Morgan Stanley downgraded NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $31.00 to $20.00 in a research note on Wednesday, July 31st. Finally, Wolfe Research downgraded NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research note on Thursday, July 25th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $27.85.

NextEra Energy Partners Stock Performance

Shares of NYSE NEP traded down $0.21 during midday trading on Thursday, hitting $20.80. 2,828,914 shares of the company’s stock were exchanged, compared to its average volume of 1,443,757. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.30 and a quick ratio of 1.22. The stock’s 50 day moving average price is $25.61 and its 200-day moving average price is $27.77. The firm has a market cap of $1.95 billion, a P/E ratio of 6.88 and a beta of 1.06. NextEra Energy Partners, LP has a twelve month low of $20.69 and a twelve month high of $35.15.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.94). The business had revenue of $319.00 million for the quarter, compared to analyst estimates of $332.25 million. NextEra Energy Partners had a negative return on equity of 0.40% and a net margin of 24.42%. The business’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 earnings per share. Equities research analysts anticipate that NextEra Energy Partners, LP will post 2.2 EPS for the current 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.