Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of NextEra Energy Partners, LP (NYSE:NEP - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 35,886 shares of the solar energy provider's stock, valued at approximately $991,000.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. lifted its position 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 during the period. EverSource Wealth Advisors LLC acquired a new position in shares of NextEra Energy Partners in the second quarter valued at approximately $51,000. Eastern Bank acquired a new stake in shares of NextEra Energy Partners in the third quarter valued at approximately $57,000. Central Bank & Trust Co. acquired a new stake in shares of NextEra Energy Partners in the 2nd quarter valued at approximately $99,000. Finally, International Assets Investment Management LLC bought a new stake in shares of NextEra Energy Partners during the 2nd quarter worth about $104,000. 66.01% of the stock is currently owned by hedge funds and other institutional investors.
NextEra Energy Partners Price Performance
NextEra Energy Partners stock traded up $0.28 during trading on Thursday, reaching $17.47. The company had a trading volume of 2,355,299 shares, compared to its average volume of 1,579,016. NextEra Energy Partners, LP has a 1-year low of $15.55 and a 1-year high of $35.15. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.78 and a current ratio of 2.02. The firm's 50-day simple moving average is $22.05 and its 200 day simple moving average is $25.85. The firm has a market capitalization of $1.63 billion, a PE ratio of 8.01 and a beta of 1.10.
NextEra Energy Partners (NYSE:NEP - Get Free Report) last announced its earnings results 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 1.07% and a net margin of 17.47%. The company's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period last year, the firm earned $0.57 EPS. As a group, equities research analysts anticipate that NextEra Energy Partners, LP will post 1.36 earnings per share for the current fiscal year.
NextEra Energy Partners Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Wednesday, November 6th were issued a $0.9175 dividend. This represents a $3.67 annualized dividend and a yield of 21.01%. The ex-dividend date was Wednesday, November 6th. This is an increase from NextEra Energy Partners's previous quarterly dividend of $0.91. NextEra Energy Partners's dividend payout ratio (DPR) is 168.35%.
Wall Street Analysts Forecast Growth
Several research analysts have commented on NEP shares. Guggenheim downgraded NextEra Energy Partners from a "buy" rating to a "neutral" rating and cut their target price for the stock from $37.00 to $22.00 in a report on Monday, October 28th. Jefferies Financial Group dropped 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 note on Thursday, October 24th. Barclays restated an "underweight" rating and issued a $25.00 price objective on shares of NextEra Energy Partners in a research report on Friday, October 4th. Mizuho cut their price target on shares of NextEra Energy Partners from $33.00 to $26.00 and set a "neutral" rating for the company in a research report on Wednesday, October 9th. Finally, BMO Capital Markets reduced their price target on shares of NextEra Energy Partners from $28.00 to $26.00 and set an "outperform" rating on the stock in a research report on Monday, October 21st. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $26.69.
View Our Latest Stock Report on NextEra Energy Partners
About NextEra Energy Partners
(
Free Report)
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.
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