FMR LLC decreased its stake in shares of NextEra Energy Partners, LP (NYSE:NEP - Free Report) by 9.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,228,175 shares of the solar energy provider's stock after selling 349,131 shares during the period. FMR LLC owned 3.45% of NextEra Energy Partners worth $89,162,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. Northwestern Mutual Wealth Management Co. boosted 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 worth $46,000 after acquiring an additional 1,000 shares during the last quarter. EverSource Wealth Advisors LLC acquired a new position in NextEra Energy Partners during the second quarter worth $51,000. Eastern Bank bought a new stake in shares of NextEra Energy Partners in the 3rd quarter valued at about $57,000. Central Bank & Trust Co. bought a new position in shares of NextEra Energy Partners during the 2nd quarter worth approximately $99,000. Finally, International Assets Investment Management LLC bought a new position in shares of NextEra Energy Partners in the second quarter valued at about $104,000. 66.01% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
NEP has been the subject of a number of recent research reports. Jefferies Financial Group reduced their target price on shares of NextEra Energy Partners from $28.00 to $27.00 and set a "buy" rating for the company in a research report on Thursday, October 24th. UBS Group dropped their target price on shares of NextEra Energy Partners from $28.00 to $27.00 and set a "neutral" rating for the company in a report on Monday, September 30th. BMO Capital Markets reduced their price objective on 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. BNP Paribas initiated coverage on shares of NextEra Energy Partners in a research note on Tuesday, October 1st. They set an "underperform" rating and a $15.00 price target for the company. Finally, CIBC cut their price objective on NextEra Energy Partners from $34.00 to $32.00 and set a "neutral" rating on the stock in a research note on Tuesday, October 22nd. Three research analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $26.85.
Check Out Our Latest Stock Report on NextEra Energy Partners
NextEra Energy Partners Price Performance
NYSE NEP traded down $0.60 during trading on Friday, hitting $17.60. 1,823,624 shares of the stock traded hands, compared to its average volume of 1,591,617. NextEra Energy Partners, LP has a 12-month low of $15.55 and a 12-month high of $35.15. The company has a market capitalization of $1.65 billion, a P/E ratio of 8.36 and a beta of 1.07. The firm has a 50-day simple moving average of $20.98 and a 200-day simple moving average of $25.28. The company has a quick ratio of 1.78, a current ratio of 2.02 and a debt-to-equity ratio of 0.37.
NextEra Energy Partners (NYSE:NEP - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.51 by ($0.94). NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The business had revenue of $319.00 million for the quarter, compared to analysts' expectations of $332.25 million. During the same quarter in the previous year, the firm earned $0.57 EPS. NextEra Energy Partners's revenue was up 3.6% compared to the same quarter last year. As a group, analysts predict that NextEra Energy Partners, LP will post 1.41 EPS for the current year.
NextEra Energy Partners Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Wednesday, November 6th were given a $0.9175 dividend. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $3.67 dividend on an annualized basis and a dividend yield of 20.85%. This is an increase from NextEra Energy Partners's previous quarterly dividend of $0.91. NextEra Energy Partners's payout ratio is presently 168.35%.
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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