Franklin Resources Inc. Purchases 37,265 Shares of NextEra Energy Partners, LP (NYSE:NEP)

Franklin Resources Inc. raised its holdings in NextEra Energy Partners, LP (NYSE:NEP - Free Report) by 89.4% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 78,930 shares of the solar energy provider's stock after buying an additional 37,265 shares during the quarter. Franklin Resources Inc. owned 0.08% of NextEra Energy Partners worth $2,049,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in NEP. Northwestern Mutual Wealth Management Co. boosted its position in shares of 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 valued at $46,000 after acquiring an additional 1,000 shares during the period. EverSource Wealth Advisors LLC bought a new stake in NextEra Energy Partners in the 2nd quarter valued at $51,000. Eastern Bank acquired a new stake in NextEra Energy Partners in the 3rd quarter worth $57,000. McIlrath & Eck LLC acquired a new stake in NextEra Energy Partners in the 3rd quarter worth $63,000. Finally, International Assets Investment Management LLC bought a new position in shares of NextEra Energy Partners during the 2nd quarter worth about $104,000. 66.01% of the stock is owned by institutional investors.

NextEra Energy Partners Price Performance

Shares of NYSE:NEP traded down $0.30 during trading on Friday, reaching $17.38. The stock had a trading volume of 1,001,072 shares, compared to its average volume of 1,573,871. The stock has a market capitalization of $1.63 billion, a PE ratio of 7.97 and a beta of 1.07. NextEra Energy Partners, LP has a 52 week low of $15.55 and a 52 week high of $35.15. The business's 50-day moving average price is $18.48 and its 200 day moving average price is $23.64. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.02 and a quick ratio of 1.78.

NextEra Energy Partners (NYSE:NEP - Get Free Report) 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 during the quarter, compared to the consensus estimate of $332.25 million. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The company's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.57 EPS. As a group, equities analysts predict that NextEra Energy Partners, LP will post 1.96 earnings per share for the current year.

NextEra Energy Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th were paid a $0.9175 dividend. The ex-dividend date was Wednesday, November 6th. This is an increase from NextEra Energy Partners's previous quarterly dividend of $0.91. This represents a $3.67 dividend on an annualized basis and a dividend yield of 21.12%. NextEra Energy Partners's payout ratio is currently 168.35%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on NEP shares. Morgan Stanley upgraded shares of NextEra Energy Partners from an "equal weight" rating to an "overweight" rating and set a $22.00 target price for the company in a research note on Monday, December 2nd. Evercore ISI decreased their price objective on NextEra Energy Partners from $32.00 to $30.00 and set an "outperform" rating on the stock in a report on Thursday, October 24th. Jefferies Financial Group lowered their price objective on NextEra Energy Partners from $28.00 to $27.00 and set a "buy" rating on the stock in a research report on Thursday, October 24th. Scotiabank reduced their target price on NextEra Energy Partners from $26.00 to $15.00 and set a "sector perform" rating for the company in a research report on Thursday, December 12th. Finally, Barclays reissued an "underweight" rating and issued a $25.00 price target on shares of NextEra Energy Partners in a report on Friday, October 4th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $26.00.

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.