Redwood Grove Capital LLC Boosts Holdings in NextEra Energy Partners, LP (NYSE:NEP)

Redwood Grove Capital LLC boosted its stake in shares of NextEra Energy Partners, LP (NYSE:NEP - Free Report) by 19.7% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 982,235 shares of the solar energy provider's stock after purchasing an additional 161,436 shares during the period. NextEra Energy Partners comprises approximately 7.4% of Redwood Grove Capital LLC's holdings, making the stock its largest position. Redwood Grove Capital LLC owned approximately 1.05% of NextEra Energy Partners worth $27,129,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in NEP. Integrated Wealth Concepts LLC lifted its stake in NextEra Energy Partners by 16.2% in the third quarter. Integrated Wealth Concepts LLC now owns 14,945 shares of the solar energy provider's stock valued at $413,000 after acquiring an additional 2,084 shares during the last quarter. Rockefeller Capital Management L.P. lifted its stake in NextEra Energy Partners by 8.0% in the third quarter. Rockefeller Capital Management L.P. now owns 630,588 shares of the solar energy provider's stock valued at $17,417,000 after acquiring an additional 46,728 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in NextEra Energy Partners by 14.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 419,245 shares of the solar energy provider's stock valued at $11,580,000 after acquiring an additional 53,221 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in NextEra Energy Partners by 158.4% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 255,754 shares of the solar energy provider's stock valued at $7,064,000 after acquiring an additional 156,774 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its stake in NextEra Energy Partners by 20.7% in the third quarter. BNP Paribas Financial Markets now owns 25,543 shares of the solar energy provider's stock valued at $705,000 after acquiring an additional 4,384 shares during the last quarter. 66.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NEP has been the subject of a number of analyst reports. BNP Paribas initiated coverage on shares of NextEra Energy Partners in a research note on Tuesday, October 1st. They issued an "underperform" rating and a $15.00 target price for the company. Barclays restated an "underweight" rating and issued a $25.00 price objective on shares of NextEra Energy Partners in a research note on Friday, October 4th. Morgan Stanley upgraded shares of NextEra Energy Partners from an "equal weight" rating to an "overweight" rating and set a $22.00 price objective for the company in a research note on Monday. Guggenheim cut shares of NextEra Energy Partners from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $37.00 to $22.00 in a research note on Monday, October 28th. Finally, UBS Group reduced their price objective on shares of NextEra Energy Partners from $28.00 to $27.00 and set a "neutral" rating for the company in a research note on Monday, September 30th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $26.85.

NextEra Energy Partners Stock Performance

NEP stock traded up $0.22 on Thursday, reaching $18.22. 1,493,542 shares of the company were exchanged, compared to its average volume of 1,590,631. NextEra Energy Partners, LP has a 12 month low of $15.55 and a 12 month high of $35.15. The stock's fifty day moving average price is $20.98 and its 200 day moving average price is $25.28. The firm has a market capitalization of $1.70 billion, a PE ratio of 8.36 and a beta of 1.07. 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 announced its quarterly 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 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 quarterly revenue was up 3.6% compared to the same quarter last year. During the same period last year, the firm earned $0.57 EPS. On average, research analysts anticipate that NextEra Energy Partners, LP will post 1.41 EPS for the current fiscal year.

NextEra Energy Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th were issued a $0.9175 dividend. This represents a $3.67 annualized dividend and a yield of 20.14%. The ex-dividend date was Wednesday, November 6th. This is a positive change from NextEra Energy Partners's previous quarterly dividend of $0.91. NextEra Energy Partners's payout ratio is 168.35%.

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.