NextEra Energy Partners (NYSE:NEP) Given New $12.00 Price Target at Scotiabank

NextEra Energy Partners (NYSE:NEP - Get Free Report) had its target price reduced by Scotiabank from $15.00 to $12.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a "sector perform" rating on the solar energy provider's stock. Scotiabank's target price would indicate a potential upside of 13.69% from the stock's previous close.

A number of other brokerages also recently commented on NEP. Mizuho lowered their price objective 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. Guggenheim cut shares of NextEra Energy Partners from a "buy" rating to a "neutral" rating and dropped their price objective for the stock from $37.00 to $22.00 in a report on Monday, October 28th. CIBC reduced their target price on shares of NextEra Energy Partners from $26.00 to $21.00 and set a "neutral" rating for the company in a research note on Wednesday, January 8th. 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 price target on the stock. Finally, BMO Capital Markets reissued a "market perform" rating and issued a $18.00 price objective (down from $26.00) on shares of NextEra Energy Partners in a report on Monday, January 13th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, NextEra Energy Partners has a consensus rating of "Hold" and a consensus target price of $22.07.

NextEra Energy Partners Stock Up 1.1 %

NYSE NEP traded up $0.12 on Wednesday, hitting $10.56. 4,907,315 shares of the stock traded hands, compared to its average volume of 4,498,929. The company has a market capitalization of $987.21 million, a P/E ratio of -105.55 and a beta of 1.06. The stock has a 50-day moving average of $17.07 and a 200 day moving average of $21.56. The company has a current ratio of 2.02, a quick ratio of 1.78 and a debt-to-equity ratio of 0.37. NextEra Energy Partners has a twelve month low of $9.98 and a twelve month high of $35.15.

NextEra Energy Partners (NYSE:NEP - Get Free Report) last announced its quarterly earnings data on Tuesday, January 28th. The solar energy provider reported $0.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.79 by $0.20. NextEra Energy Partners had a positive return on equity of 1.34% and a negative net margin of 0.73%. As a group, analysts expect that NextEra Energy Partners will post 1.54 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NextEra Energy Partners

Several hedge funds have recently made changes to their positions in NEP. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of NextEra Energy Partners by 150.4% during 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 purchasing an additional 1,000 shares during the last quarter. Eastern Bank acquired a new stake in NextEra Energy Partners during the 3rd quarter worth about $57,000. McIlrath & Eck LLC purchased a new stake in NextEra Energy Partners during the third quarter valued at about $63,000. Avion Wealth lifted its stake in NextEra Energy Partners by 610.2% during the fourth quarter. Avion Wealth now owns 2,642 shares of the solar energy provider's stock valued at $47,000 after buying an additional 2,270 shares in the last quarter. Finally, Central Pacific Bank Trust Division boosted its holdings in shares of NextEra Energy Partners by 153.1% in the fourth quarter. Central Pacific Bank Trust Division now owns 6,200 shares of the solar energy provider's stock worth $110,000 after buying an additional 3,750 shares during the period. Institutional investors and hedge funds own 66.01% of the company's stock.

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.