NextEra Energy Partners (NYSE:NEP) Sees Large Volume Increase on Better-Than-Expected Earnings

NextEra Energy Partners, LP (NYSE:NEP - Get Free Report) shares saw unusually-high trading volume on Wednesday after the company announced better than expected quarterly earnings. Approximately 2,508,746 shares were traded during trading, a decline of 21% from the previous session's volume of 3,182,788 shares.The stock last traded at $10.69 and had previously closed at $11.83.

The solar energy provider reported $0.99 earnings per share for the quarter, topping the consensus estimate of $0.79 by $0.20. NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%.

Analysts Set New Price Targets

Several brokerages recently issued reports on NEP. CIBC decreased their price target on shares of NextEra Energy Partners from $26.00 to $21.00 and set a "neutral" rating on the stock in a report on Wednesday, January 8th. Barclays reiterated an "underweight" rating and set a $25.00 price target on shares of NextEra Energy Partners in a report on Friday, October 4th. Scotiabank cut their price objective on NextEra Energy Partners from $15.00 to $12.00 and set a "sector perform" rating on the stock in a report on Wednesday. JPMorgan Chase & Co. lowered their target price on NextEra Energy Partners from $22.00 to $20.00 and set a "neutral" rating for the company in a report on Thursday, January 23rd. Finally, Jefferies Financial Group dropped their target price on NextEra Energy Partners from $25.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $22.07.

Hedge Funds Weigh In On NextEra Energy Partners

Institutional investors have recently made changes to their positions in the stock. Marshall Wace LLP acquired a new stake in NextEra Energy Partners in the 2nd quarter valued at $638,000. Creative Planning grew its holdings in shares of NextEra Energy Partners by 15.2% during the second quarter. Creative Planning now owns 11,307 shares of the solar energy provider's stock valued at $313,000 after buying an additional 1,490 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its position 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 worth $46,000 after acquiring an additional 1,000 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its holdings in shares of NextEra Energy Partners by 40.4% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 10,648 shares of the solar energy provider's stock worth $294,000 after acquiring an additional 3,064 shares during the last quarter. Finally, Granite Bay Wealth Management LLC acquired a new stake in shares of NextEra Energy Partners in the 2nd quarter worth about $418,000. Institutional investors and hedge funds own 66.01% of the company's stock.

NextEra Energy Partners Stock Performance

The firm has a market cap of $975.05 million, a P/E ratio of 4.78 and a beta of 1.06. The company has a current ratio of 2.02, a quick ratio of 1.78 and a debt-to-equity ratio of 0.37. The company's 50-day moving average is $17.20 and its two-hundred day moving average is $21.68.

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.