NextEra Energy Partners (NYSE:NEP) Shares Gap Down - What's Next?

NextEra Energy Partners, LP (NYSE:NEP - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $15.80, but opened at $11.93. NextEra Energy Partners shares last traded at $11.45, with a volume of 4,573,333 shares changing hands.

Wall Street Analyst Weigh In

Several research firms recently issued reports on NEP. JPMorgan Chase & Co. decreased their target price on shares of NextEra Energy Partners from $22.00 to $20.00 and set a "neutral" rating for the company in a research note on Thursday, January 23rd. Evercore ISI lowered their price target on NextEra Energy Partners from $32.00 to $30.00 and set an "outperform" rating on the stock in a research report on Thursday, October 24th. Jefferies Financial Group cut their price objective on NextEra Energy Partners from $25.00 to $15.00 and set a "buy" rating for the company in a research report on Wednesday, January 29th. CIBC reduced their target price on 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. Finally, Morgan Stanley reissued an "underweight" rating and issued a $13.00 price target (down previously from $22.00) on shares of NextEra Energy Partners in a research note on Monday. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $20.27.

NextEra Energy Partners Trading Up 0.7 %

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 has a fifty day moving average price of $17.07 and a two-hundred day moving average price of $21.48. The firm has a market capitalization of $983.47 million, a price-to-earnings ratio of -105.15 and a beta of 1.03.

NextEra Energy Partners (NYSE:NEP - Get Free Report) last released its quarterly earnings data on Tuesday, January 28th. The solar energy provider reported $0.99 earnings per share for the quarter, topping analysts' consensus estimates 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, research analysts forecast that NextEra Energy Partners, LP will post 1.54 earnings per share for the current fiscal year.

Institutional Trading of NextEra Energy Partners

Several hedge funds have recently made changes to their positions in NEP. M&G PLC boosted its stake in NextEra Energy Partners by 19.3% during the third quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider's stock worth $85,738,000 after buying an additional 496,383 shares during the period. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT acquired a new position in NextEra Energy Partners in the 4th quarter valued at about $21,449,000. Redwood Grove Capital LLC boosted its stake in shares of NextEra Energy Partners by 19.7% in the third quarter. Redwood Grove Capital LLC now owns 982,235 shares of the solar energy provider's stock valued at $27,129,000 after purchasing an additional 161,436 shares during the period. abrdn plc increased its stake in NextEra Energy Partners by 15.3% during the 4th quarter. abrdn plc now owns 980,200 shares of the solar energy provider's stock worth $17,242,000 after buying an additional 130,000 shares during the period. Finally, Rockefeller Capital Management L.P. lifted its holdings in NextEra Energy Partners by 8.0% during the 3rd quarter. Rockefeller Capital Management L.P. now owns 630,588 shares of the solar energy provider's stock worth $17,417,000 after buying an additional 46,728 shares in the last quarter. Hedge funds and other institutional investors own 66.01% of the company's stock.

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.