NextEra Energy Partners (NYSE:NEP) Hits New 12-Month Low Following Weak Earnings

Shares of NextEra Energy Partners, LP (NYSE:NEP - Get Free Report) hit a new 52-week low during trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $20.75 and last traded at $21.10, with a volume of 285044 shares changing hands. The stock had previously closed at $21.01.

The solar energy provider reported ($0.43) earnings per share for the quarter, missing analysts' consensus estimates of $0.51 by ($0.94). The firm had revenue of $319.00 million for the quarter, compared to the consensus estimate of $332.25 million. NextEra Energy Partners had a negative return on equity of 0.40% and a net margin of 24.42%. The company's revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.57 earnings per share.

NextEra Energy Partners Dividend Announcement

The firm also recently disclosed a dividend, which will be paid on Thursday, November 14th. Stockholders of record on Wednesday, November 6th will be issued a dividend of $0.9175 per share. The ex-dividend date of this dividend is Wednesday, November 6th. NextEra Energy Partners's dividend payout ratio (DPR) is presently 118.69%.

Analyst Upgrades and Downgrades

Several analysts have commented on NEP shares. UBS Group dropped their target price on shares of NextEra Energy Partners from $28.00 to $27.00 and set a "neutral" rating on the stock in a report on Monday, September 30th. BNP Paribas began coverage on shares of NextEra Energy Partners in a report on Tuesday, October 1st. They set an "underperform" rating and a $15.00 price objective on the stock. Evercore ISI reduced their target price on shares of NextEra Energy Partners from $32.00 to $30.00 and set an "outperform" rating for the company in a research note on Thursday. CIBC lowered their target price on NextEra Energy Partners from $34.00 to $32.00 and set a "neutral" rating for the company in a report on Tuesday. Finally, Morgan Stanley lowered NextEra Energy Partners from an "equal weight" rating to an "underweight" rating and cut their price target for the company from $31.00 to $20.00 in a report on Wednesday, July 31st. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $27.85.

Hedge Funds Weigh In On NextEra Energy Partners

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its position in NextEra Energy Partners by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 635,881 shares of the solar energy provider's stock worth $19,127,000 after buying an additional 22,370 shares during the period. Marshall Wace LLP bought a new position in NextEra Energy Partners during the second quarter worth about $638,000. Fred Alger Management LLC acquired a new stake in NextEra Energy Partners in the 2nd quarter worth about $5,452,000. Sanctuary Advisors LLC acquired a new stake in NextEra Energy Partners in the 2nd quarter worth about $639,000. Finally, Cetera Investment Advisers boosted its holdings in NextEra Energy Partners by 574.0% in the 1st quarter. Cetera Investment Advisers now owns 63,722 shares of the solar energy provider's stock valued at $1,917,000 after purchasing an additional 54,267 shares during the period. Institutional investors own 66.01% of the company's stock.

NextEra Energy Partners Stock Performance

The stock's 50-day simple moving average is $25.53 and its 200-day simple moving average is $27.73. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of 6.88 and a beta of 1.06. The company has a current ratio of 1.30, a quick ratio of 1.22 and a debt-to-equity ratio of 0.36.

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.