Seaport Res Ptn Has Negative Outlook of NEP FY2024 Earnings

NextEra Energy Partners, LP (NYSE:NEP - Free Report) - Seaport Res Ptn dropped their FY2024 earnings estimates for NextEra Energy Partners in a research note issued to investors on Monday, October 28th. Seaport Res Ptn analyst A. Storozynski now anticipates that the solar energy provider will post earnings of $0.79 per share for the year, down from their prior estimate of $1.33. The consensus estimate for NextEra Energy Partners' current full-year earnings is $1.77 per share. Seaport Res Ptn also issued estimates for NextEra Energy Partners' FY2025 earnings at $0.83 EPS, FY2026 earnings at $0.89 EPS, FY2027 earnings at $0.61 EPS and FY2028 earnings at $0.51 EPS.

NextEra Energy Partners (NYSE:NEP - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.51 by ($0.94). The business had revenue of $319.00 million for the quarter, compared to analyst estimates of $332.25 million. NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The business's revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.57 EPS.

A number of other equities analysts have also recently issued reports on the stock. Raymond James cut shares of NextEra Energy Partners from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 9th. Evercore ISI cut their price objective on shares of NextEra Energy Partners from $32.00 to $30.00 and set an "outperform" rating for the company in a research report on Thursday, October 24th. Jefferies Financial Group cut their price objective on shares of NextEra Energy Partners from $28.00 to $27.00 and set a "buy" rating for the company in a research report on Thursday, October 24th. JPMorgan Chase & Co. raised shares of NextEra Energy Partners from an "underweight" rating to a "neutral" rating and cut their price objective for the company from $25.00 to $22.00 in a research report on Thursday, October 24th. Finally, UBS Group cut 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 report on Monday, September 30th. Four analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, NextEra Energy Partners currently has a consensus rating of "Hold" and a consensus target price of $26.69.

NextEra Energy Partners Price Performance

NEP traded down $0.09 during midday trading on Wednesday, reaching $19.18. 2,041,457 shares of the company's stock were exchanged, compared to its average volume of 1,494,454. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.02 and a quick ratio of 1.78. The stock has a market capitalization of $1.79 billion, a PE ratio of 8.83 and a beta of 1.06. The business's 50-day moving average price is $25.21 and its 200 day moving average price is $27.53. NextEra Energy Partners has a 1-year low of $19.16 and a 1-year high of $35.15.

NextEra Energy Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th will be paid a dividend of $0.9175 per share. This is an increase from NextEra Energy Partners's previous quarterly dividend of $0.91. This represents a $3.67 annualized dividend and a yield of 19.13%. The ex-dividend date of this dividend is Wednesday, November 6th. NextEra Energy Partners's payout ratio is currently 166.06%.

Institutional Investors Weigh In On NextEra Energy Partners

Several institutional investors have recently bought and sold shares of the business. Ameritas Advisory Services LLC grew its stake in NextEra Energy Partners by 1.4% during the second quarter. Ameritas Advisory Services LLC now owns 29,190 shares of the solar energy provider's stock worth $807,000 after buying an additional 412 shares during the period. Brown Miller Wealth Management LLC grew its stake in NextEra Energy Partners by 2.4% during the third quarter. Brown Miller Wealth Management LLC now owns 18,459 shares of the solar energy provider's stock worth $509,000 after buying an additional 433 shares during the period. Pathway Financial Advisers LLC grew its stake in NextEra Energy Partners by 0.9% during the second quarter. Pathway Financial Advisers LLC now owns 48,363 shares of the solar energy provider's stock worth $1,336,000 after buying an additional 454 shares during the period. Arizona State Retirement System grew its stake in NextEra Energy Partners by 2.0% during the second quarter. Arizona State Retirement System now owns 26,186 shares of the solar energy provider's stock worth $724,000 after buying an additional 509 shares during the period. Finally, Jaffetilchin Investment Partners LLC lifted its position in shares of NextEra Energy Partners by 4.6% during the second quarter. Jaffetilchin Investment Partners LLC now owns 13,088 shares of the solar energy provider's stock worth $362,000 after purchasing an additional 581 shares in the last quarter. 66.01% of the stock is currently owned by hedge funds and other institutional investors.

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.