NextEra Energy Partners (NYSE:NEP) Cut to Neutral at Guggenheim

NextEra Energy Partners (NYSE:NEP - Get Free Report) was downgraded by investment analysts at Guggenheim from a "buy" rating to a "neutral" rating in a report released on Monday, MarketBeat reports. They currently have a $22.00 price objective on the solar energy provider's stock, down from their prior price objective of $37.00. Guggenheim's price target suggests a potential upside of 7.84% from the company's previous close.

A number of other brokerages have also weighed in on NEP. BNP Paribas initiated coverage on shares of NextEra Energy Partners in a research report on Tuesday, October 1st. They issued an "underperform" rating and a $15.00 target price on the stock. Royal Bank of Canada lowered NextEra Energy Partners from an "outperform" rating to a "sector perform" rating and reduced their price objective for the stock from $38.00 to $30.00 in a research report on Monday, July 1st. Jefferies Financial Group dropped their target price on NextEra Energy Partners from $28.00 to $27.00 and set a "buy" rating for the company in a research report on Thursday. UBS Group lowered their price objective on NextEra Energy Partners from $28.00 to $27.00 and set a "neutral" rating for the company in a research note on Monday, September 30th. Finally, StockNews.com upgraded shares of NextEra Energy Partners to a "sell" rating in a research report on Thursday, July 25th. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, NextEra Energy Partners currently has a consensus rating of "Hold" and an average price target of $26.69.

NextEra Energy Partners Price Performance

Shares of NEP stock traded down $0.70 during trading hours on Monday, reaching $20.40. The company's stock had a trading volume of 3,218,374 shares, compared to its average volume of 1,965,678. NextEra Energy Partners has a fifty-two week low of $20.28 and a fifty-two week high of $35.15. The firm's 50 day simple moving average is $25.44 and its 200-day simple moving average is $27.64. The company has a quick ratio of 1.78, a current ratio of 2.02 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $1.91 billion, a price-to-earnings ratio of 9.36 and a beta of 1.06.

NextEra Energy Partners (NYSE:NEP - Get Free Report) last released 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 during the quarter, compared to the consensus estimate of $332.25 million. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The business's revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.57 EPS. Sell-side analysts forecast that NextEra Energy Partners will post 1.77 earnings per share for the current year.

Institutional Investors Weigh In On NextEra Energy Partners

Large investors have recently bought and sold shares of the stock. Hexagon Capital Partners LLC lifted its stake in shares of NextEra Energy Partners by 208.3% in the first quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider's stock valued at $28,000 after buying an additional 627 shares in the last quarter. Central Pacific Bank Trust Division purchased a new stake in shares of NextEra Energy Partners in the first quarter worth approximately $36,000. FinTrust Capital Advisors LLC bought a new position in shares of NextEra Energy Partners in the first quarter valued at approximately $45,000. Northwestern Mutual Wealth Management Co. grew its holdings in 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 buying an additional 1,000 shares in the last quarter. Finally, Larson Financial Group LLC purchased a new stake in NextEra Energy Partners in the 1st quarter valued at $48,000. 66.01% of the stock is currently owned by institutional investors and hedge funds.

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.