NextEra Energy Partners, LP (NYSE:NEP) Shares Sold by Otter Creek Advisors LLC

Otter Creek Advisors LLC lowered its holdings in shares of NextEra Energy Partners, LP (NYSE:NEP - Free Report) by 91.4% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,135 shares of the solar energy provider's stock after selling 96,788 shares during the quarter. Otter Creek Advisors LLC's holdings in NextEra Energy Partners were worth $252,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in NEP. Thrivent Financial for Lutherans purchased a new stake in shares of NextEra Energy Partners during the third quarter valued at about $16,186,000. M&G PLC grew its stake in NextEra Energy Partners by 19.3% during the 3rd quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider's stock valued at $85,738,000 after purchasing an additional 496,383 shares during the last quarter. Swedbank AB purchased a new position in shares of NextEra Energy Partners in the first quarter worth about $9,927,000. Fred Alger Management LLC acquired a new stake in shares of NextEra Energy Partners during the second quarter worth about $5,452,000. Finally, DekaBank Deutsche Girozentrale boosted its position in NextEra Energy Partners by 390.9% in the third quarter. DekaBank Deutsche Girozentrale now owns 127,971 shares of the solar energy provider's stock valued at $3,732,000 after buying an additional 101,900 shares during the last quarter. 66.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on NEP shares. Evercore ISI reduced their price target 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. UBS Group lowered their price target 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. CIBC cut their price target on NextEra Energy Partners from $34.00 to $32.00 and set a "neutral" rating on the stock in a research report on Tuesday, October 22nd. Morgan Stanley cut NextEra Energy Partners from an "equal weight" rating to an "underweight" rating and decreased their price objective for the company from $31.00 to $20.00 in a report on Wednesday, July 31st. Finally, Mizuho dropped their target price on NextEra Energy Partners from $33.00 to $26.00 and set a "neutral" rating on the stock in a report on Wednesday, October 9th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company 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 up $0.43 on Friday, reaching $16.78. 974,074 shares of the company were exchanged, compared to its average volume of 1,568,724. NextEra Energy Partners, LP has a 1 year low of $15.55 and a 1 year high of $35.15. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.78 and a current ratio of 2.02. The business has a 50-day moving average price of $22.72 and a 200 day moving average price of $26.27. The company has a market cap of $1.57 billion, a price-to-earnings ratio of 7.63 and a beta of 1.10.

NextEra Energy Partners (NYSE:NEP - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) EPS for the quarter, missing the consensus estimate of $0.51 by ($0.94). The firm had revenue of $319.00 million for the quarter, compared to analysts' expectations of $332.25 million. NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. NextEra Energy Partners's quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter last year, the firm posted $0.57 earnings per share. Equities research analysts forecast that NextEra Energy Partners, LP will post 1.36 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th were issued a $0.9175 dividend. The ex-dividend date of this dividend was Wednesday, November 6th. This represents a $3.67 dividend on an annualized basis and a yield of 21.87%. This is a positive change from NextEra Energy Partners's previous quarterly dividend of $0.91. NextEra Energy Partners's dividend payout ratio (DPR) is presently 168.35%.

NextEra Energy Partners 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.