NextEra Energy Partners, LP (NYSE:NEP) Declares Quarterly Dividend of $0.89

NextEra Energy Partners, LP (NYSE:NEP) announced a quarterly dividend on Tuesday, April 23rd, Wall Street Journal reports. Stockholders of record on Tuesday, May 7th will be given a dividend of 0.8925 per share by the solar energy provider on Wednesday, May 15th. This represents a $3.57 dividend on an annualized basis and a dividend yield of 12.12%. The ex-dividend date of this dividend is Monday, May 6th. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.88.

NextEra Energy Partners has raised its dividend by an average of 14.3% annually over the last three years and has raised its dividend every year for the last 10 years. NextEra Energy Partners has a dividend payout ratio of 345.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect NextEra Energy Partners to earn $0.92 per share next year, which means the company may not be able to cover its $3.52 annual dividend with an expected future payout ratio of 382.6%.

NextEra Energy Partners Stock Down 0.6 %

NEP opened at $29.46 on Thursday. NextEra Energy Partners has a fifty-two week low of $20.17 and a fifty-two week high of $63.89. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.28 and a current ratio of 1.33. The company has a market capitalization of $2.75 billion, a P/E ratio of 9.71 and a beta of 1.00. The stock has a fifty day moving average of $28.31 and a 200-day moving average of $27.36.

NextEra Energy Partners (NYSE:NEP) last posted its earnings results on Monday, April 22nd. The solar energy provider reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.63. NextEra Energy Partners had a negative return on equity of 0.48% and a net margin of 23.55%. The company had revenue of $257.00 million during the quarter, compared to the consensus estimate of $331.78 million. During the same quarter last year, the firm earned ($0.17) earnings per share. The company’s revenue was up 4.9% on a year-over-year basis. On average, equities analysts expect that NextEra Energy Partners will post 0.83 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. CIBC cut NextEra Energy Partners from a “sector outperform” rating to a “neutral” rating and set a $35.00 price target on the stock. in a research report on Tuesday, January 9th. Raymond James decreased their price target on NextEra Energy Partners from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 3rd. StockNews.com upgraded NextEra Energy Partners to a “sell” rating in a research report on Tuesday, March 19th. Barclays assumed coverage on NextEra Energy Partners in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $32.00 price target on the stock. Finally, JPMorgan Chase & Co. raised their price target on NextEra Energy Partners from $24.00 to $26.00 and gave the stock a “neutral” rating in a research report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $43.88.

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.