NextEra Energy Partners (NYSE:NEP) Receives “Market Perform” Rating from Oppenheimer

Oppenheimer reaffirmed their market perform rating on shares of NextEra Energy Partners (NYSE:NEP) in a research note released on Wednesday morning, Benzinga reports.

Several other equities research analysts also recently weighed in on NEP. Barclays assumed coverage on NextEra Energy Partners in a report on Wednesday, April 10th. They issued an equal weight rating and a $32.00 price target for the company. 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 report on Friday, January 26th. CIBC downgraded NextEra Energy Partners from a sector outperform rating to a neutral rating and set a $35.00 price target for the company. in a report on Tuesday, January 9th. Marathon Capitl reissued an equal weight rating on shares of NextEra Energy Partners in a report on Tuesday, March 26th. Finally, Evercore ISI assumed coverage on NextEra Energy Partners in a report on Tuesday, February 13th. They issued an outperform rating and a $43.00 price target for the company. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus price target of $41.60.

NextEra Energy Partners Price Performance

Shares of NEP stock opened at $28.93 on Wednesday. NextEra Energy Partners has a 1-year low of $20.17 and a 1-year high of $63.89. The stock’s 50-day moving average is $28.33 and its 200 day moving average is $27.47. The company has a market cap of $2.71 billion, a P/E ratio of 9.49 and a beta of 1.00. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.36 and a quick ratio of 1.28.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings data on Monday, April 22nd. The solar energy provider reported $0.75 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $331.78 million. During the same quarter last year, the company earned ($0.17) earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. Research analysts predict that NextEra Energy Partners will post 1.54 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, May 7th will be given a dividend of $0.8925 per share. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.88. This represents a $3.57 annualized dividend and a yield of 12.34%. The ex-dividend date is Monday, May 6th. NextEra Energy Partners’s dividend payout ratio (DPR) is currently 115.41%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NEP. 1832 Asset Management L.P. raised its position in NextEra Energy Partners by 599.4% during the fourth quarter. 1832 Asset Management L.P. now owns 2,602,485 shares of the solar energy provider’s stock valued at $79,142,000 after acquiring an additional 2,230,374 shares in the last quarter. ClearBridge Investments Ltd raised its position in NextEra Energy Partners by 64.4% during the third quarter. ClearBridge Investments Ltd now owns 3,583,336 shares of the solar energy provider’s stock valued at $106,425,000 after acquiring an additional 1,404,318 shares in the last quarter. FMR LLC raised its position in NextEra Energy Partners by 18.9% during the third quarter. FMR LLC now owns 4,865,533 shares of the solar energy provider’s stock valued at $144,506,000 after acquiring an additional 774,665 shares in the last quarter. M&G Investment Management Ltd. raised its position in NextEra Energy Partners by 27.1% during the fourth quarter. M&G Investment Management Ltd. now owns 3,044,055 shares of the solar energy provider’s stock valued at $91,322,000 after acquiring an additional 648,775 shares in the last quarter. Finally, Verition Fund Management LLC purchased a new position in NextEra Energy Partners during the fourth quarter valued at approximately $14,269,000. 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.