NextEra Energy Partners (NYSE:NEP) Sees Strong Trading Volume Following Better-Than-Expected Earnings

NextEra Energy Partners, LP (NYSE:NEP) shares saw an uptick in trading volume on Wednesday after the company announced better than expected quarterly earnings. 2,508,746 shares were traded during trading, a decline of 21% from the previous session’s volume of 3,182,788 shares.The stock last traded at $10.69 and had previously closed at $11.83.

The solar energy provider reported $0.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.79 by $0.20. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%.

Wall Street Analysts Forecast Growth

NEP has been the topic of a number of analyst reports. Mizuho cut their price target on NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 9th. Evercore ISI decreased 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 report on Thursday, October 24th. Jefferies Financial Group reduced their price target on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Guggenheim cut shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $37.00 to $22.00 in a research report on Monday, October 28th. Finally, BNP Paribas assumed coverage on NextEra Energy Partners in a report on Tuesday, October 1st. They set an “underperform” rating and a $15.00 target price on the stock. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $23.53.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Entropy Technologies LP lifted its stake in NextEra Energy Partners by 29.2% in the 4th quarter. Entropy Technologies LP now owns 28,675 shares of the solar energy provider’s stock valued at $510,000 after purchasing an additional 6,488 shares during the last quarter. abrdn plc lifted its position in shares of NextEra Energy Partners by 15.3% in the fourth quarter. abrdn plc now owns 980,200 shares of the solar energy provider’s stock valued at $17,242,000 after buying an additional 130,000 shares during the last quarter. Graham Capital Wealth Management LLC bought a new position in shares of NextEra Energy Partners during the 4th quarter worth approximately $3,003,000. KPP Advisory Services LLC acquired a new position in NextEra Energy Partners in the 4th quarter valued at $223,000. Finally, Everett Harris & Co. CA bought a new position in NextEra Energy Partners during the 4th quarter worth $543,000. Institutional investors own 66.01% of the company’s stock.

NextEra Energy Partners Stock Performance

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 company has a market cap of $1.00 billion, a P/E ratio of 4.94 and a beta of 1.06. The stock’s 50-day moving average price is $17.43 and its 200-day moving average price is $21.84.

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.