NextEra Energy Partners (NYSE:NEP) Shares Gap Down Following Analyst Downgrade

NextEra Energy Partners, LP (NYSE:NEP) gapped down prior to trading on Wednesday after CIBC lowered their price target on the stock from $34.00 to $32.00. The stock had previously closed at $25.09, but opened at $23.42. CIBC currently has a neutral rating on the stock. NextEra Energy Partners shares last traded at $23.24, with a volume of 1,000,644 shares trading hands.

Other research analysts have also issued research reports about the company. Mizuho reduced their price target 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. Barclays reiterated an “underweight” rating and issued a $25.00 price objective on shares of NextEra Energy Partners in a research report on Friday, October 4th. Royal Bank of Canada lowered NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and decreased their price target for the company from $38.00 to $30.00 in a research note on Monday, July 1st. Wolfe Research downgraded NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a report on Thursday, July 25th. Finally, StockNews.com upgraded shares of NextEra Energy Partners to a “sell” rating in a research note on Thursday, July 25th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $29.15.

Hedge Funds Weigh In On NextEra Energy Partners

A number of large investors have recently made changes to their positions in the stock. Hexagon Capital Partners LLC boosted its stake in shares of NextEra Energy Partners by 208.3% during the 1st quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock worth $28,000 after acquiring an additional 627 shares in the last quarter. Central Pacific Bank Trust Division acquired a new position in shares of NextEra Energy Partners in the first quarter valued at approximately $36,000. FinTrust Capital Advisors LLC purchased a new position in shares of NextEra Energy Partners during the first quarter valued at approximately $45,000. Northwestern Mutual Wealth Management Co. boosted its position 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 acquiring an additional 1,000 shares during the last quarter. Finally, Larson Financial Group LLC purchased a new stake in NextEra Energy Partners in the 1st quarter worth approximately $48,000. Hedge funds and other institutional investors own 66.01% of the company’s stock.

NextEra Energy Partners Price Performance

The stock has a market capitalization of $2.15 billion, a PE ratio of 7.55 and a beta of 1.06. The company’s 50 day simple moving average is $25.69 and its 200 day simple moving average is $27.82. The company has a current ratio of 1.30, a quick ratio of 1.22 and a debt-to-equity ratio of 0.36.

NextEra Energy Partners (NYSE:NEP) last announced its quarterly earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. The company had revenue of $360.00 million for the quarter, compared to analyst estimates of $365.54 million. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. NextEra Energy Partners’s revenue for the quarter was up 22.9% on a year-over-year basis. During the same quarter last year, the business earned $0.53 EPS. On average, equities analysts anticipate that NextEra Energy Partners, LP will post 2.2 earnings per share for the current year.

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.