CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Makes New $21.45 Million Investment in NextEra Energy Partners, LP (NYSE:NEP)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new position in shares of NextEra Energy Partners, LP (NYSE:NEP) during the 4th quarter, Holdings Channel reports. The institutional investor purchased 1,205,000 shares of the solar energy provider’s stock, valued at approximately $21,449,000. NextEra Energy Partners comprises about 1.4% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s portfolio, making the stock its 20th biggest position.

A number of other hedge funds have also recently modified their holdings of NEP. Brown Miller Wealth Management LLC lifted its position in NextEra Energy Partners by 2.4% during the third quarter. Brown Miller Wealth Management LLC now owns 18,459 shares of the solar energy provider’s stock valued at $509,000 after purchasing an additional 433 shares in the last quarter. Pathway Financial Advisers LLC raised its stake in shares of NextEra Energy Partners by 0.9% in the second quarter. Pathway Financial Advisers LLC now owns 48,363 shares of the solar energy provider’s stock worth $1,336,000 after buying an additional 454 shares during the period. Apollon Wealth Management LLC lifted its position in shares of NextEra Energy Partners by 5.7% during the 3rd quarter. Apollon Wealth Management LLC now owns 12,306 shares of the solar energy provider’s stock valued at $340,000 after buying an additional 667 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of NextEra Energy Partners by 150.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock valued at $46,000 after acquiring an additional 1,000 shares during the period. Finally, Creative Planning increased its holdings in NextEra Energy Partners by 15.2% in the 2nd quarter. Creative Planning now owns 11,307 shares of the solar energy provider’s stock worth $313,000 after acquiring an additional 1,490 shares in the last quarter. Institutional investors own 66.01% of the company’s stock.

NextEra Energy Partners Price Performance

NEP stock opened at $15.74 on Friday. The company has a fifty day simple moving average of $17.51 and a two-hundred day simple moving average of $22.09. NextEra Energy Partners, LP has a 52 week low of $15.55 and a 52 week high of $35.15. The company has a quick ratio of 1.78, a current ratio of 2.02 and a debt-to-equity ratio of 0.37. The firm has a market capitalization of $1.47 billion, a P/E ratio of 7.22 and a beta of 1.06.

NextEra Energy Partners (NYSE:NEP) last released its earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share for the quarter, missing the consensus estimate of $0.51 by ($0.94). The company had revenue of $319.00 million for the quarter, compared to the consensus estimate of $332.25 million. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The business’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.57 EPS. Analysts anticipate that NextEra Energy Partners, LP will post 2.06 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on NEP shares. Morgan Stanley raised shares of NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price target on the stock in a report on Monday, December 2nd. Mizuho dropped their target price on shares of NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating for the company in a report on Wednesday, October 9th. JPMorgan Chase & Co. cut their price target on NextEra Energy Partners from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Thursday. BNP Paribas started coverage on NextEra Energy Partners in a research report on Tuesday, October 1st. They issued an “underperform” rating and a $15.00 price objective on the stock. Finally, CIBC cut their target price on NextEra Energy Partners from $26.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, NextEra Energy Partners has a consensus rating of “Hold” and a consensus target price of $24.50.

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.