NextEra Energy Partners (NYSE:NEP) Cut to Market Perform at Raymond James

Raymond James downgraded shares of NextEra Energy Partners (NYSE:NEP) from an outperform rating to a market perform rating in a research report sent to investors on Tuesday morning, Marketbeat.com reports.

NEP has been the subject of several other research reports. Marathon Capitl reiterated an equal weight rating on shares of NextEra Energy Partners in a research report on Tuesday, March 26th. Barclays cut shares of NextEra Energy Partners from an equal weight rating to an underweight rating and decreased their price objective for the company from $32.00 to $25.00 in a report on Thursday, June 13th. Royal Bank of Canada cut shares of NextEra Energy Partners from an outperform rating to a sector perform rating and decreased their price objective for the company from $38.00 to $30.00 in a report on Monday, July 1st. StockNews.com upgraded shares of NextEra Energy Partners to a sell rating in a report on Tuesday, March 19th. Finally, Mizuho cut shares of NextEra Energy Partners from a buy rating to a neutral rating and set a $33.00 price objective for the company. in a report on Wednesday, June 12th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $38.20.

NextEra Energy Partners Trading Up 4.7 %

Shares of NYSE NEP opened at $27.45 on Tuesday. NextEra Energy Partners has a 1-year low of $20.17 and a 1-year high of $59.90. The company has a market cap of $2.57 billion, a PE ratio of 9.00 and a beta of 1.03. The company has a current ratio of 1.36, a quick ratio of 1.31 and a debt-to-equity ratio of 0.35. The company has a 50-day moving average of $30.47 and a two-hundred day moving average of $29.29.

NextEra Energy Partners (NYSE:NEP) last issued its quarterly earnings results on Monday, April 22nd. The solar energy provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.12 by $0.63. NextEra Energy Partners had a net margin of 23.55% and a negative return on equity of 0.48%. The company had revenue of $257.00 million during the quarter, compared to analysts’ expectations of $331.78 million. During the same quarter in the previous year, the company earned ($0.17) EPS. NextEra Energy Partners’s revenue was up 4.9% on a year-over-year basis. As a group, equities analysts expect that NextEra Energy Partners will post 1.89 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, May 7th were given a dividend of $0.8925 per share. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.88. This represents a $3.57 annualized dividend and a yield of 13.01%. The ex-dividend date was Monday, May 6th. NextEra Energy Partners’s dividend payout ratio is 117.05%.

Institutional Trading of NextEra Energy Partners

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. CWM LLC raised its position in NextEra Energy Partners by 160.2% during the fourth quarter. CWM LLC now owns 830 shares of the solar energy provider’s stock worth $25,000 after acquiring an additional 511 shares in the last quarter. Newbridge Financial Services Group Inc. raised its position in NextEra Energy Partners by 46.0% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,689 shares of the solar energy provider’s stock worth $51,000 after acquiring an additional 532 shares in the last quarter. Gilman Hill Asset Management LLC increased its holdings in shares of NextEra Energy Partners by 5.4% in the fourth quarter. Gilman Hill Asset Management LLC now owns 11,250 shares of the solar energy provider’s stock valued at $342,000 after purchasing an additional 575 shares during the last quarter. Hexagon Capital Partners LLC increased its holdings in shares of NextEra Energy Partners by 208.3% in the first quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock valued at $28,000 after purchasing an additional 627 shares during the last quarter. Finally, California State Teachers Retirement System increased its holdings in shares of NextEra Energy Partners by 1.0% in the first quarter. California State Teachers Retirement System now owns 84,025 shares of the solar energy provider’s stock valued at $2,527,000 after purchasing an additional 800 shares during the last quarter. 66.01% of the stock is owned by 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.