NextEra Energy Partners (NYSE:NEP) Sees Unusually-High Trading Volume on Better-Than-Expected Earnings

NextEra Energy Partners, LP (NYSE:NEP) saw unusually-strong trading volume on Thursday following a stronger than expected earnings report. Approximately 529,417 shares changed hands during mid-day trading, a decline of 63% from the previous session’s volume of 1,441,013 shares.The stock last traded at $26.45 and had previously closed at $27.48.

The solar energy provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. NextEra Energy Partners had a negative return on equity of 0.48% and a net margin of 23.55%. The firm had revenue of $360.00 million during the quarter, compared to the consensus estimate of $365.54 million. During the same period in the prior year, the company posted $0.53 earnings per share. The firm’s quarterly revenue was up 22.9% compared to the same quarter last year.

Wall Street Analyst Weigh In

NEP has been the subject of a number of research reports. Royal Bank of Canada cut shares of NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and reduced their price target for the company from $38.00 to $30.00 in a research report on Monday, July 1st. Barclays cut NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and decreased their target price for the company from $32.00 to $25.00 in a research report on Thursday, June 13th. Raymond James lowered NextEra Energy Partners from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 9th. BMO Capital Markets decreased their price objective on NextEra Energy Partners from $32.00 to $28.00 and set an “outperform” rating for the company in a report on Monday. Finally, Mizuho cut shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and set a $33.00 target price on the stock. in a report on Wednesday, June 12th. Three equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $36.93.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Clearbridge Investments LLC purchased a new stake in NextEra Energy Partners in the 4th quarter valued at approximately $6,818,000. Benjamin F. Edwards & Company Inc. grew its holdings in NextEra Energy Partners by 13.2% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 9,720 shares of the solar energy provider’s stock worth $296,000 after acquiring an additional 1,130 shares during the period. Otter Creek Advisors LLC purchased a new position in NextEra Energy Partners in the fourth quarter worth $3,061,000. Caxton Associates LP acquired a new stake in NextEra Energy Partners in the fourth quarter valued at $1,509,000. Finally, Vanguard Group Inc. boosted its position in shares of NextEra Energy Partners by 3.9% during the 3rd quarter. Vanguard Group Inc. now owns 619,780 shares of the solar energy provider’s stock worth $18,407,000 after purchasing an additional 23,008 shares in the last quarter. 66.01% of the stock is currently owned by institutional investors and hedge funds.

NextEra Energy Partners Stock Performance

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 stock’s 50 day moving average price is $29.75 and its two-hundred day moving average price is $29.11. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of 9.00 and a beta of 1.03.

NextEra Energy Partners Company Profile

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.