Gabelli Funds LLC Has $12.50 Million Stock Position in NextEra Energy Partners, LP (NYSE:NEP)

Gabelli Funds LLC lowered its holdings in shares of NextEra Energy Partners, LP (NYSE:NEP) by 3.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 415,671 shares of the solar energy provider’s stock after selling 16,645 shares during the period. Gabelli Funds LLC’s holdings in NextEra Energy Partners were worth $12,503,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Gamco Investors INC. ET AL grew its stake in NextEra Energy Partners by 10.5% during the first quarter. Gamco Investors INC. ET AL now owns 239,655 shares of the solar energy provider’s stock worth $7,209,000 after purchasing an additional 22,707 shares during the period. EP Wealth Advisors LLC boosted its holdings in NextEra Energy Partners by 1.4% in the first quarter. EP Wealth Advisors LLC now owns 330,299 shares of the solar energy provider’s stock worth $9,935,000 after acquiring an additional 4,687 shares in the last quarter. Shell Asset Management Co. bought a new position in NextEra Energy Partners in the first quarter worth approximately $393,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in NextEra Energy Partners by 14.3% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 99,072 shares of the solar energy provider’s stock worth $2,980,000 after acquiring an additional 12,412 shares in the last quarter. Finally, ClearBridge Investments Ltd boosted its holdings in NextEra Energy Partners by 6.4% in the first quarter. ClearBridge Investments Ltd now owns 4,161,433 shares of the solar energy provider’s stock worth $125,176,000 after acquiring an additional 250,456 shares in the last quarter. Institutional investors and hedge funds own 66.01% of the company’s stock.

NextEra Energy Partners Stock Performance

NextEra Energy Partners stock traded up $0.27 during mid-day trading on Friday, reaching $26.20. 1,963,298 shares of the company’s stock were exchanged, compared to its average volume of 1,650,590. The company has a quick ratio of 1.31, a current ratio of 1.30 and a debt-to-equity ratio of 0.36. The business’s fifty day simple moving average is $29.43 and its 200 day simple moving average is $29.05. NextEra Energy Partners, LP has a one year low of $20.17 and a one year high of $57.29. The firm has a market capitalization of $2.45 billion, a PE ratio of 8.59 and a beta of 1.03.

NextEra Energy Partners (NYSE:NEP) last released its earnings results on Wednesday, July 24th. The solar energy provider reported $0.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.07. NextEra Energy Partners had a negative return on equity of 0.40% and a net margin of 24.42%. The business had revenue of $360.00 million during the quarter, compared to the consensus estimate of $365.54 million. During the same period last year, the business posted $0.53 earnings per share. The business’s revenue for the quarter was up 22.9% on a year-over-year basis. On average, sell-side analysts expect that NextEra Energy Partners, LP will post 1.72 earnings per share for the current year.

NextEra Energy Partners Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 14th. Shareholders of record on Tuesday, August 6th will be given a $0.905 dividend. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.89. This represents a $3.62 dividend on an annualized basis and a yield of 13.82%. The ex-dividend date is Tuesday, August 6th. NextEra Energy Partners’s dividend payout ratio (DPR) is currently 118.69%.

Analysts Set New Price Targets

Several research analysts have issued reports on NEP shares. StockNews.com upgraded NextEra Energy Partners to a “sell” rating in a report on Thursday. Royal Bank of Canada lowered NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and cut their price target for the stock from $38.00 to $30.00 in a report on Monday, July 1st. Wolfe Research lowered NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a report on Thursday. Raymond James lowered NextEra Energy Partners from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 9th. Finally, Oppenheimer restated a “market perform” rating on shares of NextEra Energy Partners in a report on Wednesday, April 24th. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $33.79.

NextEra Energy Partners 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.