Scotiabank Lowers NextEra Energy Partners (NYSE:NEP) Price Target to $15.00

NextEra Energy Partners (NYSE:NEP) had its price target decreased by analysts at Scotiabank from $26.00 to $15.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “sector perform” rating on the solar energy provider’s stock. Scotiabank’s price objective points to a potential downside of 15.73% from the stock’s previous close.

Several other equities analysts have also recently issued reports on NEP. JPMorgan Chase & Co. raised NextEra Energy Partners from an “underweight” rating to a “neutral” rating and reduced their price objective for the stock from $25.00 to $22.00 in a report on Thursday, October 24th. BMO Capital Markets decreased their price objective on shares of NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating on the stock in a research report on Monday, October 21st. Guggenheim downgraded shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and dropped their target price for the company from $37.00 to $22.00 in a report on Monday, October 28th. 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. Finally, Jefferies Financial Group lowered their price target on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating on the stock in a research report on Thursday, October 24th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $26.00.

NextEra Energy Partners Stock Performance

NEP traded down $0.13 during trading on Thursday, reaching $17.80. The company’s stock had a trading volume of 436,410 shares, compared to its average volume of 1,581,108. The company has a market capitalization of $1.66 billion, a price-to-earnings ratio of 8.13 and a beta of 1.07. The company’s fifty day moving average price is $20.23 and its 200-day moving average price is $24.78. NextEra Energy Partners has a 52-week low of $15.55 and a 52-week high of $35.15. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.78 and a current ratio of 2.02.

NextEra Energy Partners (NYSE:NEP) last released its earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.94). NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The business had revenue of $319.00 million during the quarter, compared to analyst estimates of $332.25 million. During the same period last year, the business posted $0.57 EPS. NextEra Energy Partners’s revenue was up 3.6% compared to the same quarter last year. On average, equities analysts forecast that NextEra Energy Partners will post 1.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEP. Thrivent Financial for Lutherans purchased a new stake in NextEra Energy Partners during the third quarter worth approximately $16,186,000. Two Sigma Advisers LP acquired a new position in shares of NextEra Energy Partners during the 3rd quarter valued at $15,310,000. M&G PLC increased its holdings in NextEra Energy Partners by 19.3% in the 3rd quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider’s stock valued at $85,738,000 after purchasing an additional 496,383 shares in the last quarter. Fred Alger Management LLC purchased a new position in NextEra Energy Partners in the second quarter valued at about $5,452,000. Finally, Redwood Grove Capital LLC raised its position in NextEra Energy Partners by 19.7% in the third quarter. Redwood Grove Capital LLC now owns 982,235 shares of the solar energy provider’s stock valued at $27,129,000 after purchasing an additional 161,436 shares during the period. Institutional investors and hedge funds own 66.01% of the company’s stock.

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.