Guggenheim Issues Pessimistic Forecast for NextEra Energy Partners (NYSE:NEP) Stock Price

NextEra Energy Partners (NYSE:NEP) had its price objective reduced by Guggenheim from $17.00 to $12.00 in a research note published on Wednesday morning,Benzinga reports. They currently have a neutral rating on the solar energy provider’s stock.

Several other equities research analysts also recently weighed in on NEP. Jefferies Financial Group decreased their target price on NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. Morgan Stanley raised shares of NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price objective for the company in a research report on Monday, December 2nd. JPMorgan Chase & Co. dropped their price objective on shares of NextEra Energy Partners from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Thursday, January 23rd. CIBC decreased their target price on shares of NextEra Energy Partners from $26.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, January 8th. Finally, BNP Paribas started coverage on shares of NextEra Energy Partners in a research note on Tuesday, October 1st. They set an “underperform” rating and a $15.00 price target on the stock. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $22.07.

NextEra Energy Partners Trading Up 1.1 %

NYSE NEP opened at $10.56 on Wednesday. The firm has a market capitalization of $987.21 million, a price-to-earnings ratio of -105.55 and a beta of 1.06. 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 has a one year low of $9.98 and a one year high of $35.15. The company’s 50 day moving average price is $17.07 and its 200 day moving average price is $21.56.

NextEra Energy Partners (NYSE:NEP) last issued its earnings results on Tuesday, January 28th. The solar energy provider reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.79 by $0.20. NextEra Energy Partners had a negative net margin of 0.73% and a positive return on equity of 1.34%. On average, sell-side analysts predict that NextEra Energy Partners will post 1.54 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEP. Truist Financial Corp increased its position in NextEra Energy Partners by 10.1% in the fourth quarter. Truist Financial Corp now owns 11,434 shares of the solar energy provider’s stock worth $204,000 after buying an additional 1,049 shares during the period. Castellan Group increased its holdings in shares of NextEra Energy Partners by 4.6% in the 4th quarter. Castellan Group now owns 131,599 shares of the solar energy provider’s stock worth $2,342,000 after acquiring an additional 5,772 shares during the period. Avion Wealth lifted its position in NextEra Energy Partners by 610.2% in the 4th quarter. Avion Wealth now owns 2,642 shares of the solar energy provider’s stock valued at $47,000 after purchasing an additional 2,270 shares during the last quarter. Entropy Technologies LP boosted its stake in NextEra Energy Partners by 29.2% during the 4th quarter. Entropy Technologies LP now owns 28,675 shares of the solar energy provider’s stock valued at $510,000 after purchasing an additional 6,488 shares during the period. Finally, abrdn plc grew its position in NextEra Energy Partners by 15.3% in the 4th quarter. abrdn plc now owns 980,200 shares of the solar energy provider’s stock worth $17,242,000 after purchasing an additional 130,000 shares during the last quarter. Institutional investors and hedge funds own 66.01% of the company’s stock.

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.