NextEra Energy Partners (NYSE:NEP) Reaches New 52-Week Low After Earnings Miss

NextEra Energy Partners, LP (NYSE:NEP)’s stock price reached a new 52-week low on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $20.75 and last traded at $21.10, with a volume of 285044 shares traded. The stock had previously closed at $21.01.

The solar energy provider reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.94). The company had revenue of $319.00 million during the quarter, compared to analyst estimates of $332.25 million. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The firm’s revenue was up 3.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.57 earnings per share.

NextEra Energy Partners Announces Dividend

The business also recently disclosed a dividend, which will be paid on Thursday, November 14th. Stockholders of record on Wednesday, November 6th will be paid a $0.9175 dividend. The ex-dividend date of this dividend is Wednesday, November 6th. NextEra Energy Partners’s payout ratio is presently 118.69%.

Analyst Upgrades and Downgrades

NEP has been the topic of a number of recent research reports. 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 target price on the stock. CIBC reduced their price objective on shares of NextEra Energy Partners from $34.00 to $32.00 and set a “neutral” rating on the stock in a report on Tuesday. Jefferies Financial Group decreased their price objective on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating for the company in a research report on Thursday. BMO Capital Markets decreased their price objective on shares of NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating for the company in a research report on Monday. Finally, StockNews.com raised shares of NextEra Energy Partners to a “sell” rating in a research report on Thursday, July 25th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, NextEra Energy Partners currently has an average rating of “Hold” and a consensus target price of $27.85.

Institutional Investors Weigh In On NextEra Energy Partners

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. ClearBridge Investments Ltd raised its stake in NextEra Energy Partners by 6.4% during the 1st 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. M&G Plc acquired a new position in NextEra Energy Partners in the first quarter valued at $83,069,000. Raymond James & Associates increased its stake in NextEra Energy Partners by 6.2% in the second quarter. Raymond James & Associates now owns 802,161 shares of the solar energy provider’s stock valued at $22,172,000 after purchasing an additional 46,718 shares during the period. Redwood Grove Capital LLC increased its stake in NextEra Energy Partners by 0.9% in the first quarter. Redwood Grove Capital LLC now owns 776,555 shares of the solar energy provider’s stock valued at $23,359,000 after purchasing an additional 7,200 shares during the period. Finally, Vanguard Group Inc. increased its stake in NextEra Energy Partners by 3.6% in the first quarter. Vanguard Group Inc. now owns 635,881 shares of the solar energy provider’s stock valued at $19,127,000 after purchasing an additional 22,370 shares during the period. 66.01% of the stock is currently owned by institutional investors and hedge funds.

NextEra Energy Partners Trading Down 0.1 %

The company has a debt-to-equity ratio of 0.36, a current ratio of 1.30 and a quick ratio of 1.22. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of 6.88 and a beta of 1.06. The business’s 50 day simple moving average is $25.53 and its 200 day simple moving average is $27.73.

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.