NextEra Energy Partners (NYSE:NEP) Price Target Lowered to $20.00 at JPMorgan Chase & Co.

NextEra Energy Partners (NYSE:NEP) had its target price cut by JPMorgan Chase & Co. from $22.00 to $20.00 in a research note released on Thursday morning,Benzinga reports. They currently have a neutral rating on the solar energy provider’s stock.

Several other brokerages also recently issued reports on NEP. CIBC lowered their price target on NextEra Energy Partners from $26.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, January 8th. UBS Group cut their price target on shares of NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating on the stock in a research note on Monday, September 30th. Jefferies Financial Group lowered 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, October 24th. Evercore ISI cut their price objective on shares of NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Finally, BNP Paribas assumed coverage on NextEra Energy Partners in a report on Tuesday, October 1st. They set an “underperform” rating and a $15.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, NextEra Energy Partners has an average rating of “Hold” and an average price target of $24.50.

NextEra Energy Partners Stock Performance

NextEra Energy Partners stock opened at $16.82 on Thursday. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.02 and a quick ratio of 1.78. The firm has a market capitalization of $1.57 billion, a P/E ratio of 7.72 and a beta of 1.06. NextEra Energy Partners has a 52-week low of $15.55 and a 52-week high of $35.15. The stock has a fifty day moving average price of $17.53 and a two-hundred day moving average price of $22.21.

NextEra Energy Partners (NYSE:NEP) last announced its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share for the quarter, missing the consensus estimate 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 quarter in the prior year, the company earned $0.57 earnings per share. The company’s quarterly revenue was up 3.6% on a year-over-year basis. As a group, analysts anticipate that NextEra Energy Partners will post 2.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. M&G PLC boosted its position in NextEra Energy Partners by 19.3% in the third quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider’s stock worth $85,738,000 after purchasing an additional 496,383 shares during the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new stake in NextEra Energy Partners in the 4th quarter valued at about $21,449,000. Redwood Grove Capital LLC boosted its position in NextEra Energy Partners by 19.7% during the third quarter. Redwood Grove Capital LLC now owns 982,235 shares of the solar energy provider’s stock worth $27,129,000 after purchasing an additional 161,436 shares during the period. abrdn plc increased its stake in shares of NextEra Energy Partners by 6.2% in the third quarter. abrdn plc now owns 850,200 shares of the solar energy provider’s stock worth $23,483,000 after purchasing an additional 49,400 shares in the last quarter. Finally, Rockefeller Capital Management L.P. raised its position in shares of NextEra Energy Partners by 8.0% in the third quarter. Rockefeller Capital Management L.P. now owns 630,588 shares of the solar energy provider’s stock valued at $17,417,000 after purchasing an additional 46,728 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.