NextEra Energy Partners (NYSE:NEP) Trading Up 6.9% After Better-Than-Expected Earnings

NextEra Energy Partners, LP (NYSE:NEP) was up 6.9% during mid-day trading on Tuesday following a better than expected earnings announcement. The stock traded as high as $29.53 and last traded at $29.35. Approximately 519,042 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 1,348,543 shares. The stock had previously closed at $27.46.

The solar energy provider reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.12 by $0.63. NextEra Energy Partners had a net margin of 23.55% and a negative return on equity of 0.48%. The company had revenue of $257.00 million for the quarter, compared to the consensus estimate of $331.78 million. During the same period in the previous year, the firm earned ($0.17) EPS. NextEra Energy Partners’s revenue was up 4.9% on a year-over-year basis.

NextEra Energy Partners Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, May 7th will be given a dividend of $0.8925 per share. This represents a $3.57 dividend on an annualized basis and a dividend yield of 12.05%. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, May 6th. NextEra Energy Partners’s payout ratio is 115.41%.

Wall Street Analyst Weigh In

A number of research firms have commented on NEP. CIBC downgraded shares of NextEra Energy Partners from a “sector outperform” rating to a “neutral” rating and set a $35.00 price target on the stock. in a research report on Tuesday, January 9th. Raymond James dropped their price target on shares of NextEra Energy Partners from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Wednesday, April 3rd. JPMorgan Chase & Co. boosted their target price on shares of NextEra Energy Partners from $24.00 to $26.00 and gave the stock a “neutral” rating in a report on Friday, January 26th. Marathon Capitl reiterated an “equal weight” rating on shares of NextEra Energy Partners in a report on Tuesday, March 26th. Finally, Oppenheimer reiterated a “market perform” rating on shares of NextEra Energy Partners in a report on Wednesday. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $43.88.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Parkside Financial Bank & Trust increased its position in shares of NextEra Energy Partners by 60.2% in the third quarter. Parkside Financial Bank & Trust now owns 1,208 shares of the solar energy provider’s stock worth $36,000 after acquiring an additional 454 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its position in NextEra Energy Partners by 4.8% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 10,767 shares of the solar energy provider’s stock valued at $320,000 after purchasing an additional 496 shares in the last quarter. CWM LLC grew its position in NextEra Energy Partners by 160.2% during the fourth quarter. CWM LLC now owns 830 shares of the solar energy provider’s stock valued at $25,000 after purchasing an additional 511 shares in the last quarter. Newbridge Financial Services Group Inc. grew its position in NextEra Energy Partners by 46.0% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 1,689 shares of the solar energy provider’s stock valued at $51,000 after purchasing an additional 532 shares in the last quarter. Finally, Gilman Hill Asset Management LLC grew its position in NextEra Energy Partners by 5.4% during the fourth quarter. Gilman Hill Asset Management LLC now owns 11,250 shares of the solar energy provider’s stock valued at $342,000 after purchasing an additional 575 shares in the last quarter. 66.01% of the stock is owned by hedge funds and other institutional investors.

NextEra Energy Partners Price Performance

The stock’s 50-day moving average is $28.29 and its 200 day moving average is $27.35. The stock has a market capitalization of $2.77 billion, a PE ratio of 9.71 and a beta of 1.00. The company has a quick ratio of 1.28, a current ratio of 1.33 and a debt-to-equity ratio of 0.35.

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.