NextEra Energy Partners (NYSE:NEP) Price Target Lowered to $12.00 at Scotiabank

NextEra Energy Partners (NYSE:NEP) had its price target lowered by Scotiabank from $15.00 to $12.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has a sector perform rating on the solar energy provider’s stock.

Other equities analysts also recently issued reports about the stock. Evercore ISI dropped 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 note on Thursday, October 24th. JPMorgan Chase & Co. dropped their target price on NextEra Energy Partners from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Thursday, January 23rd. CIBC reduced their price target on NextEra Energy Partners from $26.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, January 8th. Guggenheim cut NextEra Energy Partners from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $37.00 to $22.00 in a research note on Monday, October 28th. Finally, Barclays reiterated an “underweight” rating and issued a $25.00 target price on shares of NextEra Energy Partners in a research note on Friday, October 4th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $22.07.

NextEra Energy Partners Price Performance

Shares of NEP stock opened at $10.51 on Wednesday. NextEra Energy Partners has a twelve month low of $10.32 and a twelve month high of $35.15. The company has a current ratio of 2.02, a quick ratio of 1.78 and a debt-to-equity ratio of 0.37. The stock has a fifty day simple moving average of $17.31 and a two-hundred day simple moving average of $21.76. The stock has a market capitalization of $982.53 million, a price-to-earnings ratio of 4.82 and a beta of 1.06.

NextEra Energy Partners (NYSE:NEP) last released its quarterly earnings data on Tuesday, January 28th. The solar energy provider reported $0.99 earnings per share for the quarter, topping analysts’ consensus estimates of $0.79 by $0.20. NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. On average, analysts predict that NextEra Energy Partners will post 2.06 EPS for the current fiscal year.

Institutional Investors Weigh In On NextEra Energy Partners

A number of large investors have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. lifted its position in NextEra Energy Partners by 150.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock worth $46,000 after acquiring an additional 1,000 shares during the period. Avion Wealth increased its holdings in shares of NextEra Energy Partners by 610.2% in the fourth 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 period. Eastern Bank purchased a new position in shares of NextEra Energy Partners in the third quarter worth about $57,000. McIlrath & Eck LLC acquired a new stake in shares of NextEra Energy Partners during the third quarter worth about $63,000. Finally, Central Pacific Bank Trust Division lifted its holdings in shares of NextEra Energy Partners by 153.1% during the fourth quarter. Central Pacific Bank Trust Division now owns 6,200 shares of the solar energy provider’s stock worth $110,000 after purchasing an additional 3,750 shares during the period. 66.01% of the stock is owned by hedge funds and other institutional investors.

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.