NextEra Energy Partners (NYSE:NEP) Price Target Lowered to $93.00 at Morgan Stanley

NextEra Energy Partners (NYSE:NEPGet Rating) had its target price reduced by Morgan Stanley from $95.00 to $93.00 in a research report sent to investors on Wednesday morning, MarketBeat Ratings reports. They currently have an equal weight rating on the solar energy provider’s stock.

Other research analysts have also recently issued reports about the stock. Zacks Investment Research raised shares of NextEra Energy Partners from a hold rating to a strong-buy rating and set a $91.00 target price for the company in a report on Thursday, January 6th. KeyCorp decreased their target price on shares of NextEra Energy Partners from $89.00 to $83.00 and set an overweight rating for the company in a report on Wednesday. StockNews.com raised shares of NextEra Energy Partners from a sell rating to a hold rating in a report on Sunday, April 3rd. Wells Fargo & Company decreased their target price on shares of NextEra Energy Partners from $96.00 to $93.00 and set an overweight rating for the company in a report on Wednesday, January 26th. Finally, TheStreet cut shares of NextEra Energy Partners from a b- rating to a c+ rating in a report on Tuesday, January 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, NextEra Energy Partners currently has an average rating of Hold and a consensus target price of $91.00.

Shares of NYSE NEP opened at $69.83 on Wednesday. NextEra Energy Partners has a 1 year low of $63.59 and a 1 year high of $88.80. The stock has a market cap of $5.86 billion, a P/E ratio of 38.58, a price-to-earnings-growth ratio of 3.14 and a beta of 0.82. The firm has a 50-day moving average of $78.37 and a 200 day moving average of $79.82. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.12 and a quick ratio of 1.09.

NextEra Energy Partners (NYSE:NEPGet Rating) last issued its quarterly earnings results on Thursday, April 21st. The solar energy provider reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $1.32. NextEra Energy Partners had a net margin of 21.57% and a return on equity of 2.37%. The company had revenue of $281.00 million during the quarter, compared to analysts’ expectations of $305.98 million. During the same period last year, the company posted $2.66 EPS. NextEra Energy Partners’s revenue was up 14.2% on a year-over-year basis. Research analysts expect that NextEra Energy Partners will post 2.44 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 12th. Investors of record on Thursday, May 5th will be given a dividend of $0.7325 per share. This represents a $2.93 annualized dividend and a yield of 4.20%. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.71. The ex-dividend date is Wednesday, May 4th. NextEra Energy Partners’s payout ratio is 156.35%.

A number of hedge funds and other institutional investors have recently made changes to their positions in NEP. BlackRock Inc. grew its position in NextEra Energy Partners by 3,310.7% during the fourth quarter. BlackRock Inc. now owns 7,253,580 shares of the solar energy provider’s stock valued at $612,202,000 after buying an additional 7,040,908 shares during the period. Royal Bank of Canada boosted its position in shares of NextEra Energy Partners by 277.3% in the third quarter. Royal Bank of Canada now owns 1,060,073 shares of the solar energy provider’s stock worth $79,886,000 after purchasing an additional 779,074 shares during the period. Credit Suisse AG boosted its position in shares of NextEra Energy Partners by 52.0% in the third quarter. Credit Suisse AG now owns 530,994 shares of the solar energy provider’s stock worth $40,016,000 after purchasing an additional 181,572 shares during the period. M&G Investment Management Ltd. boosted its position in shares of NextEra Energy Partners by 33.4% in the fourth quarter. M&G Investment Management Ltd. now owns 619,815 shares of the solar energy provider’s stock worth $52,064,000 after purchasing an additional 155,092 shares during the period. Finally, Eventide Asset Management LLC boosted its position in shares of NextEra Energy Partners by 8.7% in the fourth quarter. Eventide Asset Management LLC now owns 1,664,600 shares of the solar energy provider’s stock worth $140,492,000 after purchasing an additional 132,600 shares during the period. Institutional investors own 80.38% of the company’s stock.

NextEra Energy Partners Company Profile (Get Rating)

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 and solar projects, as well as contracted natural gas pipeline assets. NextEra Energy Partners, LP was incorporated in 2014 and is headquartered in Juno Beach, Florida.

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