Arizona State Retirement System Raises Holdings in NextEra Energy Partners, LP (NYSE:NEP)

Arizona State Retirement System increased its holdings in NextEra Energy Partners, LP (NYSE:NEP) by 3.2% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 26,119 shares of the solar energy provider’s stock after acquiring an additional 806 shares during the period. Arizona State Retirement System’s holdings in NextEra Energy Partners were worth $794,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its position in shares of NextEra Energy Partners by 4.9% during the first quarter. BlackRock Inc. now owns 7,609,845 shares of the solar energy provider’s stock worth $634,357,000 after buying an additional 356,265 shares during the period. FMR LLC boosted its position in shares of NextEra Energy Partners by 18.9% during the third quarter. FMR LLC now owns 4,865,533 shares of the solar energy provider’s stock worth $144,506,000 after buying an additional 774,665 shares during the period. ClearBridge Investments Ltd boosted its position in shares of NextEra Energy Partners by 64.4% during the third quarter. ClearBridge Investments Ltd now owns 3,583,336 shares of the solar energy provider’s stock worth $106,425,000 after buying an additional 1,404,318 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of NextEra Energy Partners by 0.8% during the second quarter. Price T Rowe Associates Inc. MD now owns 2,188,292 shares of the solar energy provider’s stock worth $162,284,000 after buying an additional 16,707 shares during the period. Finally, 1832 Asset Management L.P. boosted its position in shares of NextEra Energy Partners by 2.9% during the first quarter. 1832 Asset Management L.P. now owns 1,542,825 shares of the solar energy provider’s stock worth $93,727,000 after buying an additional 43,038 shares during the period. 66.01% of the stock is currently owned by hedge funds and other institutional investors.

NextEra Energy Partners Stock Performance

NYSE NEP opened at $27.37 on Thursday. The company has a quick ratio of 1.28, a current ratio of 1.33 and a debt-to-equity ratio of 0.35. NextEra Energy Partners, LP has a 52-week low of $20.17 and a 52-week high of $64.43. The business’s 50-day moving average price is $28.35 and its 200 day moving average price is $27.18. The firm has a market cap of $2.56 billion, a P/E ratio of 12.85 and a beta of 1.00.

NextEra Energy Partners (NYSE:NEP) last released its quarterly earnings results on Thursday, January 25th. The solar energy provider reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.38). NextEra Energy Partners had a negative return on equity of 1.06% and a net margin of 16.00%. The company had revenue of $232.00 million for the quarter, compared to analysts’ expectations of $360.03 million. On average, equities research analysts expect that NextEra Energy Partners, LP will post 0.9 earnings per share for the current year.

NextEra Energy Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 14th. Investors of record on Tuesday, February 6th were issued a dividend of $0.88 per share. The ex-dividend date of this dividend was Monday, February 5th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 12.86%. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.87. NextEra Energy Partners’s dividend payout ratio (DPR) is currently 165.26%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on NEP shares. CIBC lowered NextEra Energy Partners from a “sector outperform” rating to a “neutral” rating and set a $35.00 price target for the company. in a research report on Tuesday, January 9th. JPMorgan Chase & Co. increased their price objective on NextEra Energy Partners from $24.00 to $26.00 and gave the company a “neutral” rating in a research note on Friday, January 26th. Marathon Capitl reiterated an “equal weight” rating on shares of NextEra Energy Partners in a research note on Tuesday, March 26th. Barclays assumed coverage on NextEra Energy Partners in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $32.00 price objective on the stock. Finally, Evercore ISI assumed coverage on NextEra Energy Partners in a research note on Tuesday, February 13th. They issued an “outperform” rating and a $43.00 price objective on the stock. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $45.53.

NextEra Energy Partners 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.