CIBC Lowers NextEra Energy Partners (NYSE:NEP) Price Target to $21.00

NextEra Energy Partners (NYSE:NEP) had its target price lowered by research analysts at CIBC from $26.00 to $21.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the solar energy provider’s stock. CIBC’s price objective points to a potential upside of 14.82% from the company’s current price.

NEP has been the subject of a number of other research reports. JPMorgan Chase & Co. upgraded NextEra Energy Partners from an “underweight” rating to a “neutral” rating and cut their price objective for the company from $25.00 to $22.00 in a research report on Thursday, October 24th. UBS Group decreased their price target on NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating for the company in a research report on Monday, September 30th. Morgan Stanley upgraded NextEra Energy Partners from an “equal weight” rating to an “overweight” rating and set a $22.00 price objective on the stock in a report on Monday, December 2nd. Evercore ISI decreased their target price on shares of NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating for the company in a report on Thursday, October 24th. Finally, BNP Paribas initiated coverage on shares of NextEra Energy Partners in a report on Tuesday, October 1st. They set an “underperform” rating and a $15.00 price target on the stock. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $25.21.

NextEra Energy Partners Price Performance

Shares of NextEra Energy Partners stock opened at $18.29 on Wednesday. NextEra Energy Partners has a 52 week low of $15.55 and a 52 week 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 market cap of $1.71 billion, a PE ratio of 8.39 and a beta of 1.06. The company’s 50-day moving average price is $17.78 and its two-hundred day moving average price is $22.91.

NextEra Energy Partners (NYSE:NEP) last released its earnings results on Wednesday, October 23rd. The solar energy provider reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of $0.51 by ($0.94). The business had revenue of $319.00 million during the quarter, compared to the consensus estimate of $332.25 million. NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The firm’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.57 earnings per share. As a group, sell-side analysts anticipate that NextEra Energy Partners will post 1.96 EPS for the current fiscal year.

Hedge Funds Weigh In On NextEra Energy Partners

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. M&G PLC increased its stake in shares of NextEra Energy Partners by 19.3% during the 3rd 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. Franklin Resources Inc. increased its position in NextEra Energy Partners by 89.4% during the third quarter. Franklin Resources Inc. now owns 78,930 shares of the solar energy provider’s stock worth $2,049,000 after buying an additional 37,265 shares during the last quarter. Thrivent Financial for Lutherans bought a new position in NextEra Energy Partners during the third quarter valued at about $16,186,000. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of NextEra Energy Partners by 158.4% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 255,754 shares of the solar energy provider’s stock worth $7,064,000 after acquiring an additional 156,774 shares in the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of NextEra Energy Partners by 2,514.3% during the 3rd quarter. International Assets Investment Management LLC now owns 98,142 shares of the solar energy provider’s stock valued at $2,711,000 after acquiring an additional 94,388 shares during the last quarter. Institutional investors own 66.01% of the company’s stock.

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.