NextEra Energy Partners (NYSE:NEP) Rating Increased to Neutral at JPMorgan Chase & Co.

NextEra Energy Partners (NYSE:NEP) was upgraded by analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a report released on Thursday, Marketbeat Ratings reports. The brokerage presently has a $22.00 price objective on the solar energy provider’s stock, down from their previous price objective of $25.00. JPMorgan Chase & Co.‘s price target points to a potential upside of 4.71% from the company’s previous close.

A number of other equities research analysts also recently issued reports on NEP. Royal Bank of Canada downgraded NextEra Energy Partners from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $38.00 to $30.00 in a research report on Monday, July 1st. Raymond James cut shares of NextEra Energy Partners from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 9th. Morgan Stanley cut NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $31.00 to $20.00 in a research note on Wednesday, July 31st. BMO Capital Markets cut their price objective on NextEra Energy Partners from $28.00 to $26.00 and set an “outperform” rating for the company in a report on Monday. Finally, BNP Paribas started coverage on NextEra Energy Partners in a research report on Tuesday, October 1st. They issued an “underperform” rating and a $15.00 target price for the company. Four investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $28.92.

NextEra Energy Partners Stock Down 16.3 %

Shares of NYSE NEP opened at $21.01 on Thursday. The company has a quick ratio of 1.22, a current ratio of 1.30 and a debt-to-equity ratio of 0.36. The company has a market cap of $1.97 billion, a P/E ratio of 6.89 and a beta of 1.06. NextEra Energy Partners has a 52 week low of $20.82 and a 52 week high of $35.15. The business has a 50-day simple moving average of $25.61 and a two-hundred day simple moving average of $27.77.

NextEra Energy Partners (NYSE:NEP) last released its quarterly earnings data on Wednesday, July 24th. The solar energy provider reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.07. NextEra Energy Partners had a net margin of 24.42% and a negative return on equity of 0.40%. The company had revenue of $360.00 million during the quarter, compared to analyst estimates of $365.54 million. During the same period last year, the business earned $0.53 earnings per share. NextEra Energy Partners’s revenue was up 22.9% compared to the same quarter last year. Research analysts anticipate that NextEra Energy Partners will post 2.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On NextEra Energy Partners

Several hedge funds have recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. boosted its holdings in NextEra Energy Partners by 15.5% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 8,763 shares of the solar energy provider’s stock valued at $266,000 after acquiring an additional 1,179 shares in the last quarter. Brown Miller Wealth Management LLC lifted its holdings in NextEra Energy Partners by 44.4% in the first quarter. Brown Miller Wealth Management LLC now owns 18,033 shares of the solar energy provider’s stock worth $542,000 after buying an additional 5,546 shares during the period. Hexagon Capital Partners LLC boosted its position in NextEra Energy Partners by 208.3% during the 1st quarter. Hexagon Capital Partners LLC now owns 928 shares of the solar energy provider’s stock valued at $28,000 after acquiring an additional 627 shares in the last quarter. InTrack Investment Management Inc grew its holdings in shares of NextEra Energy Partners by 23.1% during the 1st quarter. InTrack Investment Management Inc now owns 11,275 shares of the solar energy provider’s stock worth $339,000 after acquiring an additional 2,114 shares during the period. Finally, Abundance Wealth Counselors raised its position in shares of NextEra Energy Partners by 44.9% in the 1st quarter. Abundance Wealth Counselors now owns 50,753 shares of the solar energy provider’s stock worth $1,527,000 after acquiring an additional 15,737 shares in the last quarter. 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.