NextEra Energy Partners (NYSE:NEP) Stock Price Up 6.9% on Earnings Beat

NextEra Energy Partners, LP (NYSE:NEP) shares traded up 6.9% on Tuesday following a stronger than expected earnings report. The company traded as high as $29.53 and last traded at $29.35. 519,042 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 1,348,543 shares. The stock had previously closed at $27.46.

The solar energy provider reported $0.75 EPS for the quarter, topping the consensus estimate of $0.12 by $0.63. The company had revenue of $257.00 million during the quarter, compared to analyst estimates of $331.78 million. NextEra Energy Partners had a net margin of 23.55% and a negative return on equity of 0.48%. NextEra Energy Partners’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.17) earnings per share.

NextEra Energy Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, May 7th will be paid a dividend of $0.8925 per share. This represents a $3.57 annualized dividend and a yield of 12.05%. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.88. The ex-dividend date of this dividend is Monday, May 6th. NextEra Energy Partners’s payout ratio is presently 115.41%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Oppenheimer reaffirmed a “market perform” rating on shares of NextEra Energy Partners in a research note on Wednesday. StockNews.com upgraded NextEra Energy Partners to a “sell” rating in a research report on Tuesday, March 19th. Evercore ISI assumed coverage on NextEra Energy Partners in a research report on Tuesday, February 13th. They set an “outperform” rating and a $43.00 target price for the company. JPMorgan Chase & Co. lifted their target price on NextEra Energy Partners from $24.00 to $26.00 and gave the stock a “neutral” rating in a research report on Friday, January 26th. Finally, CIBC downgraded NextEra Energy Partners from a “sector outperform” rating to a “neutral” rating and set a $35.00 target price for the company. in a research report on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $43.88.

Institutional Trading of NextEra Energy Partners

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its holdings in shares of NextEra Energy Partners by 31.0% in the third quarter. Bank of New York Mellon Corp now owns 1,044,197 shares of the solar energy provider’s stock valued at $31,013,000 after acquiring an additional 246,908 shares in the last quarter. Tudor Investment Corp Et Al raised its holdings in NextEra Energy Partners by 477.2% in the third quarter. Tudor Investment Corp Et Al now owns 238,288 shares of the solar energy provider’s stock worth $7,077,000 after purchasing an additional 197,002 shares in the last quarter. Vanguard Group Inc. raised its holdings in NextEra Energy Partners by 3.9% in the third quarter. Vanguard Group Inc. now owns 619,780 shares of the solar energy provider’s stock worth $18,407,000 after purchasing an additional 23,008 shares in the last quarter. EP Wealth Advisors LLC raised its holdings in NextEra Energy Partners by 1,557.8% in the third quarter. EP Wealth Advisors LLC now owns 319,287 shares of the solar energy provider’s stock worth $9,483,000 after purchasing an additional 300,027 shares in the last quarter. Finally, HighTower Advisors LLC raised its holdings in NextEra Energy Partners by 14.1% in the third quarter. HighTower Advisors LLC now owns 839,956 shares of the solar energy provider’s stock worth $24,911,000 after purchasing an additional 104,055 shares in the last quarter. 66.01% of the stock is currently owned by institutional investors.

NextEra Energy Partners Price Performance

The firm has a market capitalization of $2.77 billion, a P/E ratio of 9.71 and a beta of 1.00. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.33 and a quick ratio of 1.28. The stock’s fifty day simple moving average is $28.29 and its 200 day simple moving average is $27.35.

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.