NextEra Energy Partners (NYSE:NEP) Hits New 12-Month Low on Disappointing Earnings

Posted by Defense World Staff on Apr 27th, 2023

NextEra Energy Partners, LP (NYSE:NEP – Get Rating)’s share price reached a new 52-week low during mid-day trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $55.96 and last traded at $56.61, with a volume of 728992 shares traded. The stock had previously closed at $59.72.

The solar energy provider reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.31 by ($0.48). The company had revenue of $301.00 million during the quarter, compared to analysts’ expectations of $355.92 million. NextEra Energy Partners had a net margin of 39.39% and a return on equity of 3.78%. The business’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.72 EPS.

NextEra Energy Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 15th. Investors of record on Friday, May 5th will be issued a dividend of $0.8425 per share. This represents a $3.37 dividend on an annualized basis and a yield of 6.02%. The ex-dividend date is Thursday, May 4th. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.81. NextEra Energy Partners’s dividend payout ratio is currently 57.42%.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Bank of America reduced their price objective on NextEra Energy Partners from $70.00 to $59.00 and set an “underperform” rating on the stock in a research report on Thursday, April 13th. StockNews.com assumed coverage on NextEra Energy Partners in a research report on Thursday, March 16th. They issued a “sell” rating on the stock. Morgan Stanley reduced their price objective on NextEra Energy Partners from $88.00 to $86.00 and set an “equal weight” rating on the stock in a research report on Monday, January 23rd. Royal Bank of Canada reduced their target price on NextEra Energy Partners from $89.00 to $87.00 and set an “outperform” rating on the stock in a research report on Monday, January 30th. Finally, TheStreet downgraded NextEra Energy Partners from a “b-” rating to a “c+” rating in a research report on Tuesday, March 7th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, NextEra Energy Partners presently has an average rating of “Hold” and an average price target of $81.75.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Baldwin Brothers LLC MA bought a new stake in shares of NextEra Energy Partners in the 4th quarter worth approximately $35,000. Vestmark Advisory Solutions Inc. lifted its position in shares of NextEra Energy Partners by 31.4% in the third quarter. Vestmark Advisory Solutions Inc. now owns 4,916 shares of the solar energy provider’s stock worth $355,000 after buying an additional 1,174 shares during the last quarter. Allworth Financial LP lifted its position in shares of NextEra Energy Partners by 74.9% in the fourth quarter. Allworth Financial LP now owns 1,871 shares of the solar energy provider’s stock worth $131,000 after buying an additional 801 shares during the last quarter. Citizens Business Bank acquired a new stake in shares of NextEra Energy Partners in the third quarter worth about $299,000. Finally, Raymond James Trust N.A. lifted its position in shares of NextEra Energy Partners by 7.6% in the third quarter. Raymond James Trust N.A. now owns 11,001 shares of the solar energy provider’s stock worth $795,000 after buying an additional 778 shares during the last quarter. Hedge funds and other institutional investors own 83.05% of the company’s stock.

NextEra Energy Partners Stock Down 6.3 %

The company has a quick ratio of 1.37, a current ratio of 1.40 and a debt-to-equity ratio of 0.36. The company has a market cap of $4.84 billion, a price-to-earnings ratio of 9.88, a PEG ratio of 3.86 and a beta of 0.90. The business has a 50-day simple moving average of $63.37 and a two-hundred day simple moving average of $70.47.

About NextEra Energy Partners

(Get Rating)

NextEra Energy Partners LP engages in the acquisition, management, and ownership of contracted clean energy projects with long-term cash flows. It owns interests in wind and solar projects in North America and natural gas infrastructure assets in Texas. The company was founded on March 6, 2014 and is headquartered in Juno Beach, FL.