Mirae Asset Global Investments Co. Ltd. Has $3.32 Million Holdings in NextEra Energy Partners, LP (NYSE:NEP)

Posted by Defense World Staff on May 25th, 2023

Mirae Asset Global Investments Co. Ltd. cut its holdings in NextEra Energy Partners, LP (NYSE:NEP – Get Rating) by 2.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 47,359 shares of the solar energy provider’s stock after selling 1,158 shares during the period. Mirae Asset Global Investments Co. Ltd. owned approximately 0.05% of NextEra Energy Partners worth $3,319,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Jennison Associates LLC grew its stake in shares of NextEra Energy Partners by 2.8% in the fourth quarter. Jennison Associates LLC now owns 2,748,259 shares of the solar energy provider’s stock valued at $192,625,000 after acquiring an additional 75,465 shares in the last quarter. Prossimo Advisors LLC bought a new stake in NextEra Energy Partners during the fourth quarter worth about $273,000. Abundance Wealth Counselors lifted its position in NextEra Energy Partners by 6.5% during the fourth quarter. Abundance Wealth Counselors now owns 10,415 shares of the solar energy provider’s stock worth $730,000 after purchasing an additional 632 shares during the period. Lee Financial Co lifted its position in NextEra Energy Partners by 1.0% during the fourth quarter. Lee Financial Co now owns 23,701 shares of the solar energy provider’s stock worth $1,661,000 after purchasing an additional 231 shares during the period. Finally, Premier Fund Managers Ltd lifted its position in NextEra Energy Partners by 24,547.1% during the fourth quarter. Premier Fund Managers Ltd now owns 949,160 shares of the solar energy provider’s stock worth $67,224,000 after purchasing an additional 945,309 shares during the period. 83.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

NEP has been the subject of several recent analyst reports. Bank of America cut their price objective on shares of NextEra Energy Partners from $70.00 to $59.00 and set an “underperform” rating for the company in a research report on Thursday, April 13th. Royal Bank of Canada dropped their target price on shares of NextEra Energy Partners from $74.00 to $73.00 in a report on Monday. Wells Fargo & Company dropped their target price on shares of NextEra Energy Partners from $85.00 to $80.00 in a report on Wednesday, May 17th. KeyCorp dropped their target price on shares of NextEra Energy Partners from $83.00 to $72.00 in a report on Tuesday, April 18th. Finally, StockNews.com started coverage on shares of NextEra Energy Partners in a report on Thursday, May 18th. They issued a “sell” rating for the company. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, NextEra Energy Partners currently has an average rating of “Moderate Buy” and an average price target of $78.83.

Insider Buying and Selling at NextEra Energy Partners

In related news, Director Peter H. Kind acquired 1,750 shares of NextEra Energy Partners stock in a transaction dated Thursday, April 27th. The stock was bought at an average price of $56.89 per share, with a total value of $99,557.50. Following the transaction, the director now directly owns 32,340 shares in the company, valued at approximately $1,839,822.60. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.10% of the company’s stock.

NextEra Energy Partners Stock Performance

NYSE:NEP opened at $59.49 on Thursday. The company has a market capitalization of $5.29 billion, a PE ratio of 15.78, a P/E/G ratio of 4.15 and a beta of 0.89. The company has a 50 day simple moving average of $60.12 and a two-hundred day simple moving average of $68.54. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.33 and a current ratio of 1.39. NextEra Energy Partners, LP has a fifty-two week low of $51.58 and a fifty-two week high of $86.06.

NextEra Energy Partners (NYSE:NEP – Get Rating) last released its earnings results on Tuesday, April 25th. The solar energy provider reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.48). The firm had revenue of $301.00 million for the quarter, compared to analyst estimates of $355.92 million. NextEra Energy Partners had a net margin of 25.91% and a return on equity of 2.38%. The business’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period in the prior year, the company posted $1.72 EPS. Research analysts anticipate that NextEra Energy Partners, LP will post 1.35 earnings per share for the current year.

NextEra Energy Partners Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Friday, May 5th were given a dividend of $0.8425 per share. This represents a $3.37 dividend on an annualized basis and a yield of 5.66%. The ex-dividend date of this dividend was Thursday, May 4th. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.81. NextEra Energy Partners’s dividend payout ratio is currently 89.39%.

NextEra Energy Partners Company Profile

(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.