NextEra Energy Partners (NYSE:NEP) Stock Price Up 3.3% Following Earnings Beat

Shares of NextEra Energy Partners, LP (NYSE:NEPGet Rating) shot up 3.3% on Friday following a stronger than expected earnings report. The stock traded as high as $76.87 and last traded at $76.00. 4,083 shares traded hands during trading, a decline of 99% from the average session volume of 382,338 shares. The stock had previously closed at $73.55.

The solar energy provider reported $2.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $2.33. The business had revenue of $362.00 million for the quarter, compared to the consensus estimate of $345.09 million. NextEra Energy Partners had a net margin of 15.13% and a return on equity of 1.58%. The company’s quarterly revenue was up 43.1% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.97) EPS.

Analyst Ratings Changes

A number of brokerages have issued reports on NEP. CIBC began coverage on shares of NextEra Energy Partners in a research report on Thursday, June 9th. They set a “neutral” rating and a $79.00 price objective on the stock. UBS Group set a $90.00 price objective on shares of NextEra Energy Partners in a research report on Monday, June 20th. Royal Bank of Canada raised shares of NextEra Energy Partners from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $86.00 to $89.00 in a research report on Friday, June 17th. Morgan Stanley dropped their target price on shares of NextEra Energy Partners from $93.00 to $86.00 and set an “equal weight” rating on the stock in a report on Monday, June 13th. Finally, TheStreet upgraded shares of NextEra Energy Partners from a “c” rating to a “b-” rating in a report on Thursday, June 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $85.29.

Hedge Funds Weigh In On NextEra Energy Partners

A number of hedge funds have recently bought and sold shares of NEP. Parallel Advisors LLC bought a new position in NextEra Energy Partners in the 4th quarter worth about $44,000. Russell Investments Group Ltd. boosted its stake in NextEra Energy Partners by 14.0% in the 4th quarter. Russell Investments Group Ltd. now owns 66,922 shares of the solar energy provider’s stock worth $5,646,000 after purchasing an additional 8,195 shares in the last quarter. National Bank of Canada FI bought a new position in NextEra Energy Partners in the 4th quarter worth about $1,742,000. NN Investment Partners Holdings N.V. boosted its stake in NextEra Energy Partners by 411.9% in the 4th quarter. NN Investment Partners Holdings N.V. now owns 19,307 shares of the solar energy provider’s stock worth $1,630,000 after purchasing an additional 15,535 shares in the last quarter. Finally, Brown Advisory Inc. boosted its stake in NextEra Energy Partners by 9.0% in the 4th quarter. Brown Advisory Inc. now owns 12,085 shares of the solar energy provider’s stock worth $1,020,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors own 81.32% of the company’s stock.

NextEra Energy Partners Stock Up 5.0 %

The company has a current ratio of 1.60, a quick ratio of 1.55 and a debt-to-equity ratio of 0.48. The firm has a market cap of $6.48 billion, a P/E ratio of 88.76, a PEG ratio of 2.70 and a beta of 0.86. The company’s 50 day simple moving average is $72.48 and its 200-day simple moving average is $74.29.

NextEra Energy Partners Company Profile

(Get Rating)

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 and solar projects, as well as contracted natural gas pipeline assets. NextEra Energy Partners, LP was incorporated in 2014 and is headquartered in Juno Beach, Florida.

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