Nextera Energy Partners (NYSE:NEP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, September 20th. The brokerage currently has a $54.00 price target on the solar energy provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 16.93% from the stock’s previous close.

According to Zacks, “In the past six months, NextEra Energy  Partners’ units have outperformed its industry's growth. NextEra Energy Partners is poised to gain from higher usage of natural gas, resulting in increased demand for its pipeline services in Texas. The partnership’s renewable assets in the United States have long-term contracts and enjoy the benefits of government initiatives to produce higher volume of electricity from clean sources. The decision to sell its Canadian assets and focus on high quality domestic renewable assets is expected to be accretive to long-term goal. However, if prices of natural gas and other traditional fuel sources continue to remain low, it will impact demand for the renewable energy projects. Stringent rules and regulations, and dependence on a limited group of customers to generate earnings are headwinds.”

A number of other research analysts have also recently issued reports on the stock. Morgan Stanley cut shares of Nextera Energy Partners from an “overweight” rating to an “equal weight” rating and set a $50.00 target price for the company. in a report on Monday, July 16th. Wells Fargo & Co raised their price objective on shares of Nextera Energy Partners from $50.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, September 17th. ValuEngine cut shares of Nextera Energy Partners from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. Mizuho started coverage on shares of Nextera Energy Partners in a research note on Monday, August 13th. They set a “buy” rating and a $54.50 price objective for the company. Finally, Raymond James cut shares of Nextera Energy Partners from an “outperform” rating to a “market perform” rating and set a $35.00 price objective for the company. in a research note on Thursday, July 5th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $47.50.

NYSE:NEP traded up $1.16 during mid-day trading on Thursday, reaching $46.18. The stock had a trading volume of 192,803 shares, compared to its average volume of 233,885. The company has a quick ratio of 4.59, a current ratio of 4.59 and a debt-to-equity ratio of 1.05. The company has a market cap of $2.63 billion, a P/E ratio of 69.97, a PEG ratio of 1.82 and a beta of 1.20. Nextera Energy Partners has a twelve month low of $36.42 and a twelve month high of $50.66.

Nextera Energy Partners (NYSE:NEP) last issued its earnings results on Wednesday, July 25th. The solar energy provider reported $1.43 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.95. Nextera Energy Partners had a net margin of 8.88% and a return on equity of 6.86%. The company had revenue of $225.00 million during the quarter, compared to analysts’ expectations of $278.31 million. Analysts expect that Nextera Energy Partners will post 2.96 EPS for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the business. IFP Advisors Inc boosted its holdings in shares of Nextera Energy Partners by 124.0% in the 1st quarter. IFP Advisors Inc now owns 2,558 shares of the solar energy provider’s stock valued at $102,000 after purchasing an additional 1,416 shares during the last quarter. Allen Capital Group LLC acquired a new position in shares of Nextera Energy Partners during the 2nd quarter valued at $208,000. Atria Investments LLC acquired a new position in shares of Nextera Energy Partners during the 2nd quarter valued at $224,000. Jane Street Group LLC acquired a new position in shares of Nextera Energy Partners during the 2nd quarter valued at $228,000. Finally, Commonwealth Equity Services LLC acquired a new position in shares of Nextera Energy Partners during the 2nd quarter valued at $240,000. Institutional investors own 83.68% of the company’s stock.

Nextera Energy Partners Company Profile

NextEra Energy Partners, LP acquires, owns, and operates contracted clean energy projects in the United States and Canada. It owns a portfolio of contracted renewable generation assets consisting of wind and solar projects with approximately 3,867 megawatts of capacity, as well as seven contracted natural gas pipeline assets.

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