Entropy Technologies LP Takes $613,000 Position in NextEra Energy Partners, LP (NYSE:NEP)

Entropy Technologies LP purchased a new stake in shares of NextEra Energy Partners, LP (NYSE:NEP) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 22,187 shares of the solar energy provider’s stock, valued at approximately $613,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of NextEra Energy Partners by 150.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,665 shares of the solar energy provider’s stock valued at $46,000 after purchasing an additional 1,000 shares in the last quarter. EverSource Wealth Advisors LLC bought a new position in NextEra Energy Partners in the second quarter valued at about $51,000. Eastern Bank bought a new position in NextEra Energy Partners in the third quarter valued at about $57,000. Central Bank & Trust Co. bought a new position in NextEra Energy Partners in the second quarter valued at about $99,000. Finally, International Assets Investment Management LLC bought a new position in NextEra Energy Partners in the second quarter valued at about $104,000. 66.01% of the stock is owned by institutional investors.

NextEra Energy Partners Price Performance

NYSE:NEP opened at $16.98 on Friday. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of 7.79 and a beta of 1.10. NextEra Energy Partners, LP has a 1 year low of $15.55 and a 1 year high of $35.15. The business has a 50 day simple moving average of $23.73 and a 200-day simple moving average of $26.80. The company has a debt-to-equity ratio of 0.37, a current ratio of 2.02 and a quick ratio of 1.78.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.94). NextEra Energy Partners had a net margin of 17.47% and a negative return on equity of 1.07%. The company had revenue of $319.00 million during the quarter, compared to the consensus estimate of $332.25 million. During the same period in the previous year, the business earned $0.57 earnings per share. NextEra Energy Partners’s revenue for the quarter was up 3.6% on a year-over-year basis. Equities analysts forecast that NextEra Energy Partners, LP will post 1.41 EPS for the current year.

NextEra Energy Partners Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Wednesday, November 6th were paid a dividend of $0.9175 per share. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.91. This represents a $3.67 dividend on an annualized basis and a dividend yield of 21.61%. The ex-dividend date was Wednesday, November 6th. NextEra Energy Partners’s dividend payout ratio (DPR) is currently 168.35%.

Analysts Set New Price Targets

A number of research analysts have weighed in on NEP shares. BNP Paribas started coverage on NextEra Energy Partners in a report on Tuesday, October 1st. They issued an “underperform” rating and a $15.00 target price on the stock. Evercore ISI lowered their target price on NextEra Energy Partners from $32.00 to $30.00 and set an “outperform” rating on the stock in a report on Thursday, October 24th. JPMorgan Chase & Co. upgraded NextEra Energy Partners from an “underweight” rating to a “neutral” rating and reduced their price target for the stock from $25.00 to $22.00 in a research report on Thursday, October 24th. Wolfe Research cut NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 25th. Finally, Morgan Stanley cut NextEra Energy Partners from an “equal weight” rating to an “underweight” rating and reduced their price target for the stock from $31.00 to $20.00 in a research report on Wednesday, July 31st. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $26.69.

About NextEra Energy Partners

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.