NextEra Energy Partners, LP (NYSE:NEP) Short Interest Update

NextEra Energy Partners, LP (NYSE:NEP) was the recipient of a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 3,520,000 shares, a decline of 33.0% from the October 31st total of 5,250,000 shares. Based on an average daily trading volume, of 1,850,000 shares, the days-to-cover ratio is currently 1.9 days.

Institutional Trading of NextEra Energy Partners

Several hedge funds have recently modified their holdings of the stock. M&G PLC increased its holdings in NextEra Energy Partners by 19.3% in the third quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider’s stock valued at $85,738,000 after buying an additional 496,383 shares during the last quarter. Redwood Grove Capital LLC grew its holdings in shares of NextEra Energy Partners by 19.7% during the third quarter. Redwood Grove Capital LLC now owns 982,235 shares of the solar energy provider’s stock worth $27,129,000 after purchasing an additional 161,436 shares during the last quarter. abrdn plc grew its holdings in shares of NextEra Energy Partners by 6.2% during the third quarter. abrdn plc now owns 850,200 shares of the solar energy provider’s stock worth $23,483,000 after purchasing an additional 49,400 shares during the last quarter. Raymond James & Associates grew its holdings in shares of NextEra Energy Partners by 6.2% during the second quarter. Raymond James & Associates now owns 802,161 shares of the solar energy provider’s stock worth $22,172,000 after purchasing an additional 46,718 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of NextEra Energy Partners by 3.6% during the first quarter. Vanguard Group Inc. now owns 635,881 shares of the solar energy provider’s stock worth $19,127,000 after purchasing an additional 22,370 shares during the last quarter. 66.01% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on NEP. UBS Group dropped their target price on NextEra Energy Partners from $28.00 to $27.00 and set a “neutral” rating on the stock in a research note on Monday, September 30th. Jefferies Financial Group lowered their price target on NextEra Energy Partners from $28.00 to $27.00 and set a “buy” rating for the company in a research report on Thursday, October 24th. Guggenheim cut NextEra Energy Partners from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $37.00 to $22.00 in a research report on Monday, October 28th. Mizuho lowered their price target on NextEra Energy Partners from $33.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, October 9th. Finally, CIBC lowered their price target on NextEra Energy Partners from $34.00 to $32.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. 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’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $26.69.

NextEra Energy Partners Price Performance

NYSE:NEP traded up $0.02 during trading hours on Friday, hitting $17.49. 692,904 shares of the stock were exchanged, compared to its average volume of 1,575,181. NextEra Energy Partners has a 52-week low of $15.55 and a 52-week high of $35.15. The firm’s fifty day moving average price is $21.86 and its 200 day moving average price is $25.80. The company has a current ratio of 2.02, a quick ratio of 1.78 and a debt-to-equity ratio of 0.37. The company has a market cap of $1.64 billion, a P/E ratio of 8.01 and a beta of 1.10.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings data on Wednesday, October 23rd. The solar energy provider reported ($0.43) EPS for the quarter, missing the consensus estimate of $0.51 by ($0.94). NextEra Energy Partners had a negative return on equity of 1.07% and a net margin of 17.47%. The firm had revenue of $319.00 million for the quarter, compared to analysts’ expectations of $332.25 million. During the same quarter last year, the firm posted $0.57 earnings per share. NextEra Energy Partners’s quarterly revenue was up 3.6% on a year-over-year basis. As a group, equities research analysts anticipate that NextEra Energy Partners will post 1.36 EPS for the current fiscal year.

NextEra Energy Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Stockholders of record on Wednesday, November 6th were paid a $0.9175 dividend. This is a boost from NextEra Energy Partners’s previous quarterly dividend of $0.91. This represents a $3.67 annualized dividend and a dividend yield of 20.98%. The ex-dividend date of this dividend was Wednesday, November 6th. NextEra Energy Partners’s dividend payout ratio (DPR) is presently 168.35%.

NextEra Energy Partners Company Profile

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.