Cushing Asset Management LP lowered its position in Nextera Energy Partners LP (NYSE:NEP) by 4.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 867,050 shares of the solar energy provider’s stock after selling 42,400 shares during the quarter. Nextera Energy Partners makes up about 1.1% of Cushing Asset Management LP’s portfolio, making the stock its 29th biggest position. Cushing Asset Management LP owned approximately 1.60% of Nextera Energy Partners worth $37,379,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in the stock. Northern Trust Corp boosted its position in Nextera Energy Partners by 19.8% during the 2nd quarter. Northern Trust Corp now owns 19,048 shares of the solar energy provider’s stock valued at $705,000 after acquiring an additional 3,154 shares in the last quarter. Vanguard Group Inc. boosted its position in Nextera Energy Partners by 4.4% during the 2nd quarter. Vanguard Group Inc. now owns 242,207 shares of the solar energy provider’s stock valued at $8,959,000 after acquiring an additional 10,256 shares in the last quarter. State Street Corp boosted its position in Nextera Energy Partners by 8.3% during the 2nd quarter. State Street Corp now owns 59,566 shares of the solar energy provider’s stock valued at $2,202,000 after acquiring an additional 4,540 shares in the last quarter. Global X MANAGEMENT CO LLC boosted its position in Nextera Energy Partners by 50.3% during the 3rd quarter. Global X MANAGEMENT CO LLC now owns 26,607 shares of the solar energy provider’s stock valued at $1,072,000 after acquiring an additional 8,903 shares in the last quarter. Finally, BNP Paribas Arbitrage SA boosted its position in Nextera Energy Partners by 66.7% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 8,000 shares of the solar energy provider’s stock valued at $322,000 after acquiring an additional 3,200 shares in the last quarter. 83.34% of the stock is currently owned by institutional investors.
NEP has been the topic of several recent research reports. Guggenheim initiated coverage on Nextera Energy Partners in a research report on Tuesday, January 2nd. They set a “buy” rating and a $45.00 target price on the stock. Zacks Investment Research raised Nextera Energy Partners from a “sell” rating to a “hold” rating in a research report on Saturday, March 3rd. Credit Suisse Group initiated coverage on Nextera Energy Partners in a research report on Thursday, December 7th. They set an “outperform” rating and a $44.00 target price on the stock. Finally, Morgan Stanley raised Nextera Energy Partners from an “equal weight” rating to an “overweight” rating and set a $47.00 target price on the stock in a research report on Tuesday, December 12th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $40.80.
Nextera Energy Partners (NYSE:NEP) last issued its quarterly earnings data on Friday, January 26th. The solar energy provider reported $0.19 EPS for the quarter, missing the consensus estimate of $0.26 by ($0.07). Nextera Energy Partners had a negative net margin of 8.63% and a positive return on equity of 1.80%. The business had revenue of $197.00 million for the quarter, compared to analysts’ expectations of $251.41 million. During the same quarter in the prior year, the company posted ($0.23) EPS. sell-side analysts expect that Nextera Energy Partners LP will post 1.97 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 14th. Stockholders of record on Monday, February 5th were issued a dividend of $0.405 per share. This represents a $1.62 annualized dividend and a dividend yield of 4.20%. The ex-dividend date of this dividend was Friday, February 2nd. This is a positive change from Nextera Energy Partners’s previous quarterly dividend of $0.39. Nextera Energy Partners’s dividend payout ratio is currently -135.00%.
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Nextera Energy Partners Company Profile
Nextera Energy Partners, LP is a limited partnership formed to acquire, manage and own contracted clean energy projects. The Company, through its limited partnership interest in NextEra Energy Operating Partners, LP (NEP OpCo), owns a portfolio of contracted renewable generation assets consisting of wind and solar projects, as well as contracted natural gas pipeline assets.
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