Eaton Vance Management lifted its position in Nextera Energy Partners LP (NYSE:NEP) by 11.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 721,429 shares of the solar energy provider’s stock after acquiring an additional 72,973 shares during the period. Eaton Vance Management owned approximately 1.29% of Nextera Energy Partners worth $34,989,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in NEP. GSA Capital Partners LLP bought a new position in Nextera Energy Partners during the third quarter worth $873,000. Advisory Research Inc. boosted its position in Nextera Energy Partners by 16.3% during the third quarter. Advisory Research Inc. now owns 329,733 shares of the solar energy provider’s stock worth $15,992,000 after purchasing an additional 46,290 shares during the period. Jupiter Asset Management Ltd. bought a new position in Nextera Energy Partners during the third quarter worth $1,060,000. Reaves W H & Co. Inc. boosted its position in Nextera Energy Partners by 2.1% during the third quarter. Reaves W H & Co. Inc. now owns 1,613,198 shares of the solar energy provider’s stock worth $78,240,000 after purchasing an additional 33,503 shares during the period. Finally, Kayne Anderson Capital Advisors LP boosted its position in Nextera Energy Partners by 15.1% during the third quarter. Kayne Anderson Capital Advisors LP now owns 626,203 shares of the solar energy provider’s stock worth $30,359,000 after purchasing an additional 82,128 shares during the period. Institutional investors and hedge funds own 83.25% of the company’s stock.
NEP opened at $46.70 on Monday. Nextera Energy Partners LP has a fifty-two week low of $36.84 and a fifty-two week high of $50.66. The company has a debt-to-equity ratio of 1.00, a current ratio of 5.54 and a quick ratio of 5.54. The firm has a market cap of $2.62 billion, a PE ratio of 70.76, a PEG ratio of 1.53 and a beta of 1.17.
Nextera Energy Partners (NYSE:NEP) last posted its earnings results on Tuesday, October 23rd. The solar energy provider reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.13. Nextera Energy Partners had a return on equity of 7.34% and a net margin of 13.55%. The company had revenue of $178.00 million during the quarter, compared to the consensus estimate of $283.40 million. On average, sell-side analysts predict that Nextera Energy Partners LP will post 3.39 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 14th. Stockholders of record on Tuesday, November 6th were issued a dividend of $0.45 per share. The ex-dividend date of this dividend was Monday, November 5th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.85%. This is an increase from Nextera Energy Partners’s previous quarterly dividend of $0.44. Nextera Energy Partners’s dividend payout ratio (DPR) is currently 272.73%.
A number of equities analysts have commented on the stock. Mizuho assumed coverage on shares of Nextera Energy Partners in a research report on Monday, August 13th. They set a “buy” rating and a $54.50 price objective for the company. Zacks Investment Research cut shares of Nextera Energy Partners from a “buy” rating to a “hold” rating in a research report on Monday, October 29th. Wells Fargo & Co lifted 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 report on Monday, September 17th. Bank of America downgraded Nextera Energy Partners from a “buy” rating to a “neutral” rating in a report on Thursday, October 25th. They noted that the move was a valuation call. Finally, Morgan Stanley lifted their target price on Nextera Energy Partners from $50.00 to $51.00 and gave the stock a “hold” rating in a report on Tuesday, September 11th. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $47.50.
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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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