What is Seaport Res Ptn’s Forecast for NEP FY2024 Earnings?

NextEra Energy Partners, LP (NYSE:NEP) – Seaport Res Ptn decreased their FY2024 earnings estimates for NextEra Energy Partners in a report issued on Monday, October 28th. Seaport Res Ptn analyst A. Storozynski now anticipates that the solar energy provider will post earnings per share of $0.79 for the year, down from their prior forecast of $1.33. The consensus estimate for NextEra Energy Partners’ current full-year earnings is $1.77 per share. Seaport Res Ptn also issued estimates for NextEra Energy Partners’ FY2025 earnings at $0.83 EPS, FY2026 earnings at $0.89 EPS, FY2027 earnings at $0.61 EPS and FY2028 earnings at $0.51 EPS.

A number of other equities research analysts have also recently commented on NEP. Barclays reiterated an “underweight” rating and set a $25.00 target price on shares of NextEra Energy Partners in a research note on Friday, October 4th. Wolfe Research lowered shares of NextEra Energy Partners from an “outperform” rating to a “peer perform” rating in a research report on Thursday, July 25th. CIBC reduced their target price on shares of 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. Guggenheim lowered shares of NextEra Energy Partners from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $37.00 to $22.00 in a research note on Monday. Finally, Raymond James downgraded NextEra Energy Partners from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 9th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $26.69.

NextEra Energy Partners Stock Performance

Shares of NEP opened at $19.36 on Wednesday. The stock has a 50 day moving average of $25.08 and a 200 day moving average of $27.47. The company has a current ratio of 2.02, a quick ratio of 1.78 and a debt-to-equity ratio of 0.37. NextEra Energy Partners has a 12 month low of $19.03 and a 12 month high of $35.15. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of 8.87 and a beta of 1.06.

NextEra Energy Partners (NYSE:NEP) last posted its earnings results 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 the consensus estimate of $332.25 million. During the same period in the prior year, the business earned $0.57 EPS. NextEra Energy Partners’s quarterly revenue was up 3.6% compared to the same quarter last year.

NextEra Energy Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Shareholders of record on Wednesday, November 6th will be paid a $0.9175 dividend. The ex-dividend date of this dividend is Wednesday, November 6th. This represents a $3.67 annualized dividend and a yield of 18.96%. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.91. NextEra Energy Partners’s dividend payout ratio (DPR) is currently 166.06%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. M&G PLC grew its position in shares of NextEra Energy Partners by 19.3% during the 3rd quarter. M&G PLC now owns 3,062,083 shares of the solar energy provider’s stock valued at $85,738,000 after purchasing an additional 496,383 shares in the last quarter. Concurrent Investment Advisors LLC boosted its stake in NextEra Energy Partners by 57.5% during the third quarter. Concurrent Investment Advisors LLC now owns 18,023 shares of the solar energy provider’s stock valued at $498,000 after buying an additional 6,582 shares during the period. Janney Montgomery Scott LLC grew its position in NextEra Energy Partners by 18.6% during the third quarter. Janney Montgomery Scott LLC now owns 121,259 shares of the solar energy provider’s stock worth $3,349,000 after buying an additional 19,050 shares in the last quarter. Pathway Financial Advisers LLC increased its stake in NextEra Energy Partners by 3.6% in the 3rd quarter. Pathway Financial Advisers LLC now owns 50,110 shares of the solar energy provider’s stock worth $1,384,000 after acquiring an additional 1,747 shares during the last quarter. Finally, abrdn plc raised its holdings in shares of NextEra Energy Partners by 6.2% in the 3rd quarter. abrdn plc now owns 850,200 shares of the solar energy provider’s stock valued at $23,483,000 after acquiring an additional 49,400 shares in the last quarter. Hedge funds and other institutional investors own 66.01% of the company’s stock.

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.