NextEra Energy Partners (NYSE:NEP) Posts Quarterly Earnings Results, Misses Expectations By $0.12 EPS

Posted by admin on Jan 25th, 2023

NextEra Energy Partners (NYSE:NEP – Get Rating) announced its quarterly earnings data on Wednesday. The solar energy provider reported $0.40 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.12), Briefing.com reports. NextEra Energy Partners had a net margin of 36.70% and a return on equity of 3.71%. The business had revenue of $266.00 million during the quarter, compared to analyst estimates of $336.74 million. During the same quarter last year, the firm posted ($0.12) EPS. The company’s revenue for the quarter was up 14.7% on a year-over-year basis.

NextEra Energy Partners Stock Up 1.4 %

NEP stock opened at $75.25 on Wednesday. NextEra Energy Partners has a 12 month low of $61.31 and a 12 month high of $86.06. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.91 and a quick ratio of 1.80. The company has a market cap of $6.51 billion, a price-to-earnings ratio of 14.64, a price-to-earnings-growth ratio of 2.48 and a beta of 0.92. The company has a fifty day moving average price of $75.23 and a 200 day moving average price of $77.12.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of NEP. BlackRock Inc. grew its holdings in shares of NextEra Energy Partners by 4.9% during the first quarter. BlackRock Inc. now owns 7,609,845 shares of the solar energy provider’s stock worth $634,357,000 after buying an additional 356,265 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of NextEra Energy Partners by 0.8% in the second quarter. Price T Rowe Associates Inc. MD now owns 2,188,292 shares of the solar energy provider’s stock valued at $162,284,000 after purchasing an additional 16,707 shares during the period. ClearBridge Investments Ltd raised its stake in shares of NextEra Energy Partners by 94.8% during the first quarter. ClearBridge Investments Ltd now owns 1,541,145 shares of the solar energy provider’s stock worth $128,470,000 after purchasing an additional 750,144 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of NextEra Energy Partners by 11.3% during the first quarter. Royal Bank of Canada now owns 1,414,631 shares of the solar energy provider’s stock worth $117,923,000 after purchasing an additional 143,130 shares during the period. Finally, Eaton Vance Management grew its position in NextEra Energy Partners by 46.2% in the 1st quarter. Eaton Vance Management now owns 731,033 shares of the solar energy provider’s stock valued at $60,939,000 after buying an additional 231,102 shares during the last quarter. 83.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently issued reports on NEP. Credit Suisse Group decreased their price objective on NextEra Energy Partners from $90.00 to $87.00 and set an “outperform” rating for the company in a research note on Wednesday, November 2nd. Wells Fargo & Company cut their price target on NextEra Energy Partners from $93.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 19th. KeyCorp dropped their price objective on NextEra Energy Partners from $89.00 to $83.00 and set an “overweight” rating on the stock in a report on Thursday, October 20th. Raymond James upgraded NextEra Energy Partners from an “underperform” rating to a “market perform” rating in a research note on Wednesday, January 4th. Finally, StockNews.com began coverage on shares of NextEra Energy Partners in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $84.67.

NextEra Energy Partners Company Profile

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NextEra Energy Partners LP engages in the acquisition, management, and ownership of contracted clean energy projects with long-term cash flows. It owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The company was founded on March 6, 2014 and is headquartered in Juno Beach, FL.