NextEra Energy Partners (NYSE:NEP) announced a quarterly dividend on Wednesday, April 25th, Wall Street Journal reports. Investors of record on Monday, May 7th will be paid a dividend of 0.42 per share by the solar energy provider on Tuesday, May 15th. This represents a $1.68 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend is Friday, May 4th. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.41.
NextEra Energy Partners has raised its dividend payment by an average of 99.6% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. NextEra Energy Partners has a payout ratio of 172.5% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect NextEra Energy Partners to earn $2.34 per share next year, which means the company should continue to be able to cover its $1.57 annual dividend with an expected future payout ratio of 67.1%.
Shares of NEP traded up $0.99 during trading hours on Wednesday, hitting $41.58. The stock had a trading volume of 281,835 shares, compared to its average volume of 272,208. The firm has a market capitalization of $2,190.11, a P/E ratio of 62.26, a PEG ratio of 1.84 and a beta of 1.21. The company has a debt-to-equity ratio of 2.54, a current ratio of 1.44 and a quick ratio of 1.44. NextEra Energy Partners has a 12 month low of $32.90 and a 12 month high of $45.38.
NextEra Energy Partners (NYSE:NEP) last released its earnings results on Tuesday, April 24th. The solar energy provider reported $1.21 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.81. The company had revenue of $212.00 million for the quarter, compared to the consensus estimate of $273.98 million. NextEra Energy Partners had a positive return on equity of 1.80% and a negative net margin of 8.63%. analysts expect that NextEra Energy Partners will post 1.95 EPS for the current fiscal year.
Several research firms recently weighed in on NEP. Zacks Investment Research downgraded NextEra Energy Partners from a “hold” rating to a “sell” rating in a research report on Wednesday, April 11th. JPMorgan Chase lowered their target price on NextEra Energy Partners from $40.00 to $38.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 10th. ValuEngine upgraded NextEra Energy Partners from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Bank of America upgraded NextEra Energy Partners from an “underperform” rating to a “buy” rating and lifted their target price for the company from $39.12 to $43.00 in a research report on Friday, March 16th. Finally, Guggenheim began 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. One analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $42.03.
An institutional investor recently raised its position in NextEra Energy Partners stock. Northern Trust Corp grew its holdings in NextEra Energy Partners (NYSE:NEP) by 19.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,048 shares of the solar energy provider’s stock after acquiring an additional 3,154 shares during the period. Northern Trust Corp’s holdings in NextEra Energy Partners were worth $705,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 83.17% of the company’s stock.
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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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