Inverness Counsel LLC NY lifted its stake in shares of NextEra Energy Partners, LP (NYSE:NEP) by 10.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 45,936 shares of the solar energy provider’s stock after purchasing an additional 4,356 shares during the quarter. Inverness Counsel LLC NY owned about 0.06% of NextEra Energy Partners worth $3,508,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Sandy Spring Bank bought a new stake in NextEra Energy Partners in the second quarter worth about $30,000. Perkins Coie Trust Co bought a new stake in NextEra Energy Partners in the second quarter worth about $31,000. Certified Advisory Corp purchased a new position in NextEra Energy Partners in the 1st quarter worth about $29,000. Ameritas Investment Company LLC purchased a new position in NextEra Energy Partners in the 1st quarter worth about $40,000. Finally, Quadrant Capital Group LLC grew its stake in NextEra Energy Partners by 361.9% during the 1st quarter. Quadrant Capital Group LLC now owns 582 shares of the solar energy provider’s stock valued at $42,000 after acquiring an additional 456 shares in the last quarter. Institutional investors and hedge funds own 83.80% of the company’s stock.
Shares of NEP traded down $0.24 during trading hours on Wednesday, hitting $79.36. 5,206 shares of the stock traded hands, compared to its average volume of 607,556. The company has a current ratio of 5.42, a quick ratio of 5.32 and a debt-to-equity ratio of 0.47. NextEra Energy Partners, LP has a 1-year low of $55.13 and a 1-year high of $88.29. The firm has a market capitalization of $6.08 billion, a PE ratio of 24.12, a price-to-earnings-growth ratio of 1.49 and a beta of 0.73. The business has a fifty day moving average of $78.09 and a 200-day moving average of $73.97.
The company also recently declared a quarterly dividend, which was paid on Friday, August 13th. Stockholders of record on Thursday, August 5th were paid a dividend of $0.663 per share. This represents a $2.65 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend was Wednesday, August 4th. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.64. NextEra Energy Partners’s dividend payout ratio is -327.16%.
Several research firms have weighed in on NEP. UBS Group began coverage on NextEra Energy Partners in a research note on Thursday, August 26th. They set a “buy” rating and a $100.00 target price on the stock. Wells Fargo & Company reissued an “overweight” rating and issued a $74.03 price target (down previously from $92.00) on shares of NextEra Energy Partners in a research note on Monday, July 26th. Morgan Stanley boosted their price target on NextEra Energy Partners from $63.00 to $69.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 20th. Seaport Global Securities reissued a “neutral” rating on shares of NextEra Energy Partners in a research note on Monday, May 24th. Finally, Zacks Investment Research lowered NextEra Energy Partners from a “hold” rating to a “sell” rating and set a $80.00 target price for the company. in a report on Wednesday, July 28th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $80.20.
About NextEra Energy Partners
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.
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