NorthCoast Asset Management LLC Takes $356,000 Position in NextEra Energy Partners, LP (NYSE:NEP)

NorthCoast Asset Management LLC purchased a new stake in shares of NextEra Energy Partners, LP (NYSE:NEP) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 4,658 shares of the solar energy provider’s stock, valued at approximately $356,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. CWM Advisors LLC lifted its holdings in NextEra Energy Partners by 3.1% in the 2nd quarter. CWM Advisors LLC now owns 4,950 shares of the solar energy provider’s stock worth $378,000 after purchasing an additional 150 shares during the last quarter. Employees Retirement System of Texas lifted its holdings in NextEra Energy Partners by 34.8% in the 2nd quarter. Employees Retirement System of Texas now owns 31,000 shares of the solar energy provider’s stock worth $2,367,000 after purchasing an additional 8,000 shares during the last quarter. Inverness Counsel LLC NY increased its position in NextEra Energy Partners by 10.5% in the 2nd quarter. Inverness Counsel LLC NY now owns 45,936 shares of the solar energy provider’s stock worth $3,508,000 after buying an additional 4,356 shares during the period. National Asset Management Inc. increased its position in NextEra Energy Partners by 36.2% in the 2nd quarter. National Asset Management Inc. now owns 6,861 shares of the solar energy provider’s stock worth $524,000 after buying an additional 1,825 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its position in NextEra Energy Partners by 15.8% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 4,194 shares of the solar energy provider’s stock worth $320,000 after buying an additional 572 shares during the period. Hedge funds and other institutional investors own 83.80% of the company’s stock.

Several brokerages have commented on NEP. KeyCorp assumed coverage on NextEra Energy Partners in a research report on Monday. They issued an “overweight” rating on the stock. UBS Group assumed coverage on NextEra Energy Partners in a research report on Thursday, August 26th. They set a “buy” rating and a $100.00 price objective on the stock. Zacks Investment Research cut NextEra Energy Partners from a “hold” rating to a “sell” rating and set a $80.00 price objective on the stock. in a research report on Wednesday, July 28th. Morgan Stanley upped their price target on NextEra Energy Partners from $63.00 to $69.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 20th. Finally, Wells Fargo & Company reiterated an “overweight” rating and issued a $74.03 price target (down from $92.00) on shares of NextEra Energy Partners in a research report on Monday, July 26th. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $80.20.

NYSE:NEP opened at $79.07 on Thursday. NextEra Energy Partners, LP has a fifty-two week low of $55.13 and a fifty-two week high of $88.29. The company has a debt-to-equity ratio of 0.47, a current ratio of 5.42 and a quick ratio of 5.32. The stock has a market capitalization of $6.06 billion, a PE ratio of 23.96, a price-to-earnings-growth ratio of 1.48 and a beta of 0.73. The business’s 50-day simple moving average is $78.47 and its 200-day simple moving average is $74.26.

NextEra Energy Partners (NYSE:NEP) last released its quarterly earnings data on Thursday, July 22nd. The solar energy provider reported ($0.96) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.58 by ($1.54). NextEra Energy Partners had a net margin of 26.18% and a return on equity of 3.22%. The business had revenue of $253.00 million for the quarter, compared to the consensus estimate of $335.19 million. During the same quarter last year, the firm earned $0.69 EPS. The company’s revenue for the quarter was up .0% on a year-over-year basis. On average, research analysts expect that NextEra Energy Partners, LP will post 2.92 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, August 13th. Shareholders of record on Thursday, August 5th were given a dividend of $0.663 per share. This is a positive change from NextEra Energy Partners’s previous quarterly dividend of $0.64. The ex-dividend date of this dividend was Wednesday, August 4th. This represents a $2.65 annualized dividend and a dividend yield of 3.35%. NextEra Energy Partners’s payout ratio is -327.16%.

NextEra Energy Partners Company Profile

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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Institutional Ownership by Quarter for NextEra Energy Partners (NYSE:NEP)

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