Nextpower Inc. $NXT Position Increased by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

Key Points

• CUSHING ASSET MANAGEMENT (NXG) increased its Nextpower stake by 52.3% in Q4 to 163,000 shares, worth about $14.2M (representing ~0.11% of Nextpower and ~0.8% of Cushing's portfolio, its 29th largest holding).
• Nextpower beat Q4 estimates, reporting $1.10 EPS vs. $0.93 expected and $909.4M revenue vs. $812.4M expected, and has drawn multiple price-target upgrades with a consensus rating of "Moderate Buy" and an average target of ~$114.49.
• Insiders have been net sellers recently, disposing of 104,348 shares (~$10.9M) over the past three months (including the CEO selling 59,456 shares), while institutional ownership stands at ~67.4%.

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT increased its position in shares of Nextpower Inc. (NASDAQ:NXT - Free Report) by 52.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 163,000 shares of the company's stock after acquiring an additional 56,000 shares during the period. Nextpower comprises approximately 0.8% of CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT's portfolio, making the stock its 29th biggest holding. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT owned about 0.11% of Nextpower worth $14,199,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Covenant Partners LLC purchased a new stake in shares of Nextpower during the fourth quarter worth $207,000. Merit Financial Group LLC bought a new position in Nextpower during the fourth quarter valued at about $240,000. Whittier Trust Co. of Nevada Inc. raised its holdings in Nextpower by 268.7% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company's stock valued at $28,000 after buying an additional 223 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Nextpower by 0.5% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,862 shares of the company's stock valued at $6,347,000 after buying an additional 362 shares in the last quarter. Finally, CWM LLC raised its holdings in Nextpower by 3.2% during the fourth quarter. CWM LLC now owns 5,978 shares of the company's stock valued at $521,000 after buying an additional 183 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextpower Stock Performance

Shares of NASDAQ:NXT opened at $111.39 on Friday. Nextpower Inc. has a 52-week low of $37.16 and a 52-week high of $131.72. The company has a market cap of $16.54 billion, a P/E ratio of 28.49, a P/E/G ratio of 2.46 and a beta of 2.02. The stock's 50-day moving average is $114.86 and its 200-day moving average is $101.47.

Nextpower (NASDAQ:NXT - Get Free Report) last released its earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.17. Nextpower had a return on equity of 32.01% and a net margin of 16.43%.The business had revenue of $909.35 million for the quarter, compared to the consensus estimate of $812.43 million. As a group, equities analysts predict that Nextpower Inc. will post 3.29 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on NXT. TD Cowen raised their target price on Nextpower from $88.00 to $105.00 and gave the company a "hold" rating in a report on Wednesday, January 28th. Bank of America raised their target price on Nextpower from $102.00 to $108.00 and gave the company a "buy" rating in a report on Thursday, January 22nd. The Goldman Sachs Group set a $140.00 target price on Nextpower and gave the company a "buy" rating in a report on Tuesday. Needham & Company LLC raised their target price on Nextpower from $103.00 to $138.00 and gave the company a "buy" rating in a report on Thursday, January 29th. Finally, UBS Group raised their target price on Nextpower from $125.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, Nextpower has an average rating of "Moderate Buy" and an average price target of $114.49.

Insider Transactions at Nextpower

In related news, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the sale, the chief executive officer directly owned 746,339 shares of the company's stock, valued at $78,492,472.63. This trade represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $118.57, for a total value of $592,850.00. Following the sale, the director directly owned 11,777 shares in the company, valued at $1,396,398.89. The trade was a 29.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 104,348 shares of company stock worth $10,876,525. 0.56% of the stock is owned by company insiders.

Nextpower Company Profile

Nextpower, formerly known as Nextracker, is traded on NASDAQ under the symbol NXT and is a leading provider of advanced solar tracking solutions for utility-scale and distributed energy projects. The company specializes in the design, engineering and manufacturing of single-axis tracker systems that optimize the capture of solar energy by following the sun’s trajectory throughout the day. Nextpower’s core hardware offerings aim to enhance energy yield, reduce balance-of-system costs and simplify installation and maintenance for downstream solar developers and operators.

In addition to its tracker hardware, Nextpower provides a suite of digital software and analytics tools to maximize asset performance.

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