Formidable Asset Management LLC Purchases New Shares in NextEra Energy Partners, LP (NYSE:NEP)

Formidable Asset Management LLC purchased a new stake in shares of NextEra Energy Partners, LP (NYSE:NEP - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 28,875 shares of the solar energy provider's stock, valued at approximately $878,000.

Several other large investors have also made changes to their positions in the company. FMR LLC boosted its stake in shares of NextEra Energy Partners by 18.9% in the 3rd quarter. FMR LLC now owns 4,865,533 shares of the solar energy provider's stock valued at $144,506,000 after purchasing an additional 774,665 shares during the last quarter. ClearBridge Investments Ltd grew its holdings in NextEra Energy Partners by 64.4% during the 3rd quarter. ClearBridge Investments Ltd now owns 3,583,336 shares of the solar energy provider's stock worth $106,425,000 after acquiring an additional 1,404,318 shares during the period. Kayne Anderson Capital Advisors LP raised its position in shares of NextEra Energy Partners by 18.7% during the 4th quarter. Kayne Anderson Capital Advisors LP now owns 1,663,736 shares of the solar energy provider's stock valued at $50,594,000 after acquiring an additional 261,523 shares during the last quarter. Electron Capital Partners LLC lifted its stake in shares of NextEra Energy Partners by 7.9% in the 3rd quarter. Electron Capital Partners LLC now owns 1,493,087 shares of the solar energy provider's stock valued at $44,345,000 after purchasing an additional 108,799 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of NextEra Energy Partners by 31.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,044,197 shares of the solar energy provider's stock worth $31,013,000 after purchasing an additional 246,908 shares during the last quarter. Institutional investors and hedge funds own 66.01% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on NEP. Evercore ISI started coverage on shares of NextEra Energy Partners in a research note on Tuesday, February 13th. They set an "outperform" rating and a $43.00 price objective on the stock. Raymond James cut their price target on NextEra Energy Partners from $50.00 to $45.00 and set an "outperform" rating on the stock in a report on Wednesday, April 3rd. Oppenheimer reiterated a "market perform" rating on shares of NextEra Energy Partners in a report on Wednesday, April 24th. StockNews.com upgraded NextEra Energy Partners to a "sell" rating in a research note on Tuesday, March 19th. Finally, Barclays began coverage on shares of NextEra Energy Partners in a research note on Wednesday, April 10th. They set an "equal weight" rating and a $32.00 price target for the company. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, NextEra Energy Partners presently has an average rating of "Hold" and a consensus target price of $41.60.

NextEra Energy Partners Stock Performance

Shares of NextEra Energy Partners stock traded down $0.90 during trading on Friday, hitting $31.46. 1,857,647 shares of the stock were exchanged, compared to its average volume of 1,619,550. The company has a current ratio of 1.36, a quick ratio of 1.31 and a debt-to-equity ratio of 0.35. The company has a fifty day moving average price of $28.84 and a 200-day moving average price of $28.00. The stock has a market capitalization of $2.94 billion, a price-to-earnings ratio of 10.31 and a beta of 1.01. NextEra Energy Partners, LP has a 1-year low of $20.17 and a 1-year high of $63.89.

NextEra Energy Partners (NYSE:NEP - Get Free Report) last released its quarterly earnings data on Monday, April 22nd. The solar energy provider reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.63. NextEra Energy Partners had a negative return on equity of 0.48% and a net margin of 23.55%. The firm had revenue of $257.00 million for the quarter, compared to analyst estimates of $331.78 million. During the same quarter in the prior year, the company earned ($0.17) earnings per share. The business's revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, equities analysts predict that NextEra Energy Partners, LP will post 1.54 EPS for the current fiscal year.

NextEra Energy Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, May 7th will be issued a $0.8925 dividend. This is an increase from NextEra Energy Partners's previous quarterly dividend of $0.88. This represents a $3.57 annualized dividend and a dividend yield of 11.35%. The ex-dividend date of this dividend is Monday, May 6th. NextEra Energy Partners's payout ratio is currently 117.05%.

NextEra Energy Partners Company Profile

NextEra Energy Partners, LP acquires, owns, and manages contracted clean energy projects in the United States. It owns a portfolio of contracted renewable generation assets consisting of wind, solar, and battery storage projects. The company owns contracted natural gas pipeline assets. NextEra Energy Partners, LP was incorporated in 2014 and is based in Juno Beach, Florida.