State of New Jersey Common Pension Fund D Raises Holdings in NextEra Energy Partners, LP (NYSE:NEP)

State of New Jersey Common Pension Fund D increased its stake in NextEra Energy Partners, LP (NYSE:NEP) by 99.4% 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 108,899 shares of the solar energy provider’s stock after acquiring an additional 54,274 shares during the period. State of New Jersey Common Pension Fund D’s holdings in NextEra Energy Partners were worth $3,312,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. FMR LLC grew its position in NextEra Energy Partners by 18.9% in the third quarter. FMR LLC now owns 4,865,533 shares of the solar energy provider’s stock worth $144,506,000 after acquiring an additional 774,665 shares in the last quarter. ClearBridge Investments Ltd grew its position in NextEra Energy Partners by 64.4% in the third 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 in the last quarter. Electron Capital Partners LLC lifted its stake in NextEra Energy Partners by 7.9% in the third quarter. Electron Capital Partners LLC now owns 1,493,087 shares of the solar energy provider’s stock worth $44,345,000 after purchasing an additional 108,799 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in NextEra Energy Partners by 31.0% in the third 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. Finally, HighTower Advisors LLC lifted its stake in NextEra Energy Partners by 14.1% in the third quarter. HighTower Advisors LLC now owns 839,956 shares of the solar energy provider’s stock worth $24,911,000 after purchasing an additional 104,055 shares during the last quarter. Hedge funds and other institutional investors own 66.01% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. CIBC downgraded shares of NextEra Energy Partners from a “sector outperform” rating to a “neutral” rating and set a $35.00 price objective for the company. in a research note on Tuesday, January 9th. Oppenheimer reissued a “market perform” rating on shares of NextEra Energy Partners in a research note on Wednesday. JPMorgan Chase & Co. raised their price objective on shares of NextEra Energy Partners from $24.00 to $26.00 and gave the stock a “neutral” rating in a research note on Friday, January 26th. Barclays began coverage on shares of NextEra Energy Partners in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $32.00 price objective for the company. Finally, Marathon Capitl reaffirmed an “equal weight” rating on shares of NextEra Energy Partners in a research note on Tuesday, March 26th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $43.88.

NextEra Energy Partners Stock Performance

Shares of NYSE:NEP opened at $28.93 on Friday. The firm has a 50 day moving average of $28.33 and a 200 day moving average of $27.43. The company has a quick ratio of 1.28, a current ratio of 1.36 and a debt-to-equity ratio of 0.35. NextEra Energy Partners, LP has a 52 week low of $20.17 and a 52 week high of $63.89. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of 9.49 and a beta of 1.00.

NextEra Energy Partners (NYSE:NEP) last posted its quarterly earnings results on Monday, April 22nd. The solar energy provider reported $0.75 EPS for the quarter, beating the consensus estimate of $0.12 by $0.63. NextEra Energy Partners had a net margin of 23.55% and a negative return on equity of 0.48%. The company had revenue of $257.00 million for the quarter, compared to analyst estimates of $331.78 million. During the same period in the prior year, the company earned ($0.17) earnings per share. The firm’s revenue was up 4.9% on a year-over-year basis. On average, sell-side analysts predict that NextEra Energy Partners, LP will post 1.33 earnings per share for the current fiscal year.

NextEra Energy Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, May 7th will be given a $0.8925 dividend. The ex-dividend date of this dividend is Monday, May 6th. This represents a $3.57 dividend on an annualized basis and a dividend yield of 12.34%. This is an increase from NextEra Energy Partners’s previous quarterly dividend of $0.88. NextEra Energy Partners’s dividend payout ratio is 115.41%.

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.