Gabelli Funds LLC lifted its position in Nextera Energy Partners LP (NYSE:NEP) by 7.2% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 74,500 shares of the solar energy provider’s stock after purchasing an additional 5,000 shares during the quarter. Gabelli Funds LLC owned about 0.14% of Nextera Energy Partners worth $2,979,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Swiss National Bank grew its holdings in shares of Nextera Energy Partners by 2.2% in the fourth quarter. Swiss National Bank now owns 91,400 shares of the solar energy provider’s stock valued at $3,940,000 after purchasing an additional 2,000 shares during the period. MAI Capital Management grew its holdings in shares of Nextera Energy Partners by 3.4% in the fourth quarter. MAI Capital Management now owns 85,447 shares of the solar energy provider’s stock valued at $3,684,000 after purchasing an additional 2,807 shares during the period. Bank of Montreal Can boosted its stake in Nextera Energy Partners by 411.4% during the fourth quarter. Bank of Montreal Can now owns 67,500 shares of the solar energy provider’s stock worth $2,910,000 after buying an additional 54,300 shares during the period. California Public Employees Retirement System boosted its stake in Nextera Energy Partners by 8.5% during the fourth quarter. California Public Employees Retirement System now owns 231,551 shares of the solar energy provider’s stock worth $9,982,000 after buying an additional 18,129 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Nextera Energy Partners by 591.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 211,531 shares of the solar energy provider’s stock worth $9,119,000 after buying an additional 180,928 shares during the period. 83.68% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE NEP traded up $0.36 during midday trading on Thursday, hitting $43.56. The company’s stock had a trading volume of 123,167 shares, compared to its average volume of 245,589. The company has a debt-to-equity ratio of 1.17, a quick ratio of 1.30 and a current ratio of 1.30. Nextera Energy Partners LP has a 1 year low of $34.83 and a 1 year high of $45.83. The firm has a market cap of $2.37 billion, a price-to-earnings ratio of 66.00, a PEG ratio of 2.66 and a beta of 1.23.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 15th. Stockholders of record on Monday, May 7th were paid a $0.42 dividend. This is a positive change from Nextera Energy Partners’s previous quarterly dividend of $0.41. The ex-dividend date was Friday, May 4th. This represents a $1.68 annualized dividend and a dividend yield of 3.86%. Nextera Energy Partners’s dividend payout ratio (DPR) is presently 254.55%.
NEP has been the subject of several research analyst reports. Zacks Investment Research lowered shares of Nextera Energy Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, April 11th. JPMorgan Chase & Co. increased their target price on shares of Nextera Energy Partners from $38.00 to $40.00 and gave the stock a “neutral” rating in a research note on Thursday, April 26th. ValuEngine raised shares of Nextera Energy Partners from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Finally, Bank of America raised shares of Nextera Energy Partners from an “underperform” rating to a “buy” rating and increased their target price for the stock from $39.12 to $43.00 in a research note on Friday, March 16th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $42.94.
Nextera Energy Partners Company Profile
NextEra Energy Partners, LP acquires, owns, and operates contracted clean energy projects in the United States and Canada. It owns a portfolio of contracted renewable generation assets consisting of wind and solar projects with approximately 3,867 megawatts of capacity, as well as seven contracted natural gas pipeline assets.
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