NextEra Energy Partners LP (NYSE: NEP) stock jumped 0.74% on Friday to $23.26 against a previous-day closing price of $23.09. With 1.71 million shares changed hands, the volume of the stock remained lighter than its average volume of 2.75 million shares. During the session, the Utilities – Renewable company that operates in wider Utilities sector, reached to the highest price of $23.50 whereas the lowest price it dropped to was $22.44. The 52-week range on NEP shows that it touched its highest point at $81.32 and its lowest point at $20.17 during that stretch. It currently has a 1-year price target of $32.68. With its current market cap of 2.17 billion, NEP has annualized dividend of $3.42 while the current yield stands at 14.70%. Beta for the stock currently stands at 0.92.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of NEP was down-trending over the past week, with a drop of -1.48%, but this was up by 1.88% over a month. Three-month performance dropped to -48.05% while six-month performance fell -59.83%. The stock lost -70.43% in the past year, while it has lost -66.81% so far this year. A look at the trailing 12-month EPS for NEP yields 1.34 with Next year EPS estimates of 1.83. For the next quarter, that number is 0.53. This implies an EPS growth rate of -69.83% for this year and 8.04% for next year.
Float and Shares Shorts:
At present, 93.43 million NEP shares are outstanding with a float of 91.49 million shares on hand for trading. On Oct 30, 2023, short shares totaled 2.54 million, which was 2.72% higher than short shares on Sep 28, 2023. In addition to PEP as the firm’s Pepsico, Inc., NEE serves as its NextEra Energy, Inc..
Through their ownership of 91.99% of NEP’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 45.17% of NEP, in contrast to 35.13% held by mutual funds. Shares owned by individuals account for 0.50%. As the largest shareholder in NEP with 6.99% of the stake, BlackRock Alternatives Management holds 6,533,580 shares worth 6,533,580. A second-largest stockholder of NEP, Fidelity Management & Research Co, holds 4,603,845 shares, controlling over 4.93% of the firm’s shares. Neuberger Berman Investment Advis is the third largest shareholder in NEP, holding 4,033,628 shares or 4.32% stake. With a 1.91% stake in NEP, the Fidelity Advisor Series I -Growth is the largest stakeholder. A total of 1,781,700 shares are owned by the mutual fund manager. The PGIM Jennison Utility Fund, which owns about 1.79% of NEP stock, is the second-largest Mutual Fund holder. It holds 1,672,438 shares valued at 45.27 million. First Trust North American Energy holds 1.79% of the stake in NEP, owning 1,668,043 shares worth 45.15 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for NEP since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With NEP analysts setting a high price target of $50.00 and a low target of $15.50, the average target price over the next 12 months is $32.68. Based on these targets, NEP could surge 114.96% to reach the target high and fall by -33.36% to reach the target low. Reaching the average price target will result in a growth of 40.5% from current levels.
Summary of Insider Activity:
Insiders traded NEP stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 12 while that of sell transactions has risen to 6 over the past year. The total number of shares bought during that period was 35,590 while 5,684 shares were sold.