Morgan Stanley analyst Stephen Byrd maintained a Hold rating on Nextera Energy Partners (NYSE: NEP) today and set a price target of $51. The company’s shares closed yesterday at $48.29, close to its 52-week high of $50.66.
According to TipRanks.com, Byrd is a 3-star analyst with an average return of 2.7% and a 61.4% success rate. Byrd covers the Utilities sector, focusing on stocks such as Pinnacle West Capital Corp, American Electric Power, and South Jersey Industries.
Currently, the analyst consensus on Nextera Energy Partners is a Moderate Buy with an average price target of $49.70.
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Based on Nextera Energy Partners’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $225 million and net profit of $89 million. In comparison, last year the company earned revenue of $204 million and had a net profit of $13 million.
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NextEra Energy Partners LP engages in the acquisition, management, and ownership of contracted clean energy projects with long-term cash flows. It owns interests in wind and solar projects in North America, as well as natural gas infrastructure assets in Texas. The company was founded on March 6, 2014 and is headquartered in Juno Beach, FL.
