Barclays Believes Nextera Energy Partners (NYSE: NEP) Still Has Room to Grow

By Austin Angelo

Barclays analyst Daniel Ford maintained a Buy rating on Nextera Energy Partners (NYSE: NEP) today and set a price target of $44. The company’s shares opened today at $39.74, close to its 52-week high of $41.49.

According to TipRanks.com, Ford is a 5-star analyst with an average return of 6.7% and a 67.7% success rate. Ford covers the Utilities sector, focusing on stocks such as American States Water Company, Hawaiian Electric Industries, and Pinnacle West Capital Corp.

Nextera Energy Partners has an analyst consensus of Strong Buy, with a price target consensus of $42.20.

Based on Nextera Energy Partners’ latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $204 million and quarterly net profit of $13 million. In comparison, last year the company earned revenue of $171 million and had a net profit of $8 million.

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NextEra Energy Partners LP acquires, manages and owns 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.