NextEra Energy Partners (NEP) Suffers a Larger Drop Than the General Market: Key Insights
The most recent trading session ended with NextEra Energy Partners (NEP) standing at $25.62, reflecting a -1.31% shift from the previouse trading day's closing. The stock's change was less than the S&P 500's daily loss of 0.76%. Elsewhere, the Dow lost 0.75%, while the tech-heavy Nasdaq lost 1.01%.
Shares of the limited partnership for clean-energy projects have appreciated by 0.7% over the course of the past month, outperforming the Oils-Energy sector's loss of 4.09% and lagging the S&P 500's gain of 4.31%.
The investment community will be closely monitoring the performance of NextEra Energy Partners in its forthcoming earnings report. The company is scheduled to release its earnings on October 23, 2024. The company is expected to report EPS of $0.51, down 10.53% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $325.11 million, indicating a 11.42% decrease compared to the same quarter of the previous year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.20 per share and revenue of $1.28 billion, indicating changes of +547.06% and +2.52%, respectively, compared to the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for NextEra Energy Partners. These revisions typically reflect the latest short-term business trends, which can change frequently. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 20.88% upward. NextEra Energy Partners presently features a Zacks Rank of #2 (Buy).
In terms of valuation, NextEra Energy Partners is presently being traded at a Forward P/E ratio of 11.8. This valuation marks a discount compared to its industry's average Forward P/E of 24.93.
The Alternative Energy - Other industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 212, placing it within the bottom 16% of over 250 industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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NextEra Energy Partners, LP (NEP) : Free Stock Analysis Report