NextEra Energy Partners (NEP, $74.69) tops Q3 earnings expectations
NextEra Energy Partners reported its third-quarter operating earnings per unit of 93 cents, beating Zacks Consensus Estimate of 63 cents.
Operating revenues were up +19.8% from the year-ago quarter to of $302 million on the back of new projects. However, it was below the Zacks Consensus Estimate of $415 million.
NextEra board of directors announced a quarterly distribution of 78.25 cents per unit. The cash distribution per common unit was hiked almost 15% on an annualized basis from the year-ago quarter, and the distribution will be payable on Nov 14, 2022 to unitholders of record as of Nov 4, 2022.
The company reaffirmed its 2022 EBITDA forecast in the range of $1.785-$1.985 billion. For, 2023 it is expecting adjusted EBITDA in a range of $2.22 billion to $2.42 billion.
NEP's RSI Indicator recovers from oversold territory
The RSI Indicator for NEP moved out of oversold territory on May 05, 2023. This could be a sign that the stock is shifting from a downward trend to an upward trend. Traders may want to buy the stock or call options. The A.I.dvisor looked at 31 similar instances when the indicator left oversold territory. In of the 31 cases the stock moved higher. This puts the odds of a move higher at .
Technical Analysis (Indicators)
Bullish Trend Analysis
The Momentum Indicator moved above the 0 level on June 01, 2023. You may want to consider a long position or call options on NEP as a result. In of 88 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
The Moving Average Convergence Divergence (MACD) for NEP just turned positive on May 09, 2023. Looking at past instances where NEP's MACD turned positive, the stock continued to rise in of 42 cases over the following month. The odds of a continued upward trend are .
NEP moved above its 50-day moving average on May 30, 2023 date and that indicates a change from a downward trend to an upward trend.
The 10-day moving average for NEP crossed bullishly above the 50-day moving average on June 01, 2023. This indicates that the trend has shifted higher and could be considered a buy signal. In of 14 past instances when the 10-day crossed above the 50-day, the stock continued to move higher over the following month. The odds of a continued upward trend are .
Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where NEP advanced for three days, in of 314 cases, the price rose further within the following month. The odds of a continued upward trend are .
Bearish Trend Analysis
The Stochastic Oscillator has been in the overbought zone for 1 day. Expect a price pull-back in the near future.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where NEP declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
NEP broke above its upper Bollinger Band on June 02, 2023. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.
Fundamental Analysis (Ratings)
The Tickeron Profit vs. Risk Rating rating for this company is (best 1 - 100 worst), indicating low risk on high returns. The average Profit vs. Risk Rating rating for the industry is 83, placing this stock better than average.
The Tickeron Valuation Rating of (best 1 - 100 worst) indicates that the company is slightly undervalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (1.630) is normal, around the industry mean (3.106). P/E Ratio (16.750) is within average values for comparable stocks, (56.929). Projected Growth (PEG Ratio) (4.175) is also within normal values, averaging (3.049). Dividend Yield (0.051) settles around the average of (0.045) among similar stocks. P/S Ratio (4.357) is also within normal values, averaging (160.818).
The Tickeron Price Growth Rating for this company is (best 1 - 100 worst), indicating steady price growth. NEP’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron SMR rating for this company is (best 1 - 100 worst), indicating strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron PE Growth Rating for this company is (best 1 - 100 worst), pointing to worse than average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
Industry description
Market Cap
High and low price notable news
Volume
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
General Information
a company which operates, owns and acquires contracted clean energy projects with stable, long-term cash flows
Industry AlternativePowerGeneration
NEP and
Correlation & Price change
A.I.dvisor indicates that over the last year, NEP has been closely correlated with CWEN. These tickers have moved in lockstep 67% of the time. This A.I.-generated data suggests there is a high statistical probability that if NEP jumps, then CWEN could also see price increases.
| Ticker / NAME | Correlation To NEP | 1D Price Change % | ||
|---|---|---|---|---|
| NEP | 100% | +1.74% | ||
| CWEN - NEP | 67% Closely correlated | +2.79% | ||
| AY - NEP | 62% Loosely correlated | +2.13% | ||
| BEP - NEP | 52% Loosely correlated | +2.72% | ||
| BEPC - NEP | 52% Loosely correlated | +1.89% | ||
| ORA - NEP | 48% Loosely correlated | +1.52% | ||
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