Why NextEra Energy Partners Is Rocketing Today
Units of NextEra Energy Partners (NYSE: NEP) surged about 10% by 10:45 a.m. ET on Tuesday. Powering the renewable energy producer's big move higher was its solid third-quarter results.
NextEra Energy Partners has been under tremendous pressure this year. The renewable energy producer's unit price has plummeted due to a rising cost of capital, which forced it to slam the brakes on its dividend growth plan.
Despite its issues, the company generated strong third-quarter results. NextEra Energy Partners produced $488 million of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) (up 29% year over year) and $247 million of cash available for distribution (CAFD), a 33.5% year-over-year increase. The company benefited from new investments and reduced management fees charged by its parent, NextEra Energy.
Source Fool.com
