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Why NextEra Energy Partners Stock Plunged by as Much as 18.4% Today

TheMotleyFool

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Why NextEra Energy Partners Stock Plunged by as Much as 18.4% Today: https://g.foolcdn.com/editorial/images/749537/renewable-energy-in-field.jpg

Shares of renewable energy asset owner NextEra Energy Partners (NYSE: NEP) plunged by as much as 18.4% in early trading on Monday after an analyst downgraded the stock and rates on U.S. Treasuries rose. Shares were still down 13.7% for the day at 12:35 p.m. ET.

Wells Fargo analyst Neil Kalton downgraded NextEra Energy Partners from overweight to equal weight and sliced his price target on the stock from $80 per share to $33 per share.

It didn't help that 10-year U.S. Treasury rates rose by 12 basis points in early trading to 4.69%. Higher Treasury rates make it more costly for companies to refinance debt.

Source Fool.com

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