Why NextEra Energy Partners Shares Popped 11% in July

Why NextEra Energy Partners Shares Popped 11% in July

Shares of yieldco NextEra Energy Partners (NYSE: NEP) jumped 11.4% in July according to data provided by S&P Global Market Intelligence after the company reported earnings for the second quarter. And it didn't hurt that renewable energy projects overall are a hot commodity on the market. 

Quarterly revenue jumped from $188 million to $204 million and net income increased from $8 million to $13 million. But what investors were more interested in is the company's cash available for distribution: $146 million before debt service and $84 million after debt. Management also said they expect fourth quarter 2017 distribution to be at an annualized rate of $1.58 to $1.62 per share, and the dividend to grow 12% to 15% annually between now and 2022.

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Source: Fool.com