Why NextEra Energy Partners Stock Is Surging Today
Shares of NextEra Energy Partners (NYSE: NEP) are flying high today -- they were trading 6% higher as of noon ET Thursday after hitting a high of 8.6% earlier in the day. After slashing its dividend growth outlook unexpectedly last month, the renewable energy stock just got an analyst upgrade, even as it tried to regain investor confidence by providing insight into its future plans.
After a series of rating downgrades and price target cuts in recent weeks, NextEra Energy Partners stock got a stamp of approval from CIBC analyst Mark Jarvi yesterday, who raised the stock's price target to $33 a share from $31 per share, according to TheFly.
Jarvi highlighted how NextEra Energy Partners is still risky, given how dependent its near-term funding and buyout obligations are on the impending sale of its pipeline assets. Yet, the analyst believes the stock can weather the recent sell-off, as the company's latest quarterly numbers and outlook reveal its intention to sustain its revised dividend growth goal.
Source Fool.com
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