Why NextEra Energy Partners Stock Plummeted Again Today
NextEra Energy Partners (NYSE: NEP) stock declined substantially for the second straight day on Thursday. The company closed the trading session down 18.5%, according to data from S&P Global Market Intelligence.
Management revised its guidance downward on Wednesday, and the new targets prompted big sell-offs of the stock that day. Negative coverage from analysts helped spur continued sell-offs in Thursday's session.
With its guidance update, NextEra Energy Partners cut its forecast annual dividend per unit distribution growth rate through 2026 to between 5% and 8%. Adding a bit of extra color, the NextEra Energy (NYSE: NEE) subsidiary said that it is targeting a distribution growth rate of 6% across the period. This was a substantial step down from its previous target for an annualized growth rate of 12% to 15% through that period.
Source Fool.com
