Why NextEra Energy Partners Stock Popped 8.8% Today
Shares of renewable energy finance company NextEra Energy Partners (NYSE: NEP) jumped as much as 8.8% in trading on Tuesday after reporting first-quarter 2024 financial results. Shares were up 7.5% at 2:30 p.m. ET and holding steady gains for the day.
NextEra Energy Partners investors have been expecting the worst as interest rates rise and the company must maneuver around refinancing some projects. But in the first quarter, the company reported revenue of $257 million and funds from continuing operations of $0.75 per share. Analysts were expecting just $0.12 in funds from operations.
Funds available for distribution increased from $156 million a year ago to $164 million, and management reiterated their guidance of $730 million to $820 million in cash available for distribution in 2024. That will also enable a dividend run rate of $3.73 by the end of the year, with a targeted growth rate of 6% through at least 2026, similar to past guidance numbers.
Source Fool.com
