Oppenheimer lowered the firm’s price target on NextEra Energy Partners to $81 from $90 and keeps an Outperform rating on the shares. The firm notes the company reported below-consensus Q2 adjusted EBITDA/CAFD on historically low wind production while reiterating 2024 guidance/long-term DPS outlook and indicating progress on divesting natural gas pipeline assets. The pause on IDR fees mitigated the impacts of lower wind resource availability and supports an increase to Oppenheimer’s go-forward EBITDA outlook.
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Read More on NEP:
- NextEra Energy Partners, LP second-quarter 2023 financial results available on partnership’s website
- NextEra Energy Partners sees FY23 adjusted EBITDA $2.22B-$2.42B
- NextEra Energy Partners sees 12%-15% growth per year in distributions per unit
- NextEra Energy Partners reports Q2 EPS 53c, consensus 68c
- NextEra Energy second-quarter 2023 financial results available on company’s website