NextEra Energy Partners Shares Rise 12% After Increasing 3Q Distribution
By Ben Glickman
Shares of NextEra Energy Partners rose Tuesday after the limited partnership increased its third-quarter distribution and said it would repower some of its wind projects.
The stock was up 12% to $25.08 in morning trading. Shares have fallen 64% this year.
The Juno Beach, Fla.-based clean-energy management company, which is a limited partnership linked to NextEra Energy, said Tuesday morning it would increase its quarterly distribution after third-quarter results.
The company's board declared a quarterly distribution of 86.75 cents, or $3.47 annually, representing an annualized increase of 6% from the previous quarter.
The new payout represents an annual yield of 15.5%, based on Monday's closing price of $22.42.
NextEra Partners said it would repower about 740 megawatts of wind facilities through 2026.
The company reported a profit of $53 million, or 57 cents a unit, compared with $79 million, or 93 cents a unit, a year ago. Analysts polled by FactSet expected third-quarter profit of 44 cents a unit.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
October 24, 2023 11:43 ET (15:43 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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