Nextera Energy Partners falls after RBC sees probable dividend cut

XPLR Infrastructure LP

01/07/2024 14:07

**  Shares of Nextera Energy Partners  NEP.N , a limited
partnership formed by NextEra Energy  NEE.N , down 1.5% at
$27.23 premarket
    ** RBC Capital Markets lowers rating to "sector perform"
from "sector outperform", cut PT to $30 from $38
        ** The new PT represents an 8.5% upside to the stock's
last close
  
    ** Says co's liabilities from convertible equity portfolio
financing post-2026 are quickly approaching, and RBC does not
have full confidence in the suite of solutions that co might opt
for to maintain a healthy availability of distributable cash 
    ** Adds that dividend cut is likely on the horizon as growth
through power generation is not enough 
    ** Out of the 16 brokerages that rate the stock, 4 rate it
"buy" or higher, 9 "hold" and 3 "sell"; their median PT is $32 -
LSEG
    ** Up to last close, stock is down 9.1% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))