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NEP

NextEra Energy Partners

$52.41

0.33 (0.63%)

06:36
09/30/19
09/30
06:36
09/30/19
06:36

NextEra Energy Partners now see run-rate adjusted EBITDA $1.23B-$1.4B

Earlier this month, NextEra Energy Partners launched a tender offer to purchase 100% of the outstanding operating company notes at its Genesis project. The partnership's current expectation is that by the end of this year, the partnership will have acquired all of the remaining Genesis debt, resulting in an increase in CAFD through the removal of project-level debt service. This benefit, combined with the incremental CAFD generated by the previously announced repowering projects and the purchase of the outstanding Genesis holding company notes, as well as completion of the Meade acquisition, increases the partnership's expectations for a Dec. 31, 2019, run-rate CAFD, including full contributions from PG&E-related projects, to a range of $560 million to $640 million, reflecting calendar year 2020 expectations for the forecasted portfolio at year-end 2019. Excluding all contributions from the Desert Sunlight 250 and 300 projects, NextEra Energy Partners expects a Dec. 31, 2019 run rate for CAFD of $505 million to $585 million. Dec. 31, 2019, run-rate adjusted EBITDA expectations, which assume full contributions from projects related to PG&E, as revenue is expected to continue to be recognized, increases to $1.225 billion to $1.4 billion, following completion of the Meade transaction. NextEra Energy Partners now expects Dec. 31, 2020, run-rate expectations for adjusted EBITDA and CAFD to be consistent with year-end 2019 run-rate expectations, reflecting the partnership's expectation that it can achieve its long-term distribution growth objectives without the need for additional asset acquisitions until 2021. These expectations include the impact of expected incentive distribution rights fees, as these fees are treated as an operating expense. From a base of its fourth-quarter 2018 distribution per common unit at an annualized rate of $1.86 per common unit, NextEra Energy Partners continues to expect 12% to 15% per year growth in limited partner distributions as being a reasonable range of expectations through at least 2024, subject to the usual caveats.

NEP NextEra Energy Partners
$52.41

0.33 (0.63%)

03/07/19
LEHM
03/07/19
DOWNGRADE
Target $49
LEHM
Equal Weight
NextEra Energy Partners downgraded to Equal Weight from Overweight at Barclays
Barclays analyst Moses Sutton downgraded NextEra Energy Partners to Equal Weight with a $49 price target.
03/31/19
GSCO
03/31/19
UPGRADE
GSCO
Buy
NextEra Energy Partners upgraded to Buy from Neutral at Goldman Sachs
Goldman Sachs upgraded NextEra Energy Partners to Buy given reduced dividend growth risk and long-term growth visibility that is not fully appreciated.
03/31/19
GSCO
03/31/19
UPGRADE
Target $49
GSCO
Buy
Goldman upgrades NextEra Energy Partners to Buy on distribution growth
Goldman Sachs analyst Michael Lapides upgraded NextEra Energy Partners (NEP) to Buy from Neutral and raised his price target for the shares to $49 from $45. The analyst sees visibility into more than 10 years of double digit distribution growth for the company. He expects NextEra Energy (NEE) to maintain its U.S. renewable market share in an industry growing at an over 9% annually through 2030. And he expects NextEra Energy Partners to leverage its "favorable" balance sheet position to only require minimal equity through 2021 to finance drop-downs. NextEra Energy Partners appears positioned to continue growing distributions at the upper end of the 12%-15% guidance range beyond the next five years, Lapides tells investors in a research note. The analyst believes the company's reduced dividend growth risk and long-term visibility is not fully appreciated at current share levels.
04/30/19
MSCO
04/30/19
NO CHANGE
MSCO
Clearway, Pattern Energy could see boost on Atlantica news, says Morgan Stanley
Morgan Stanley analyst Stephen Byrd noted that Atlantica Yield (AY) has announced plans to explore strategic options and while he has no knowledge of any talks involving any of the companies he covers in the space he believes that the market could begin to price in potential strategic optionality at other YieldCos. If so, he sees the potential for modest upside for Clearway Energy (CWEN) and Pattern Energy (PEGI), depending on a what assumptions the market makes, Byrd tells investors. He also points to NextEra Energy Partners (NEP) as a "special case" among YieldCos, stating that its dividend yield is much lower, but its growth prospects are significantly better. In the case of NextEra, though, Byrd said he sees potential downside given the relatively high amount of non-amortizing leverage at parent NextEra Energy (NEE).

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AMZN

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ANTM

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HCA

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CYH

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LPNT

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(0.00%)

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THC

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GM

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FCAU

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TM

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F

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HMC

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VWAGY

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BMWYY

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MDCO

The Medicines Co.

$51.92

1.03 (2.02%)

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  • 16

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CVET

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CMCSK

Comcast

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CWK

Cushman & Wakefield

$19.10

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LMT

Lockheed Martin

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ESCA

Escalade

$10.90

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CZR

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EGRX

Eagle Pharmaceuticals

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FN

Fabrinet

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  • 12

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TEUM

Pareteum

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HEXO

Hexo

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AMGN

Amgen

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RAVE

Rave Restaurant

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-0.79 (-35.43%)

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CHAP

Chaparral Energy

$0.89

-0.0521 (-5.52%)

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16:45
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General news
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CI

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$196.08

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$57.57

2.91 (5.32%)

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On The Fly
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CI

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CNC

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CVS

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UNH

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WCG

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HNT

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$0.00

(0.00%)

MOH

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ANTM

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HCA

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CYH

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$3.12

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LPNT

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$0.00

(0.00%)

UHS

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NVDA

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MSFT

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UAA

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UA

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AMRN

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GOOG

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ORCL

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RH

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QGEN

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FTCH

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THC

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TORC

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ACB

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NYT

New York Times

$31.60

0.44 (1.41%)

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16:41
Hot Stocks
New York Times CEO sells 66,000 class A common shares »

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  • 09

    Dec

WEX

Wex

$200.52

4.61 (2.35%)

16:41
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16:41
Hot Stocks
Wex director Morris sells 3K shares of common stock »

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