(RTTNews) - NextEra Energy Partners, LP (NEP) shares are sliding more than 18 percent on Wednesday morning trade after the company reduced its limited partner distribution per unit growth expectations to 5 to 8 percent per year through at least 2026, with a target of 6 percent growth. Earlier growth expectation was in a range of 6-8 percent per year. Further, the company said it expects no growth equity until 2027.
Further, the company revised its year-end run-rate expectations for adjusted EBITDA and CAFD to be in the ranges of $1,900 million to $2,100 million and $730 million to $820 million, respectively.
NextEra Energy Partners now expects the annualized rates of its third-quarter 2023 distribution per common unit to be $3.47, payable in November 2023, and its fourth-quarter 2023 distribution per common unit to be $3.52, payable in February of 2024.
Currently, shares are at $38.31, down 18.30 percent from the previous close of $46.90 on a volume of 1,923,495.
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