NextEra Energy Partners (NEP, $74.69) tops Q3 earnings expectations
NextEra Energy Partners reported its third-quarter operating earnings per unit of 93 cents, beating Zacks Consensus Estimate of 63 cents.
Operating revenues were up +19.8% from the year-ago quarter to of $302 million on the back of new projects. However, it was below the Zacks Consensus Estimate of $415 million.
NextEra board of directors announced a quarterly distribution of 78.25 cents per unit. The cash distribution per common unit was hiked almost 15% on an annualized basis from the year-ago quarter, and the distribution will be payable on Nov 14, 2022 to unitholders of record as of Nov 4, 2022.
The company reaffirmed its 2022 EBITDA forecast in the range of $1.785-$1.985 billion. For, 2023 it is expecting adjusted EBITDA in a range of $2.22 billion to $2.42 billion.
NEP's RSI Oscillator ascends from oversold territory
The RSI Oscillator for NEP moved out of oversold territory on July 03, 2024. This could be a sign that the stock is shifting from a downward trend to an upward trend. Traders may want to buy the stock or call options. The A.I.dvisor looked at 33 similar instances when the indicator left oversold territory. In of the 33 cases the stock moved higher. This puts the odds of a move higher at .
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Industry description
The alternative power generation industry consists of companies that operate power facilities converting non-conventional forms of energy into electricity. These energy forms are alternatives to fossil fuels, and many of them are derived from natural resources. Alternative energy forms include solar, wind, hydro, and geothermal steam. A major purpose behind using alternative energy – also called ‘clean’ energy - is to address concerns related to the more conventional fossil fuels, such as the latter’s high carbon dioxide emissions which is often considered a factor in global warming. Alternative power generation has been gaining traction in recent years, and could grow further in the future. Large organizations like Google have invested substantially in wind and solar energy-powered electricity. Some of the prominent U.S. companies operating in the alternative power generation industry includes Ormat Technologies, Inc., TerraForm Power, Inc. and NextEra Energy Partners LP.
Market Cap
The average market capitalization across the Alternative Power Generation Industry is 6.05B. The market cap for tickers in the group ranges from 10 to 118.24B. REOVF holds the highest valuation in this group at 118.24B. The lowest valued company is CDVM at 10.
High and low price notable news
The average weekly price growth across all stocks in the Alternative Power Generation Industry was 41%. For the same Industry, the average monthly price growth was 18%, and the average quarterly price growth was 14%. FNEC experienced the highest price growth at 3,126%, while IICN experienced the biggest fall at -47%.
Volume
The average weekly volume growth across all stocks in the Alternative Power Generation Industry was -10%. For the same stocks of the Industry, the average monthly volume growth was 10% and the average quarterly volume growth was 74%
Fundamental Analysis Ratings
The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows
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