NextEra Energy Partners downgraded to Peer Perform at Wolfe Research

Wolfe Research downgraded NextEra Energy Partners to Peer Perform from Outperform without a price target. Management stating the 6% distribution growth remains “for now” was a red flag, the analyst tells investors in a research note. The firm says that with NextEra Energy Partners yielding 13% today and no obvious solutions for the convertible equity portfolio financing overhang, it sees a distribution cut as increasingly likely.