8point3 Energy Partners LP (CAFD) Downgraded to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of 8point3 Energy Partners LP (NASDAQ:CAFD) from a hold rating to a sell rating in a report published on Wednesday morning.

According to Zacks, “8point3 Energy Partners LP owns, operates and acquires solar energy generation projects primarily in the United States. It serves residential, commercial and industrial customers. 8point3 Energy Partners LP is based in San Jose. “

CAFD has been the subject of a number of other research reports. Bank of America Corporation initiated coverage on 8point3 Energy Partners in a research report on Tuesday, October 24th. They issued an underperform rating and a $12.00 price target for the company. Robert W. Baird restated a buy rating and issued a $16.00 price target on shares of 8point3 Energy Partners in a research report on Friday, October 20th. Credit Suisse Group dropped their price target on 8point3 Energy Partners from $12.00 to $11.00 and set a sell rating for the company in a research report on Tuesday, July 4th. BidaskClub cut 8point3 Energy Partners from a strong-buy rating to a buy rating in a research report on Tuesday, July 25th. Finally, Roth Capital set a $15.00 price target on 8point3 Energy Partners and gave the company a hold rating in a research report on Wednesday, October 4th. Six research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company’s stock. 8point3 Energy Partners currently has an average rating of Hold and an average price target of $13.92.

8point3 Energy Partners (CAFD) opened at $15.36 on Wednesday. The company has a current ratio of 3.26, a quick ratio of 3.26 and a debt-to-equity ratio of 0.83.

8point3 Energy Partners (NASDAQ:CAFD) last announced its quarterly earnings results on Wednesday, October 4th. The energy company reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.38). 8point3 Energy Partners had a net margin of 23.13% and a return on equity of 1.87%. The firm had revenue of $27.74 million during the quarter, compared to analysts’ expectations of $25.85 million. sell-side analysts forecast that 8point3 Energy Partners will post 0.53 EPS for the current fiscal year.

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The firm also recently declared a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Tuesday, October 3rd were paid a $0.2721 dividend. This represents a $1.09 dividend on an annualized basis and a yield of 7.09%. This is a positive change from 8point3 Energy Partners’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Monday, October 2nd.

A number of large investors have recently modified their holdings of CAFD. Parametric Portfolio Associates LLC acquired a new stake in 8point3 Energy Partners in the 1st quarter worth about $441,000. UBS Group AG boosted its stake in 8point3 Energy Partners by 16.6% in the 1st quarter. UBS Group AG now owns 18,438 shares of the energy company’s stock worth $250,000 after buying an additional 2,630 shares during the last quarter. Bank of America Corp DE boosted its stake in 8point3 Energy Partners by 63.7% in the 1st quarter. Bank of America Corp DE now owns 69,403 shares of the energy company’s stock worth $942,000 after buying an additional 26,997 shares during the last quarter. Credit Suisse AG boosted its stake in 8point3 Energy Partners by 19.3% in the 1st quarter. Credit Suisse AG now owns 13,391 shares of the energy company’s stock worth $182,000 after buying an additional 2,168 shares during the last quarter. Finally, Cornerstone Advisors Inc. boosted its stake in 8point3 Energy Partners by 49.3% in the 2nd quarter. Cornerstone Advisors Inc. now owns 10,065 shares of the energy company’s stock worth $152,000 after buying an additional 3,325 shares during the last quarter. 19.93% of the stock is currently owned by hedge funds and other institutional investors.

8point3 Energy Partners Company Profile

8point3 Energy Partners LP owns, operates and acquires solar energy generation projects. As of November 30, 2016, Company’s portfolio comprised interests in 642 Megawatt (MW) of solar energy projects. The Company is developing projects under utility, commercial and industrial (C&I) and residential categories.

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