Wells Fargo & Co Downgrades 8Point3 Energy Partners LP (CAFD) to Market Perform

8Point3 Energy Partners LP (NASDAQ:CAFD) was downgraded by equities research analysts at Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a research report issued on Thursday, April 6th.

The analysts wrote, “Without the acquisition of the two large projects, and absent the ability to drop down additional projects, we believe it will be difficult for 8Point3 to grow cash available for distribution, or CAFD, per share,” the firm said.Reducing Estimates Starting In 2018The firm adjusted its 2017 and 2018 CAFD per share estimates for 8Point3 to $1.31 and $1.39, respectively from $1.30 and $1.60.”We are reducing our estimates starting in 2018 due to the high probability, in our opinion, that the company will not able to drop down the 280MW California Flats project or the 40MW Cuyama solar project as previously contemplated,”

A number of other research firms have also recently weighed in on CAFD. Roth Capital cut shares of 8Point3 Energy Partners from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $15.00 to $18.00 in a report on Friday, January 27th. Avondale Partners cut shares of 8Point3 Energy Partners from a “market perform” rating to an “underperform” rating in a report on Friday, January 27th. Robert W. Baird reaffirmed an “outperform” rating and issued a $20.00 price objective on shares of 8Point3 Energy Partners in a report on Friday, January 20th. Guggenheim raised shares of 8Point3 Energy Partners from a “neutral” rating to a “buy” rating and set a $16.00 target price for the company in a research note on Thursday, January 12th. Finally, Vetr cut shares of 8Point3 Energy Partners from a “strong-buy” rating to a “buy” rating and set a $14.74 target price for the company. in a research note on Tuesday, March 28th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $15.82.

Analyst Recommendations for 8Point3 Energy Partners (NASDAQ:CAFD)

8Point3 Energy Partners (NASDAQ:CAFD) traded up 0.80% during mid-day trading on Thursday, reaching $12.60. The company’s stock had a trading volume of 28,019 shares. 8Point3 Energy Partners has a 12-month low of $11.51 and a 12-month high of $17.34. The firm has a market cap of $353.76 million, a PE ratio of 15.50 and a beta of 0.91. The company has a 50-day moving average price of $12.62 and a 200-day moving average price of $13.31.

8Point3 Energy Partners (NASDAQ:CAFD) last released its quarterly earnings data on Wednesday, April 5th. The energy company reported $0.03 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.18) by $0.21. 8Point3 Energy Partners had a net margin of 44.30% and a return on equity of 3.62%. The company earned $9.90 million during the quarter, compared to analysts’ expectations of $9.64 million. On average, equities research analysts expect that 8Point3 Energy Partners will post $0.87 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, April 14th. Shareholders of record on Tuesday, April 4th were issued a $0.2565 dividend. This represents a $1.03 annualized dividend and a yield of 8.21%. This is a positive change from 8Point3 Energy Partners’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Friday, March 31st.

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A number of institutional investors have recently bought and sold shares of CAFD. Benjamin F. Edwards & Company Inc. raised its position in 8Point3 Energy Partners by 37.0% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 7,407 shares of the energy company’s stock valued at $107,000 after buying an additional 2,000 shares during the last quarter. Cornerstone Advisors Inc. bought a new position in shares of 8Point3 Energy Partners during the third quarter valued at approximately $144,000. Bessemer Group Inc. bought a new position in shares of 8Point3 Energy Partners during the fourth quarter valued at approximately $140,000. Prescott Group Capital Management L.L.C. bought a new position in shares of 8Point3 Energy Partners during the third quarter valued at approximately $157,000. Finally, Analytic Investors LLC bought a new position in shares of 8Point3 Energy Partners during the third quarter valued at approximately $206,000. Institutional investors own 62.03% of the company’s stock.

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.

5 Day Chart for NASDAQ:CAFD

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