8Point3 Energy Partners LP (NASDAQ:CAFD) was downgraded by Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday.
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,”
Several other research analysts also recently issued reports on the stock. Avondale Partners downgraded shares of 8Point3 Energy Partners from a “market perform” rating to an “underperform” rating in a research report on Friday, January 27th. Guggenheim upgraded 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. TheStreet upgraded shares of 8Point3 Energy Partners from a “d+” rating to a “c-” rating in a research note on Thursday, January 26th. Roth Capital cut shares of 8Point3 Energy Partners from a “buy” rating to a “neutral” rating and raised their target price for the stock from $15.00 to $18.00 in a research note on Friday, January 27th. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $20.00 price objective on shares of 8Point3 Energy Partners in a research note on Monday, February 6th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $15.87.
8Point3 Energy Partners (NASDAQ:CAFD) traded up 0.41% on Thursday, hitting $12.18. The company’s stock had a trading volume of 282,034 shares. The firm has a market cap of $341.97 million, a price-to-earnings ratio of 14.98 and a beta of 0.91. The firm has a 50 day moving average of $12.72 and a 200 day moving average of $13.44. 8Point3 Energy Partners has a 12 month low of $11.51 and a 12 month high of $17.34.
8Point3 Energy Partners (NASDAQ:CAFD) last posted its earnings results on Wednesday, April 5th. The energy company reported $0.03 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.18) by $0.21. The firm had revenue of $9.90 million for the quarter, compared to the consensus estimate of $9.64 million. 8Point3 Energy Partners had a net margin of 44.30% and a return on equity of 3.62%. Equities research analysts forecast that 8Point3 Energy Partners will post $0.87 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, April 14th. Investors of record on Tuesday, April 4th were issued a $0.2565 dividend. The ex-dividend date was Friday, March 31st. This is a boost from 8Point3 Energy Partners’s previous quarterly dividend of $0.25. This represents a $1.03 annualized dividend and a yield of 8.42%.
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A number of hedge funds have recently added to or reduced their stakes in the stock. Analytic Investors LLC acquired a new stake in 8Point3 Energy Partners during the third quarter valued at $206,000. Quentec Asset Management LLC increased its stake in 8Point3 Energy Partners by 20.8% in the third quarter. Quentec Asset Management LLC now owns 1,307,318 shares of the energy company’s stock valued at $18,826,000 after buying an additional 225,213 shares during the last quarter. Engineers Gate Manager LP bought a new stake in 8Point3 Energy Partners during the third quarter valued at $401,000. Monashee Investment Management LLC acquired a new stake in shares of 8Point3 Energy Partners during the third quarter worth $2,414,000. Finally, Boston Common Asset Management LLC increased its stake in shares of 8Point3 Energy Partners by 22.2% in the third quarter. Boston Common Asset Management LLC now owns 410,374 shares of the energy company’s stock worth $5,909,000 after buying an additional 74,509 shares during the last quarter. Hedge funds and other 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.
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