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 analysts have also recently commented on the stock. Avondale Partners cut shares of 8Point3 Energy Partners from a “market perform” rating to an “underperform” rating in a research note on Friday, January 27th. Credit Suisse Group AG reissued a “sell” rating and set a $11.00 target price (down previously from $12.00) on shares of 8Point3 Energy Partners in a research note on Thursday, April 6th. 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. TheStreet raised shares of 8Point3 Energy Partners from a “d+” rating to a “c-” rating in a research note on Thursday, January 26th. Finally, Roth Capital lowered shares of 8Point3 Energy Partners from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $15.00 to $18.00 in a research report on Friday, January 27th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. 8Point3 Energy Partners currently has an average rating of “Hold” and a consensus target price of $15.82.
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 earnings results on Wednesday, April 5th. The energy company reported $0.03 EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.21. The business earned $9.90 million during the quarter, compared to analysts’ expectations of $9.64 million. 8Point3 Energy Partners had a net margin of 44.30% and a return on equity of 3.62%. On average, equities research analysts expect that 8Point3 Energy Partners will post $0.87 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, April 14th. Investors of record on Tuesday, April 4th were paid a dividend of $0.2565 per share. This is an increase from 8Point3 Energy Partners’s previous quarterly dividend of $0.25. This represents a $1.03 annualized dividend and a yield of 8.21%. The ex-dividend date was Friday, March 31st.
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A number of large investors have recently made changes to their positions in CAFD. Benjamin F. Edwards & Company Inc. increased its stake in shares of 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. Bessemer Group Inc. purchased a new stake in shares of 8Point3 Energy Partners during the fourth quarter worth approximately $140,000. Cornerstone Advisors Inc. purchased a new stake in shares of 8Point3 Energy Partners during the third quarter worth approximately $144,000. Prescott Group Capital Management L.L.C. purchased a new stake in shares of 8Point3 Energy Partners during the third quarter worth approximately $157,000. Finally, Analytic Investors LLC purchased a new stake in shares of 8Point3 Energy Partners during the third quarter worth approximately $206,000. 62.03% of the stock is currently owned by hedge funds and other institutional investors.
About 8Point3 Energy Partners
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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