8point3 Energy Partners LP (NASDAQ:CAFD) – Analysts at FBR & Co reduced their Q3 2017 earnings per share estimates for shares of 8point3 Energy Partners in a report released on Monday. FBR & Co analyst C. Driscoll now anticipates that the energy company will earn $0.56 per share for the quarter, down from their previous estimate of $0.82. FBR & Co currently has a “Hold” rating and a $14.00 price target on the stock. FBR & Co also issued estimates for 8point3 Energy Partners’ FY2017 earnings at $0.99 EPS, Q1 2018 earnings at ($0.01) EPS and FY2018 earnings at $1.16 EPS.
A number of other equities research analysts have also recently weighed in on the company. Oppenheimer Holdings, Inc. cut 8point3 Energy Partners from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 4th. Janney Montgomery Scott dropped their price target on 8point3 Energy Partners from $20.00 to $13.50 and set a “hold” rating for the company in a report on Tuesday, July 4th. 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 report on Tuesday, July 4th. Bank of America Corporation cut 8point3 Energy Partners from a “buy” rating to a “neutral” rating and set a $13.00 price target for the company. in a report on Tuesday, July 4th. Finally, Roth Capital set a $15.00 price target on 8point3 Energy Partners and gave the company a “hold” rating in a report on Saturday, July 1st. Three investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $15.43.
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8point3 Energy Partners (NASDAQ:CAFD) opened at 14.73 on Wednesday. 8point3 Energy Partners has a 52 week low of $11.51 and a 52 week high of $17.34. The company has a market capitalization of $413.63 million, a P/E ratio of 22.66 and a beta of 0.84. The company’s 50-day moving average price is $13.72 and its 200-day moving average price is $13.25.
8point3 Energy Partners (NASDAQ:CAFD) last issued its quarterly earnings data on Thursday, June 29th. The energy company reported $0.12 EPS for the quarter, missing the Zacks’ consensus estimate of $0.15 by $0.03. The company had revenue of $16.68 million for the quarter, compared to the consensus estimate of $15.52 million. 8point3 Energy Partners had a return on equity of 1.94% and a net margin of 23.87%.
Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. purchased a new stake in shares of 8point3 Energy Partners during the fourth quarter worth approximately $287,000. Avenir Corp purchased a new stake in shares of 8point3 Energy Partners during the first quarter worth approximately $1,090,000. Renaissance Technologies LLC raised its stake in shares of 8point3 Energy Partners by 131.5% in the fourth quarter. Renaissance Technologies LLC now owns 161,916 shares of the energy company’s stock worth $2,102,000 after buying an additional 91,971 shares during the period. ICM Asset Management Inc. WA purchased a new stake in shares of 8point3 Energy Partners during the fourth quarter worth approximately $702,000. Finally, Raymond James Financial Services Advisors Inc. raised its stake in shares of 8point3 Energy Partners by 28.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 76,832 shares of the energy company’s stock worth $1,043,000 after buying an additional 16,999 shares during the period. Institutional investors own 55.71% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Shareholders of record on Thursday, July 6th will be issued a dividend of $0.2642 per share. The ex-dividend date of this dividend is Monday, July 3rd. This is a positive change from 8point3 Energy Partners’s previous quarterly dividend of $0.26. This represents a $1.06 annualized dividend and a yield of 7.18%.
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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