Zacks Investment Research lowered shares of 8point3 Energy Partners LP (NASDAQ:CAFD) from a hold rating to a sell rating in a research note issued to investors on Tuesday 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. “
Other equities analysts have also issued research reports about the stock. TheStreet upgraded shares of 8point3 Energy Partners from a d rating to a b- rating in a report on Wednesday, August 9th. BidaskClub lowered shares of 8point3 Energy Partners from a strong-buy rating to a buy rating in a report on Tuesday, July 25th. Robert W. Baird reiterated a buy rating and set a $16.00 price target on shares of 8point3 Energy Partners in a report on Tuesday, September 12th. Barclays PLC lowered shares of 8point3 Energy Partners from an overweight rating to an equal weight rating and cut their price target for the stock from $15.01 to $14.00 in a report on Tuesday, June 27th. Finally, FBR & Co reiterated a hold rating on shares of 8point3 Energy Partners in a report on Saturday, July 1st. Five investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $14.25.
Shares of 8point3 Energy Partners (NASDAQ CAFD) traded up 0.39% during mid-day trading on Tuesday, hitting $15.51. 94,149 shares of the company’s stock traded hands. 8point3 Energy Partners has a 52 week low of $11.51 and a 52 week high of $15.79. The firm has a 50-day moving average of $14.81 and a 200 day moving average of $14.03. The company has a market cap of $435.54 million, a PE ratio of 60.59 and a beta of 0.85.
8point3 Energy Partners (NASDAQ:CAFD) last issued its quarterly earnings results on Wednesday, October 4th. The energy company reported $0.27 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.38). The business had revenue of $27.74 million for the quarter, compared to analyst estimates of $25.85 million. 8point3 Energy Partners had a return on equity of 1.87% and a net margin of 23.13%. Equities research analysts predict that 8point3 Energy Partners will post $0.53 EPS for the current year.
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The company also recently announced a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Tuesday, October 3rd were paid a dividend of $0.2721 per share. This represents a $1.09 dividend on an annualized basis and a yield of 7.02%. The ex-dividend date was Monday, October 2nd. This is an increase from 8point3 Energy Partners’s previous quarterly dividend of $0.26.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. WFG Advisors LP raised its stake in 8point3 Energy Partners by 14.5% during the second quarter. WFG Advisors LP now owns 148,075 shares of the energy company’s stock worth $2,240,000 after buying an additional 18,782 shares during the last quarter. Wealthsource Partners LLC raised its stake in 8point3 Energy Partners by 217.2% during the second quarter. Wealthsource Partners LLC now owns 40,125 shares of the energy company’s stock worth $607,000 after buying an additional 27,475 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in 8point3 Energy Partners by 102.7% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 155,754 shares of the energy company’s stock worth $2,357,000 after buying an additional 78,922 shares during the last quarter. Boston Common Asset Management LLC raised its stake in 8point3 Energy Partners by 36.3% during the second quarter. Boston Common Asset Management LLC now owns 370,289 shares of the energy company’s stock worth $5,602,000 after buying an additional 98,595 shares during the last quarter. Finally, Goldman Sachs Group Inc. bought a new position in 8point3 Energy Partners during the second quarter worth $250,000. 19.66% of the stock is owned by institutional investors and hedge funds.
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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