8point3 Energy Partners LP (CAFD) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research downgraded shares of 8point3 Energy Partners LP (NASDAQ:CAFD) from a hold rating to a sell rating in a research note issued to investors on Wednesday.

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. “

CAFD has been the subject of several other reports. BidaskClub raised shares of 8point3 Energy Partners from a hold rating to a buy rating in a report on Wednesday, August 23rd. TheStreet raised shares of 8point3 Energy Partners from a d rating to a b- rating in a report on Wednesday, August 9th. FBR & Co reaffirmed a neutral rating and issued a $15.00 target price (up from $14.00) on shares of 8point3 Energy Partners in a report on Wednesday, October 4th. Robert W. Baird reaffirmed a buy rating and issued a $16.00 target price on shares of 8point3 Energy Partners in a report on Friday, October 20th. Finally, Roth Capital set a $15.00 target price on shares of 8point3 Energy Partners and gave the stock a hold rating in a report on Wednesday, October 4th. Six analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company’s stock. 8point3 Energy Partners has a consensus rating of Hold and an average price target of $13.92.

8point3 Energy Partners (NASDAQ:CAFD) last issued its quarterly earnings results on Wednesday, October 4th. The energy company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.65 by ($0.38). 8point3 Energy Partners had a net margin of 23.13% and a return on equity of 1.87%. The business had revenue of $27.74 million for the quarter, compared to analysts’ expectations of $25.85 million.

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The business also recently declared a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Tuesday, October 3rd were paid a $0.2721 dividend. The ex-dividend date of this dividend was Monday, October 2nd. This is a positive change from 8point3 Energy Partners’s previous quarterly dividend of $0.26. This represents a $1.09 dividend on an annualized basis and a dividend yield of 7.19%.

Several hedge funds have recently made changes to their positions in the company. Trillium Asset Management LLC grew its stake in shares of 8point3 Energy Partners by 1.1% in the third quarter. Trillium Asset Management LLC now owns 365,273 shares of the energy company’s stock worth $5,490,000 after acquiring an additional 3,882 shares during the period. Raymond James Financial Services Advisors Inc. grew its stake in shares of 8point3 Energy Partners by 2.8% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 160,071 shares of the energy company’s stock worth $2,406,000 after acquiring an additional 4,317 shares during the period. WFG Advisors LP grew its stake in shares of 8point3 Energy Partners by 14.5% in the second quarter. WFG Advisors LP now owns 148,075 shares of the energy company’s stock worth $2,240,000 after acquiring an additional 18,782 shares during the period. Wealthsource Partners LLC grew its stake in shares of 8point3 Energy Partners by 217.2% in the second quarter. Wealthsource Partners LLC now owns 40,125 shares of the energy company’s stock worth $607,000 after acquiring an additional 27,475 shares during the period. Finally, Boston Common Asset Management LLC grew its stake in shares of 8point3 Energy Partners by 36.3% in the second quarter. Boston Common Asset Management LLC now owns 370,289 shares of the energy company’s stock worth $5,602,000 after acquiring an additional 98,595 shares during the period. Hedge funds and other institutional investors own 19.93% 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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