8point3 Energy Partners LP (CAFD) Trading Down 3.5%
8point3 Energy Partners LP (NASDAQ:CAFD) was down 3.5% during mid-day trading on Tuesday . The stock traded as low as $16.23 and last traded at $16.24, with a volume of 73,879 shares changing hands. The stock had previously closed at $16.83.
Several equities research analysts recently issued reports on CAFD shares. Guggenheim started coverage on shares of 8point3 Energy Partners in a research note on Tuesday, April 12th. They issued a “neutral” rating for the company. Zacks Investment Research raised shares of 8point3 Energy Partners from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research note on Tuesday, June 7th. Wells Fargo & Co. started coverage on shares of 8point3 Energy Partners in a research note on Wednesday, June 1st. They issued an “outperform” rating for the company. Mizuho reduced their price objective on shares of 8point3 Energy Partners from $21.00 to $18.00 and set a “buy” rating for the company in a research note on Tuesday, May 31st. Finally, Raymond James Financial Inc. reaffirmed a “strong-buy” rating on shares of 8point3 Energy Partners in a research note on Thursday, June 30th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. 8point3 Energy Partners presently has a consensus rating of “Buy” and an average target price of $18.43.
The stock has a 50-day moving average of $16.02 and a 200-day moving average of $15.28. The company has a market cap of $329.63 million and a P/E ratio of 16.13.
8point3 Energy Partners (NASDAQ:CAFD) last issued its quarterly earnings data on Wednesday, June 29th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.51. The company had revenue of $13.50 million for the quarter, compared to the consensus estimate of $11.60 million. Analysts forecast that 8point3 Energy Partners LP will post $0.85 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Tuesday, July 5th were given a dividend of $0.2325 per share. This is a boost from 8point3 Energy Partners’s previous quarterly dividend of $0.22. This represents a $0.93 annualized dividend and a dividend yield of 5.65%. The ex-dividend date was Thursday, June 30th.
In related news, insider Charles D. Boynton acquired 1,714 shares of the stock in a transaction dated Wednesday, May 18th. The stock was bought at an average price of $14.61 per share, with a total value of $25,041.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
A hedge fund recently raised its stake in 8point3 Energy Partners stock. Kayne Anderson Capital Advisors LP raised its position in shares of 8point3 Energy Partners LP (NASDAQ:CAFD) by 127.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 314,000 shares of the company’s stock after buying an additional 176,000 shares during the period. Kayne Anderson Capital Advisors LP owned 1.57% of 8point3 Energy Partners worth $5,063,000 at the end of the most recent reporting period.
8point3 Energy Partners LP (8point3 Partners) is a limited partnership formed by First Solar and SunPower to own, operate and acquire solar energy generation projects. The Company’s portfolio includes utility projects, and commercial and industrial (C&I) projects. Its utility projects include MarylandSolar project, a 100% owned project located in Maryland; Solar Gen 2 project, a 49% owned project located in California; Lost Hills / Blackwell project, a 49% owned project located in California; North Star project, a 49% owned project located in California; RPU project, a 100% owned project located in California, and Quinto project, a 100% owned project located in California.
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