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

Zacks Investment Research cut shares of 8point3 Energy Partners LP (NASDAQ:CAFD) from a hold rating to a sell rating in a research note released 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. “

CAFD has been the subject of several other reports. Bank of America Corporation set a $16.00 price objective on shares of 8point3 Energy Partners and gave the company a hold rating in a research note on Thursday, October 5th. BidaskClub cut shares of 8point3 Energy Partners from a strong-buy rating to a buy rating in a research note on Tuesday, July 25th. Credit Suisse Group decreased their price objective on shares of 8point3 Energy Partners from $12.00 to $11.00 and set a sell rating for the company in a research note on Tuesday, July 4th. Vetr upgraded shares of 8point3 Energy Partners from a sell rating to a hold rating and set a $14.49 price objective for the company in a research note on Tuesday, June 27th. Finally, Robert W. Baird restated a buy rating and set a $16.00 price objective on shares of 8point3 Energy Partners in a research note on Tuesday, September 12th. Five research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus price target of $14.25.

8point3 Energy Partners (NASDAQ:CAFD) traded up 0.7054% on Tuesday, reaching $15.5892. 42,705 shares of the company’s stock traded hands. 8point3 Energy Partners has a 12-month low of $11.51 and a 12-month high of $15.79.

8point3 Energy Partners (NASDAQ:CAFD) last announced its quarterly earnings data on Wednesday, October 4th. The energy company reported $0.27 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $25.85 million. On average, equities research analysts expect that 8point3 Energy Partners will post $0.60 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 $0.2721 dividend. This is a boost from 8point3 Energy Partners’s previous quarterly dividend of $0.26. This represents a $1.09 annualized dividend and a dividend yield of 7.03%. The ex-dividend date of this dividend was Monday, October 2nd.

Several institutional investors have recently added to or reduced their stakes in CAFD. Benjamin F. Edwards & Company Inc. grew its holdings in shares of 8point3 Energy Partners by 14.7% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 9,376 shares of the energy company’s stock worth $142,000 after buying an additional 1,200 shares in the last quarter. Global X Management Co. LLC grew its holdings in shares of 8point3 Energy Partners by 7.6% during the first quarter. Global X Management Co. LLC now owns 10,822 shares of the energy company’s stock worth $147,000 after buying an additional 761 shares in the last quarter. Cornerstone Advisors Inc. grew its holdings in shares of 8point3 Energy Partners by 49.3% during the second quarter. Cornerstone Advisors Inc. now owns 10,065 shares of the energy company’s stock worth $152,000 after buying an additional 3,325 shares in the last quarter. Bayesian Capital Management LP purchased a new stake in shares of 8point3 Energy Partners during the second quarter worth $165,000. Finally, Credit Suisse AG grew its holdings in shares of 8point3 Energy Partners by 19.3% during the first quarter. Credit Suisse AG now owns 13,391 shares of the energy company’s stock worth $182,000 after buying an additional 2,168 shares in the last quarter. 19.66% of the stock is owned by institutional investors and hedge funds.

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.

Analyst Recommendations for 8point3 Energy Partners (NASDAQ:CAFD)

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