Short Interest in 8Point3 Energy Partners LP (CAFD) Declines By 56.5%

8Point3 Energy Partners LP (NASDAQ:CAFD) was the target of a significant decline in short interest in the month of September. As of September 30th, there was short interest totalling 558,794 shares, a decline of 56.5% from the September 15th total of 1,285,277 shares. Based on an average trading volume of 583,493 shares, the short-interest ratio is currently 1.0 days. Currently, 2.1% of the shares of the company are sold short.

Several research firms have recently issued reports on CAFD. Barclays PLC raised shares of 8Point3 Energy Partners from an “underweight” rating to an “overweight” rating and boosted their price target for the company from $14.00 to $18.00 in a research report on Monday, July 11th. Oppenheimer Holdings Inc. reissued a “buy” rating on shares of 8Point3 Energy Partners in a research report on Thursday, June 30th. JPMorgan Chase & Co. raised shares of 8Point3 Energy Partners from a “neutral” rating to an “overweight” rating in a research report on Monday, July 11th. Raymond James Financial Inc. reissued a “strong-buy” rating on shares of 8Point3 Energy Partners in a research report on Thursday, June 30th. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $18.00 price target on shares of 8Point3 Energy Partners in a research report on Wednesday, September 21st. Two investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $18.85.

8Point3 Energy Partners (NASDAQ:CAFD) opened at 14.25 on Friday. The firm has a 50-day moving average of $14.93 and a 200-day moving average of $15.25. The stock has a market cap of $285.26 million, a PE ratio of 6.78 and a beta of 1.26. 8Point3 Energy Partners has a 1-year low of $11.60 and a 1-year high of $17.34.

8Point3 Energy Partners (NASDAQ:CAFD) last announced its quarterly earnings results on Tuesday, September 20th. The company reported $0.38 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.38. The firm had revenue of $26.10 million for the quarter. 8Point3 Energy Partners had a net margin of 87.76% and a return on equity of 2.58%. Analysts expect that 8Point3 Energy Partners will post $0.90 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Monday, October 3rd were issued a dividend of $0.2406 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.75%. The ex-dividend date of this dividend was Thursday, September 29th. This is an increase from 8Point3 Energy Partners’s previous quarterly dividend of $0.23.

Several hedge funds have recently made changes to their positions in CAFD. WFG Advisors LP acquired a new position in shares of 8Point3 Energy Partners during the second quarter valued at $993,000. Janney Montgomery Scott LLC boosted its position in shares of 8Point3 Energy Partners by 134.1% in the second quarter. Janney Montgomery Scott LLC now owns 105,520 shares of the company’s stock valued at $1,668,000 after buying an additional 60,452 shares during the period. BlackRock Group LTD boosted its position in shares of 8Point3 Energy Partners by 110.7% in the second quarter. BlackRock Group LTD now owns 6,368 shares of the company’s stock valued at $101,000 after buying an additional 3,346 shares during the period. Ameriprise Financial Inc. boosted its position in shares of 8Point3 Energy Partners by 2.3% in the second quarter. Ameriprise Financial Inc. now owns 665,000 shares of the company’s stock valued at $10,507,000 after buying an additional 15,000 shares during the period. Finally, Ecofin Ltd. boosted its position in shares of 8Point3 Energy Partners by 4.6% in the second quarter. Ecofin Ltd. now owns 539,943 shares of the company’s stock valued at $8,531,000 after buying an additional 23,579 shares during the period. 49.05% of the stock is currently owned by hedge funds and other institutional investors.

8Point3 Energy Partners Company Profile

8Point3 Energy Partners LP owns, operates and acquires solar energy generation projects. As of July 31, 2016, the Company owned a 28.2% limited liability company interest in 8point3 Operating Company, LLC (OpCo). As of July 31, 2016, the Company’s portfolio consisted of interests in 530 megawatts (MW) of solar energy projects.

5 Day Chart for NASDAQ:CAFD

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