Zacks Investment Research Downgrades 8Point3 Energy Partners (CAFD) to Sell

Zacks Investment Research cut shares of 8Point3 Energy Partners (NASDAQ:CAFD) from a hold rating to a sell rating in a research note published 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. “

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CAFD has been the subject of a number of other research reports. Oppenheimer reiterated a hold rating on shares of 8Point3 Energy Partners in a report on Monday, February 5th. TheStreet lowered shares of 8Point3 Energy Partners from a c rating to a d+ rating in a report on Tuesday, January 16th. BidaskClub upgraded shares of 8Point3 Energy Partners from a hold rating to a buy rating in a report on Thursday, January 4th. JPMorgan Chase lowered shares of 8Point3 Energy Partners from an overweight rating to a neutral rating in a report on Tuesday, January 9th. Finally, Robert W. Baird lowered shares of 8Point3 Energy Partners from an outperform rating to a neutral rating and set a $16.00 price objective for the company. in a report on Monday, January 22nd. Five equities research analysts have rated the stock with a sell rating and twelve have assigned a hold rating to the company. The stock presently has an average rating of Hold and a consensus price target of $13.27.

Shares of NASDAQ CAFD opened at $11.99 on Wednesday. 8Point3 Energy Partners has a 1 year low of $11.69 and a 1 year high of $15.92. The company has a debt-to-equity ratio of 0.84, a current ratio of 5.20 and a quick ratio of 5.20.

8Point3 Energy Partners (NASDAQ:CAFD) last issued its quarterly earnings data on Wednesday, March 28th. The energy company reported $0.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.27. The business had revenue of $10.87 million during the quarter, compared to analyst estimates of $11.17 million. 8Point3 Energy Partners had a net margin of 28.84% and a return on equity of 1.96%. equities research analysts predict that 8Point3 Energy Partners will post 0.58 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, April 13th. Shareholders of record on Tuesday, April 3rd will be issued a dividend of $0.2802 per share. The ex-dividend date is Monday, April 2nd. This represents a $1.12 annualized dividend and a yield of 9.35%.

A number of institutional investors have recently added to or reduced their stakes in the business. Shelton Capital Management raised its holdings in 8Point3 Energy Partners by 4.1% during the 3rd quarter. Shelton Capital Management now owns 101,000 shares of the energy company’s stock worth $1,518,000 after purchasing an additional 4,000 shares during the last quarter. Vanguard Group Inc. raised its holdings in 8Point3 Energy Partners by 4.8% during the 2nd quarter. Vanguard Group Inc. now owns 123,041 shares of the energy company’s stock worth $1,862,000 after purchasing an additional 5,664 shares during the last quarter. Global X Management Co. LLC raised its holdings in 8Point3 Energy Partners by 30.4% during the 4th quarter. Global X Management Co. LLC now owns 25,762 shares of the energy company’s stock worth $392,000 after purchasing an additional 6,001 shares during the last quarter. SG Americas Securities LLC bought a new position in 8Point3 Energy Partners during the 4th quarter worth approximately $103,000. Finally, BlackRock Inc. raised its holdings in 8Point3 Energy Partners by 58.9% during the 4th quarter. BlackRock Inc. now owns 29,170 shares of the energy company’s stock worth $444,000 after purchasing an additional 10,807 shares during the last quarter. Hedge funds and other institutional investors own 17.53% of the company’s stock.

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About 8Point3 Energy Partners

8point3 Energy Partners LP, together with its subsidiaries, acquires, owns, and operates solar energy generation projects in the United States. It owns interests in 10 utility-scale solar energy projects; and 4 commercial and industrial solar energy projects, as well as a portfolio of residential DG solar assets.

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