Bank of America Corporation Reiterates “$16.00” Price Target for 8point3 Energy Partners LP (CAFD)
Bank of America Corporation set a $16.00 price target on 8point3 Energy Partners LP (NASDAQ:CAFD) in a research report report published on Thursday, MarketBeat.com reports. The firm currently has a hold rating on the energy company’s stock.
CAFD has been the topic of a number of other research reports. Zacks Investment Research upgraded 8point3 Energy Partners from a sell rating to a hold rating in a report on Monday, September 11th. Credit Suisse Group reduced their price target on 8point3 Energy Partners from $12.00 to $11.00 and set a sell rating on the stock in a report on Tuesday, July 4th. BidaskClub downgraded 8point3 Energy Partners from a strong-buy rating to a buy rating in a report on Tuesday, July 25th. Vetr upgraded 8point3 Energy Partners from a sell rating to a hold rating and set a $14.49 price target on the stock in a report on Tuesday, June 27th. Finally, Robert W. Baird restated a buy rating and set a $16.00 price target on shares of 8point3 Energy Partners in a report on Tuesday, September 12th. Four equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of Hold and an average price target of $14.09.
Shares of 8point3 Energy Partners (NASDAQ:CAFD) opened at 14.86 on Thursday. 8point3 Energy Partners has a 12 month low of $12.04 and a 12 month high of $15.69.
8point3 Energy Partners (NASDAQ:CAFD) last announced 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. Analysts forecast that 8point3 Energy Partners will post $0.61 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 13th. Shareholders of record on Tuesday, October 3rd will be given a dividend of $0.2721 per share. This represents a $1.09 annualized dividend and a yield of 7.32%. This is a boost from 8point3 Energy Partners’s previous quarterly dividend of $0.26. The ex-dividend date is Monday, October 2nd.
A number of institutional investors have recently bought and sold shares of CAFD. Parametric Portfolio Associates LLC bought a new stake in 8point3 Energy Partners during the 1st quarter valued at approximately $441,000. Clinton Group Inc. boosted its position in 8point3 Energy Partners by 10.2% during the 1st quarter. Clinton Group Inc. now owns 38,206 shares of the energy company’s stock valued at $518,000 after acquiring an additional 3,548 shares in the last quarter. Victory Capital Management Inc. boosted its position in 8point3 Energy Partners by 89.3% during the 1st quarter. Victory Capital Management Inc. now owns 45,423 shares of the energy company’s stock valued at $616,000 after acquiring an additional 21,434 shares in the last quarter. Global X Management Co. LLC boosted its position in 8point3 Energy Partners by 7.6% during the 1st quarter. Global X Management Co. LLC now owns 10,822 shares of the energy company’s stock valued at $147,000 after acquiring an additional 761 shares in the last quarter. Finally, UBS Group AG boosted its position in 8point3 Energy Partners by 16.6% during the 1st quarter. UBS Group AG now owns 18,438 shares of the energy company’s stock valued at $250,000 after acquiring an additional 2,630 shares in the last quarter. 19.66% of the stock is currently owned by institutional investors and hedge funds.
About 8point3 Energy Partners
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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