8point3 Energy Partners LP (CAFD) PT Set at $19.00 by JPMorgan Chase & Co.
8point3 Energy Partners LP (NASDAQ:CAFD) has been given a $19.00 price objective by investment analysts at JPMorgan Chase & Co. in a research note issued to investors on Tuesday. The brokerage presently has a a “buy” rating on the stock. JPMorgan Chase & Co.’s target price suggests a potential upside of 22.98% from the company’s current price.
CAFD has been the subject of several other research reports. Barclays PLC raised 8point3 Energy Partners from an “underweight” rating to an “overweight” rating and upped their target price for the stock from $14.00 to $18.00 in a research note on Monday, July 11th. Robert W. Baird set a $20.00 target price on 8point3 Energy Partners and gave the stock a “buy” rating in a research note on Wednesday. Raymond James Financial Inc. reaffirmed a “strong-buy” rating on shares of 8point3 Energy Partners in a research note on Thursday, June 30th. Wells Fargo & Co. started coverage on 8point3 Energy Partners in a research note on Wednesday, June 1st. They set an “outperform” rating for the company. Finally, Mizuho dropped their price objective on 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. Two investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $18.43.
Shares of 8point3 Energy Partners (NASDAQ:CAFD) traded down 1.04% during midday trading on Tuesday, reaching $15.29. 275,557 shares of the company’s stock were exchanged. The company has a market cap of $306.01 million, a P/E ratio of 14.98 and a beta of 1.24. The firm has a 50 day moving average price of $15.78 and a 200 day moving average price of $15.33. 8point3 Energy Partners has a 12 month low of $10.26 and a 12 month high of $17.34.
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8point3 Energy Partners (NASDAQ:CAFD) last issued its earnings results on Tuesday, September 20th. The company reported $0.38 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.38. The business earned $26.10 million during the quarter. 8point3 Energy Partners had a return on equity of 1.67% and a net margin of 138.38%. Equities research analysts forecast that 8point3 Energy Partners will post $0.85 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Monday, October 3rd will be issued a $0.2406 dividend. This is an increase from 8point3 Energy Partners’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $0.96 dividend on an annualized basis and a yield of 6.23%.
Institutional investors have recently bought and sold shares of the company. Janney Montgomery Scott LLC increased its position in 8point3 Energy Partners by 134.1% in the second quarter. Janney Montgomery Scott LLC now owns 105,520 shares of the company’s stock worth $1,668,000 after buying an additional 60,452 shares during the period. BlackRock Group LTD increased its position in 8point3 Energy Partners by 110.7% in the second quarter. BlackRock Group LTD now owns 6,368 shares of the company’s stock worth $101,000 after buying an additional 3,346 shares during the period. Ameriprise Financial Inc. increased its position in 8point3 Energy Partners by 2.3% in the second quarter. Ameriprise Financial Inc. now owns 665,000 shares of the company’s stock worth $10,507,000 after buying an additional 15,000 shares during the period. Ecofin Ltd. increased its position in 8point3 Energy Partners by 4.6% in the second quarter. Ecofin Ltd. now owns 539,943 shares of the company’s stock worth $8,531,000 after buying an additional 23,579 shares during the period. Finally, Boston Common Asset Management LLC increased its position in 8point3 Energy Partners by 14.1% in the second quarter. Boston Common Asset Management LLC now owns 335,865 shares of the company’s stock worth $5,307,000 after buying an additional 41,430 shares during the period. Institutional investors and hedge funds own 68.78% of the company’s stock.
8point3 Energy Partners Company Profile
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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