8point3 Energy Partners LP (CAFD) Sees Large Volume Increase After Dividend Announcement
Shares of 8point3 Energy Partners LP (NASDAQ:CAFD) saw an uptick in trading volume on Wednesday following a dividend announcement from the company. 232,859 shares were traded during trading, an increase of 15% from the previous session’s volume of 202,415 shares.The stock last traded at $15.21 and had previously closed at $15.45.
The newly announced dividend which will be paid on Friday, October 14th. Stockholders of record on Monday, October 3rd will be paid a $0.2406 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.23%. 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.
A number of research firms have recently issued reports on CAFD. JPMorgan Chase & Co. raised shares of 8point3 Energy Partners from a “neutral” rating to an “overweight” rating in a research note on Monday, July 11th. 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 note on Monday, July 11th. Raymond James Financial Inc. reissued a “strong-buy” rating on shares of 8point3 Energy Partners in a research note on Thursday, June 30th. Wells Fargo & Co. initiated coverage on shares of 8point3 Energy Partners in a research note on Wednesday, June 1st. They set an “outperform” rating on the stock. Finally, Mizuho cut their target price on shares of 8point3 Energy Partners from $21.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday, May 31st. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $18.43.
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The stock’s 50-day moving average is $15.78 and its 200 day moving average is $15.33. The company has a market capitalization of $304.36 million, a price-to-earnings ratio of 14.8946 and a beta of 1.24.
8point3 Energy Partners (NASDAQ:CAFD) last released 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. 8point3 Energy Partners had a net margin of 138.38% and a return on equity of 1.67%. The business had revenue of $26.10 million for the quarter. On average, equities analysts expect that 8point3 Energy Partners LP will post $0.85 earnings per share for the current year.
Large investors have recently added to or reduced their stakes in the company. BlackRock Group LTD boosted its stake in 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 in the last quarter. BlackRock Fund Advisors boosted its position in shares of 8point3 Energy Partners by 84.5% in the first quarter. BlackRock Fund Advisors now owns 6,937 shares of the company’s stock worth $102,000 after buying an additional 3,178 shares during the period. UBS Asset Management Americas Inc. acquired a new position in shares of 8point3 Energy Partners during the first quarter worth $148,000. Bessemer Group Inc. acquired a new position in shares of 8point3 Energy Partners during the first quarter worth $157,000. Finally, Renaissance Technologies LLC acquired a new position in shares of 8point3 Energy Partners during the first quarter worth $190,000. 68.78% of the stock is currently owned by institutional investors and hedge funds.
About 8point3 Energy Partners
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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