8Point3 Energy Partners LP (NASDAQ:CAFD) currently trades at $13.66 which is about -7.39% lower than the 52-week high of $14.39. The trading volume at ready counter moved to 1.22M shares as compared to 314,039.00 shares average traded volume. The stock failed to get pushed above the $14.39 barrier, the intraday high, after opening at $13.86. Analysts have a consensus target price of $17.43 in the 12-month period. Its market capitalization has now reached to $1.00B.
8Point3 Energy Partners LP (NASDAQ:CAFD) was dropped to Underweight from Equal Weight at Barclays. It has earned a consensus Strong buy rating, according to Zacks Investment Research. 1 analyst has rated the stock with a sell rating, 1 have assigned a hold rating, Zero says it’s a buy and 13 have assigned a strong buy rating to the company.
8Point3 Energy Partners LP (CAFD) on January 27, 2017 announced financial results for its fourth fiscal quarter ended November 30, 2016.
- Exceeded Q4 2016 revenue, net income and Adjusted EBITDA guidance
- Completed acquisition of minority stakes in SunPower’s Henrietta and First Solar’s Stateline projects
- Declared Q4 2016 distribution of $0.2490 per share, an increase of 3.5 percent over the Q3 2016 distribution
- Forecasts Q1 2017 distribution of $0.2565 per share, an increase of 3.0 percent compared to the Q4 2016 distribution
For the fourth quarter of fiscal 2016, 8point3 Energy Partners reported revenue of $14.5 million, net income of $4.2 million, adjusted EBITDA of $18.3 million and cash available for distribution (CAFD) of $20.4 million. The partnership’s fourth quarter 2016 CAFD results do not include approximately $6.0 million in network upgrade reimbursements that were expected to be received in the fourth quarter per the partnership’s existing interconnection agreement with a utility. The reimbursement was received shortly after the partnership’s fiscal year end and will be reflected in the partnership’s CAFD results in the first quarter of 2017.
“We continued to benefit from our high-quality solar portfolio as we met or exceeded most key financial metrics for the quarter while increasing our distribution rate for the sixth quarter in a row,” said Chuck Boynton, 8point3 Energy Partners CEO. “As of the end of November, our portfolio consisted of interests in 642-megawatts (MW) of U.S. solar generating assets including the acquisition of SunPower’s 49 percent minority interest in its 102-MW Henrietta project that we completed during the quarter. Also, we were pleased to close the acquisition of First Solar’s 34 percent minority interest in its 300-MW Stateline project on December 1, 2016 which brings our total portfolio to interests in 942-MW of assets as of. The Henrietta and Stateline projects are expected to generate approximately $11 million and $32 million in annual cash distributions respectively and both have 20 year contract lives. We are pleased to add these assets to our portfolio as they are in line with our long-term strategic focus of acquiring solar assets with strong, cash flows with investment grade offtakes,” concluded Boynton.