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8point3 Energy Partners (CAFD) Increases Q1 Dividend by 3%
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8point3 Energy Partners LP announced that its board of directors has declared a hike in the quarterly distribution of Class A shares for the first quarter of 2017, bringing the annualized payout to $1.026 per share from 99.60 cents paid earlier. The annual yield on distribution is 8.1%.
The new quarterly distribution amounts to 25.65 cents per share, reflecting a 3% increase from the fourth-quarter level of 24.90 cents. The new distribution will be paid on Apr 14, 2017, to shareholders of record as of Apr 4.
Distribution Target & Financials
8point3 Energy, a limited partnership formed by two major solar companies – First Solar Inc. (FSLR - Free Report) and SunPower Corp. – is on track to meet its targeted annual distribution growth rate of 12–15% through 2017-end.
8point3 Energy generated $20.4 million of cash available for distribution in the fiscal fourth quarter. The partnership’s cash and cash equivalents as of Nov 30, 2016 were $14.3 million.
During the fourth-quarter earnings call, the company said that for fiscal 2017, it expects revenues in the range of $63.3–$66.7 million, net income of $27.0–$32.6 million, adjusted EBITDA of $106.5–$113.1 million and cash of $91.5–$101.0 million available for distribution.
Price Movement
8point3 Energy’s stock lost about 9.7% in the last one year, narrower than the Zacks categorized Solar industry’s decline of 34.4%. This could be because of the company’s focus on acquisition strategies that help to boost its performance.
ReneSola has delivered a positive earnings surprise of 156.25% in the trailing four quarters. The company’s earnings are expected to grow 16% in 2017.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017? Who wouldn't? Last year's market-beating Top 10 portfolio produced 5 double-digit winners. For example, oil and natural gas giant Pioneer Natural Resources and First Republic Bank racked up stellar gains of +44.9% and +44.3% respectively. Now a brand-new list for 2017 has been hand-picked from 4,400 companies covered by the Zacks Rank. See the 2017 Top 10 right now>>
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8point3 Energy Partners (CAFD) Increases Q1 Dividend by 3%
8point3 Energy Partners LP announced that its board of directors has declared a hike in the quarterly distribution of Class A shares for the first quarter of 2017, bringing the annualized payout to $1.026 per share from 99.60 cents paid earlier. The annual yield on distribution is 8.1%.
The new quarterly distribution amounts to 25.65 cents per share, reflecting a 3% increase from the fourth-quarter level of 24.90 cents. The new distribution will be paid on Apr 14, 2017, to shareholders of record as of Apr 4.
Distribution Target & Financials
8point3 Energy, a limited partnership formed by two major solar companies – First Solar Inc. (FSLR - Free Report) and SunPower Corp. – is on track to meet its targeted annual distribution growth rate of 12–15% through 2017-end.
8point3 Energy generated $20.4 million of cash available for distribution in the fiscal fourth quarter. The partnership’s cash and cash equivalents as of Nov 30, 2016 were $14.3 million.
During the fourth-quarter earnings call, the company said that for fiscal 2017, it expects revenues in the range of $63.3–$66.7 million, net income of $27.0–$32.6 million, adjusted EBITDA of $106.5–$113.1 million and cash of $91.5–$101.0 million available for distribution.
Price Movement
8point3 Energy’s stock lost about 9.7% in the last one year, narrower than the Zacks categorized Solar industry’s decline of 34.4%. This could be because of the company’s focus on acquisition strategies that help to boost its performance.
Zacks Rank & a Key Pick
8point3 Energy currently carries a Zacks Rank #3 (Hold). A better-ranked stock in the solar space is ReneSola Ltd. (SOL - Free Report) , which carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ReneSola has delivered a positive earnings surprise of 156.25% in the trailing four quarters. The company’s earnings are expected to grow 16% in 2017.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2017? Who wouldn't? Last year's market-beating Top 10 portfolio produced 5 double-digit winners. For example, oil and natural gas giant Pioneer Natural Resources and First Republic Bank racked up stellar gains of +44.9% and +44.3% respectively. Now a brand-new list for 2017 has been hand-picked from 4,400 companies covered by the Zacks Rank. See the 2017 Top 10 right now>>