We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
8point3 Energy Partners (CAFD) Boosts Distribution by 3.5%
Read MoreHide Full Article
8point3 Energy Partners LP has boosted the cash distribution for its Class A shares by 3.5% to 23.25 cents for the second quarter of 2016, bringing the annualized payout to 93 cents. This translates to a yield of 6.29% based on yesterday’s closing price. The previous quarterly payout was 22.46 cents.
The new distribution will be paid on Jul 15, 2016, to shareholders of record as of Jul 5, 2016.
A steady distribution payout policy primarily reflects 8point3 Energy’s robust financial position and balanced capital deployment strategy. 8point3 Energy’s cash and cash equivalents as of Feb 29, 2016, were $64.9 million. It has $151 million available on its five-year revolving credit facility and $25 million available through a delayed draw on its debt facility. With this, 8point3 Energy had total liquidity of over $240 million as of Feb 29, 2016.
The partnership swung into profit in the last reported quarter on the back of 232.8% year-over-year growth in revenues. The partnership also reiterated its targeted distribution growth rate of 12–15% for 2016.
The partnership’s primary objective is to generate predictable cash distributions that rise at a sustainable rate. It owns interests in clean energy infrastructure in the U.S. These projects generate long-term contracted cash flows and serve utility, commercial and residential customers.
8point3 Energy is a limited partnership that was formed by two major solar companies – First Solar (FSLR - Free Report) and SunPower – in a bid to own and operate a portfolio of selected solar energy generation assets primarily in the U.S. The partnership serves residential, commercial and industrial customers. 8point3 Energy Partners is based in San Jose, CA. The partnership began trading on the NYSE on Jun 19, 2015.
Zacks Rank
8point3 Energy currently has a Zacks Rank #2 (Buy). Investors can also look into another favorably ranked solar stock, ReneSola Ltd. (SOL - Free Report) , sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download Best Stocks for the Next 30 Days.Click to get this free report >>
See More Zacks Research for These Tickers
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
8point3 Energy Partners (CAFD) Boosts Distribution by 3.5%
8point3 Energy Partners LP has boosted the cash distribution for its Class A shares by 3.5% to 23.25 cents for the second quarter of 2016, bringing the annualized payout to 93 cents. This translates to a yield of 6.29% based on yesterday’s closing price. The previous quarterly payout was 22.46 cents.
8POINT3 ENERGY Price
8POINT3 ENERGY Price | 8POINT3 ENERGY Quote
The new distribution will be paid on Jul 15, 2016, to shareholders of record as of Jul 5, 2016.
A steady distribution payout policy primarily reflects 8point3 Energy’s robust financial position and balanced capital deployment strategy. 8point3 Energy’s cash and cash equivalents as of Feb 29, 2016, were $64.9 million. It has $151 million available on its five-year revolving credit facility and $25 million available through a delayed draw on its debt facility. With this, 8point3 Energy had total liquidity of over $240 million as of Feb 29, 2016.
The partnership swung into profit in the last reported quarter on the back of 232.8% year-over-year growth in revenues. The partnership also reiterated its targeted distribution growth rate of 12–15% for 2016.
The partnership’s primary objective is to generate predictable cash distributions that rise at a sustainable rate. It owns interests in clean energy infrastructure in the U.S. These projects generate long-term contracted cash flows and serve utility, commercial and residential customers.
8point3 Energy is a limited partnership that was formed by two major solar companies – First Solar (FSLR - Free Report) and SunPower – in a bid to own and operate a portfolio of selected solar energy generation assets primarily in the U.S. The partnership serves residential, commercial and industrial customers. 8point3 Energy Partners is based in San Jose, CA. The partnership began trading on the NYSE on Jun 19, 2015.
Zacks Rank
8point3 Energy currently has a Zacks Rank #2 (Buy). Investors can also look into another favorably ranked solar stock, ReneSola Ltd. (SOL - Free Report) , sporting a Zacks Rank #1 (Strong Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download Best Stocks for the Next 30 Days. Click to get this free report >>