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8point3 Energy (CAFD) Approves Increase in Q3 Distribution
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8point3 Energy Partners LP announced that its board of directors has declared a hike in the quarterly distribution for Class A shares for the third quarter of 2016, bringing the annualized payout to 96.24 cents from 93 cents per share. The annual yield on distribution is 6.5%.
The new quarterly distribution amounts to 24.06 cents per share, reflecting a 3.5% increase from the previous-quarter level of 23.25 cents. The new distribution will be paid on Oct 14, 2016 to shareholders of record as of Oct 3.
Growth Initiatives
The partnership reported a positive earnings surprise of a whopping 2600.0% in the last reported quarter. It has also taken certain measures to keep up the solid performance in the coming quarters.
In Apr 2016, 8point3 Energy, a joint venture between SunPower and First Solar , announced that it has inked agreements to acquire interest in the 50-megawatt (MW) Hooper Project from SunPower as well as the 40 MW Kingbird Project from First Solar.
Power generated by the Hooper Project will be purchased by Xcel Energy Inc. (XEL - Free Report) under a 20-year power purchase agreement. On the other hand, electricity produced by the Kingbird Project will be sold to member cities of the Southern California Public Power Authority and the City of Pasadena under separate 20-year power purchase agreements. Acquisition of interest in 90 MW solar projects will definitely benefit the partnership.
Thanks to the above acquisitions as well as the purchase of the Kern County School District project, 8point3 Energy is well positioned to meet its targeted annual distribution growth rate of 12–15% through 2017 end, even without additional project acquisitions.
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8point3 Energy (CAFD) Approves Increase in Q3 Distribution
8point3 Energy Partners LP announced that its board of directors has declared a hike in the quarterly distribution for Class A shares for the third quarter of 2016, bringing the annualized payout to 96.24 cents from 93 cents per share. The annual yield on distribution is 6.5%.
The new quarterly distribution amounts to 24.06 cents per share, reflecting a 3.5% increase from the previous-quarter level of 23.25 cents. The new distribution will be paid on Oct 14, 2016 to shareholders of record as of Oct 3.
Growth Initiatives
The partnership reported a positive earnings surprise of a whopping 2600.0% in the last reported quarter. It has also taken certain measures to keep up the solid performance in the coming quarters.
In Apr 2016, 8point3 Energy, a joint venture between SunPower and First Solar , announced that it has inked agreements to acquire interest in the 50-megawatt (MW) Hooper Project from SunPower as well as the 40 MW Kingbird Project from First Solar.
Power generated by the Hooper Project will be purchased by Xcel Energy Inc. (XEL - Free Report) under a 20-year power purchase agreement. On the other hand, electricity produced by the Kingbird Project will be sold to member cities of the Southern California Public Power Authority and the City of Pasadena under separate 20-year power purchase agreements. Acquisition of interest in 90 MW solar projects will definitely benefit the partnership.
8POINT3 ENERGY Price
8POINT3 ENERGY Price | 8POINT3 ENERGY Quote
Distribution Target
Thanks to the above acquisitions as well as the purchase of the Kern County School District project, 8point3 Energy is well positioned to meet its targeted annual distribution growth rate of 12–15% through 2017 end, even without additional project acquisitions.
Zacks Rank
8point3 Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Confidential from Zacks
Beyond this Analyst Blog, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>