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. (SPWR - Free Report) – 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
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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. (SPWR - Free Report) – 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>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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