Oppenheimer Remains Bullish Following 8point3 Energy Partners' (CAFD) 3Q Report

September 21, 2016 9:56 AM EDT
Get Alerts CAFD Hot Sheet
Price: $14.34 +0.07%

Rating Summary:
    14 Buy, 1 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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Oppenheimer reiterated an Outperform rating and $20.00 price target on 8point3 Energy Partners LP (NASDAQ: CAFD) following the company's 3Q earnings report. CAFD posted 3Q16 revenue of $26.1M, net income of $15.9M, adjusted EBITDA of $32.9M, and CAFD of $24.1M vs. Street estimates of + $23.3M, +$11.9M,+$26.5M, +$21.9M.

Analyst Colin Rusch commented, "CAFD reported solid results while indicating it would acquire a 49% stake in Henrietta for $134M and expects it to generate an average of $10.9M annually in cash available for distribution (CAFD). We note this pricing reflects an annual return of 8.1%, a 170bps spread to current dividend yield of 6.4%, suggesting acquisitions can be funded with equity at materially accretive levels. The company also raised EBITDA guidance for 2016 by 8% and CAFD guidance by 4% and believes underwriting criteria of P70 support limited risk to cash flows. We reiterate our Outperform rating and maintain our PT of $20, noting improved likelihood of cash flow growth with current asset pricing."

For an analyst ratings summary and ratings history on 8point3 Energy Partners LP click here. For more ratings news on 8point3 Energy Partners LP click here.

Shares of 8point3 Energy Partners LP closed at $15.45 yesterday.

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