Royal Bank of Canada assumed coverage on shares of TerraForm Power (NASDAQ:TERP) in a research report released on Wednesday, April 4th, Marketbeat.com reports. The brokerage issued an outperform rating and a $13.00 price objective on the solar energy provider’s stock.
TERP has been the subject of a number of other research reports. BidaskClub raised TerraForm Power from a strong sell rating to a sell rating in a report on Saturday, March 24th. Goldman Sachs cut TerraForm Power from a neutral rating to a sell rating in a report on Thursday, March 15th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $13.83.
Shares of TERP traded up $0.06 during mid-day trading on Wednesday, reaching $11.11. The company had a trading volume of 94,784 shares, compared to its average volume of 459,678. TerraForm Power has a 52-week low of $10.02 and a 52-week high of $14.20. The company has a quick ratio of 0.66, a current ratio of 0.66 and a debt-to-equity ratio of 1.35. The company has a market capitalization of $1,642.27, a price-to-earnings ratio of -9.16 and a beta of 1.02.
TerraForm Power (NASDAQ:TERP) last issued its quarterly earnings results on Thursday, March 8th. The solar energy provider reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.48) by $0.34. The company had revenue of $135.54 million for the quarter, compared to the consensus estimate of $122.56 million. TerraForm Power had a negative return on equity of 4.54% and a negative net margin of 26.85%. equities analysts anticipate that TerraForm Power will post -0.59 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, March 30th. Stockholders of record on Wednesday, February 28th were given a dividend of $0.19 per share. The ex-dividend date of this dividend was Tuesday, February 27th. This represents a $0.76 annualized dividend and a dividend yield of 6.84%. TerraForm Power’s dividend payout ratio is currently -62.81%.
In other news, CEO John Stinebaugh purchased 8,100 shares of the stock in a transaction dated Friday, November 30th. The stock was acquired at an average cost of $12.42 per share, for a total transaction of $100,602.00. Following the completion of the transaction, the chief executive officer now directly owns 8,100 shares in the company, valued at approximately $100,602. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 34.55% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. MetLife Investment Advisors LLC acquired a new stake in shares of TerraForm Power during the fourth quarter worth about $249,000. Sound Point Capital Management LP acquired a new stake in shares of TerraForm Power during the fourth quarter worth about $2,446,000. Cyrus Capital Partners L.P. acquired a new stake in shares of TerraForm Power during the fourth quarter worth about $34,883,000. Millennium Management LLC acquired a new stake in shares of TerraForm Power during the fourth quarter worth about $7,574,000. Finally, Strategic Value Partners LLC acquired a new stake in shares of TerraForm Power during the fourth quarter worth about $166,302,000. 41.70% of the stock is owned by institutional investors.
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TerraForm Power Company Profile
TerraForm Power, Inc is a United States-based holding company. The Company owns clean power generation assets. This includes solar and wind assets located in the United States, Canada and other markets. Its clean power generation assets serve utility, commercial and residential customers. As of December 31, 2016, the Company’s portfolio consisted of renewable energy facilities located in the United States, Canada, the United Kingdom and Chile with a combined nameplate capacity of 2,983.1 megawatts.
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