TerraForm Power (TERP) Bonds Trading 1.3% Higher

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An issue of TerraForm Power Inc (NASDAQ:TERP) debt rose 1.3% against its face value during trading on Friday. The debt issue has a 5% coupon and is set to mature on January 31, 2028. The debt is now trading at $91.28. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its stock price.

A number of brokerages recently commented on TERP. Barclays began coverage on TerraForm Power in a report on Monday. They issued an “overweight” rating and a $15.00 price target for the company. BidaskClub raised TerraForm Power from a “hold” rating to a “buy” rating in a report on Thursday, November 22nd. Zacks Investment Research downgraded TerraForm Power from a “hold” rating to a “sell” rating in a report on Friday, November 16th. ValuEngine raised TerraForm Power from a “hold” rating to a “buy” rating in a report on Wednesday, January 2nd. Finally, Citigroup began coverage on TerraForm Power in a report on Monday. They set a “neutral” rating and a $11.00 target price on the stock. One analyst has rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $12.55.

Shares of TERP stock traded up $0.02 during mid-day trading on Friday, hitting $11.63. 2,203,300 shares of the stock traded hands, compared to its average volume of 992,400. TerraForm Power Inc has a twelve month low of $9.90 and a twelve month high of $12.14. The stock has a market cap of $2.41 billion, a PE ratio of -9.70 and a beta of 0.77. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.93 and a current ratio of 0.93.

TerraForm Power (NASDAQ:TERP) last issued its quarterly earnings results on Thursday, November 8th. The solar energy provider reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.11). TerraForm Power had a negative net margin of 12.29% and a negative return on equity of 0.48%. The firm had revenue of $246.06 million for the quarter, compared to analyst estimates of $233.26 million. During the same quarter last year, the business posted ($0.31) earnings per share. The firm’s revenue for the quarter was up 60.4% compared to the same quarter last year. Equities research analysts predict that TerraForm Power Inc will post 0.2 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, December 17th. Stockholders of record on Monday, December 3rd were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 6.53%. The ex-dividend date was Friday, November 30th. TerraForm Power’s dividend payout ratio (DPR) is presently -62.81%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rehmann Capital Advisory Group boosted its stake in shares of TerraForm Power by 1,054.9% during the 3rd quarter. Rehmann Capital Advisory Group now owns 5,024 shares of the solar energy provider’s stock worth $435,000 after acquiring an additional 4,589 shares in the last quarter. Advisors Asset Management Inc. bought a new stake in shares of TerraForm Power during the 3rd quarter worth $100,000. United Services Automobile Association bought a new stake in shares of TerraForm Power during the 2nd quarter worth $119,000. Jane Street Group LLC bought a new stake in shares of TerraForm Power during the 2nd quarter worth $121,000. Finally, Fort Washington Investment Advisors Inc. OH bought a new stake in shares of TerraForm Power during the 3rd quarter worth $171,000. 91.74% of the stock is owned by institutional investors and hedge funds.

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About TerraForm Power (NASDAQ:TERP)

TerraForm Power, Inc, together with its subsidiaries, owns and operates clean power generation assets. As of December 31, 2017, its portfolio consisted of solar and wind projects located in the United States, Canada, the United Kingdom, and Chile with a combined nameplate capacity of 2,606.4 megawatts.

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