Analysts expect that TerraForm Power, Inc. (NASDAQ:TERP) will report $152.18 million in sales for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for TerraForm Power’s earnings, with the highest sales estimate coming in at $171.10 million and the lowest estimate coming in at $138.00 million. TerraForm Power posted sales of $178.12 million in the same quarter last year, which would indicate a negative year-over-year growth rate of 14.6%. The firm is expected to announce its next earnings report on Friday, February 23rd.
According to Zacks, analysts expect that TerraForm Power will report full year sales of $152.18 million for the current fiscal year, with estimates ranging from $587.02 million to $600.00 million. For the next fiscal year, analysts expect that the business will post sales of $599.53 million per share, with estimates ranging from $590.00 million to $612.60 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that that provide coverage for TerraForm Power.
TERP has been the topic of a number of recent research reports. Zacks Investment Research raised TerraForm Power from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a research note on Friday, July 28th. TheStreet raised TerraForm Power from a “d” rating to a “c-” rating in a research note on Monday, October 2nd. BidaskClub raised TerraForm Power from a “hold” rating to a “buy” rating in a research note on Monday, July 31st. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $13.00 target price on shares of TerraForm Power in a research note on Thursday, October 19th. Finally, Bank of America Corporation started coverage on TerraForm Power in a research report on Tuesday. They set an “underperform” rating and a $11.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $13.70.
In other TerraForm Power news, major shareholder Brookfield Asset Management In sold 625,000 shares of the business’s stock in a transaction on Monday, October 9th. The shares were sold at an average price of $12.95, for a total value of $8,093,750.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 34.55% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in TERP. Verition Fund Management LLC purchased a new stake in TerraForm Power in the 2nd quarter worth about $173,000. Aquamarine Capital Management LLC bought a new position in TerraForm Power in the 2nd quarter worth about $2,513,000. State Street Corp grew its stake in TerraForm Power by 4.1% in the 2nd quarter. State Street Corp now owns 1,602,705 shares of the solar energy provider’s stock worth $19,233,000 after acquiring an additional 63,271 shares in the last quarter. AHL Partners LLP bought a new position in TerraForm Power in the 2nd quarter worth about $411,000. Finally, Tudor Investment Corp ET AL grew its stake in TerraForm Power by 110.5% in the 2nd quarter. Tudor Investment Corp ET AL now owns 29,690 shares of the solar energy provider’s stock worth $356,000 after acquiring an additional 15,588 shares in the last quarter. Hedge funds and other institutional investors own 82.25% of the company’s stock.
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Shares of TerraForm Power (NASDAQ:TERP) traded up 0.07% during midday trading on Tuesday, reaching $13.44. The company had a trading volume of 599,973 shares. The company’s market capitalization is $1.67 billion. The company has a 50 day moving average of $13.26 and a 200 day moving average of $12.71. TerraForm Power has a one year low of $10.99 and a one year high of $14.50.
About TerraForm Power
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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