TerraForm Power (TERP) Stock Price Down 6.5% Following Weak Earnings

TerraForm Power Inc (NASDAQ:TERP)’s share price dropped 6.5% during mid-day trading on Friday following a dissappointing earnings announcement. The stock traded as low as $10.63 and last traded at $11.06. Approximately 1,123,957 shares changed hands during mid-day trading, an increase of 88% from the average daily volume of 597,694 shares. The stock had previously closed at $11.83.

The solar energy provider reported ($0.16) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.05) by ($0.11). TerraForm Power had a negative return on equity of 0.29% and a negative net margin of 13.02%. The company had revenue of $246.06 million for the quarter, compared to analysts’ expectations of $233.26 million. During the same quarter in the previous year, the business earned ($0.31) EPS. The company’s revenue for the quarter was up 60.4% on a year-over-year basis.

Several brokerages have recently issued reports on TERP. BMO Capital Markets began coverage on shares of TerraForm Power in a research note on Wednesday, July 25th. They set a “market perform” rating and a $11.50 price target for the company. BidaskClub upgraded shares of TerraForm Power from a “strong sell” rating to a “sell” rating in a research note on Friday, August 17th. ValuEngine upgraded shares of TerraForm Power from a “sell” rating to a “hold” rating in a research note on Wednesday, August 29th. Zacks Investment Research lowered shares of TerraForm Power from a “hold” rating to a “sell” rating in a research note on Wednesday, October 17th. Finally, MED began coverage on shares of TerraForm Power in a research note on Friday, September 28th. They set a “hold” rating and a $12.00 price target for the company. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and four have given a buy rating to the company’s stock. TerraForm Power presently has a consensus rating of “Hold” and an average price target of $12.44.

Institutional investors have recently added to or reduced their stakes in the stock. Zacks Investment Management purchased a new position in TerraForm Power in the 2nd quarter valued at approximately $594,000. Baird Financial Group Inc. grew its stake in TerraForm Power by 25.1% in the 2nd quarter. Baird Financial Group Inc. now owns 237,041 shares of the solar energy provider’s stock valued at $2,773,000 after buying an additional 47,526 shares in the last quarter. Bank of New York Mellon Corp grew its stake in TerraForm Power by 41.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 275,653 shares of the solar energy provider’s stock valued at $3,225,000 after buying an additional 81,044 shares in the last quarter. Aperio Group LLC grew its stake in TerraForm Power by 245.9% in the 2nd quarter. Aperio Group LLC now owns 69,784 shares of the solar energy provider’s stock valued at $816,000 after buying an additional 49,611 shares in the last quarter. Finally, Northern Trust Corp grew its stake in TerraForm Power by 1.3% in the 1st quarter. Northern Trust Corp now owns 471,681 shares of the solar energy provider’s stock valued at $5,060,000 after buying an additional 5,930 shares in the last quarter. Institutional investors and hedge funds own 60.60% of the company’s stock.

The company has a market cap of $2.42 billion, a price-to-earnings ratio of -9.14 and a beta of 0.87. The company has a debt-to-equity ratio of 1.91, a quick ratio of 0.89 and a current ratio of 0.89.

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TerraForm Power Company Profile (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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