HSBC Initiates Coverage on Azure Power Global (NYSE:AZRE)

Investment analysts at HSBC began coverage on shares of Azure Power Global (NYSE:AZRE) in a report issued on Thursday, MarketBeat reports. The brokerage set a “buy” rating on the energy company’s stock.

A number of other equities research analysts have also recently weighed in on the company. Zacks Investment Research cut Azure Power Global from a “buy” rating to a “hold” rating in a research note on Tuesday, August 13th. ValuEngine cut Azure Power Global from a “buy” rating to a “hold” rating in a research note on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $18.50.

AZRE stock opened at $12.19 on Thursday. The business has a 50 day moving average price of $11.54 and a 200 day moving average price of $11.20. The stock has a market cap of $505.61 million, a price-to-earnings ratio of 93.77 and a beta of 1.31. Azure Power Global has a fifty-two week low of $8.25 and a fifty-two week high of $12.74. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 2.74.

Azure Power Global (NYSE:AZRE) last posted its earnings results on Monday, August 12th. The energy company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.03). Azure Power Global had a return on equity of 1.86% and a net margin of 1.67%. The business had revenue of $49.18 million for the quarter, compared to analysts’ expectations of $45.00 million. As a group, sell-side analysts anticipate that Azure Power Global will post 0.19 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Kayne Anderson Capital Advisors LP increased its holdings in shares of Azure Power Global by 3.8% in the second quarter. Kayne Anderson Capital Advisors LP now owns 44,100 shares of the energy company’s stock valued at $465,000 after purchasing an additional 1,600 shares during the period. Wells Fargo & Company MN increased its holdings in shares of Azure Power Global by 16.3% in the second quarter. Wells Fargo & Company MN now owns 15,065 shares of the energy company’s stock valued at $159,000 after purchasing an additional 2,110 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Azure Power Global by 20.5% in the second quarter. Renaissance Technologies LLC now owns 164,161 shares of the energy company’s stock valued at $1,732,000 after purchasing an additional 27,901 shares during the period. Finally, Morgan Stanley increased its holdings in shares of Azure Power Global by 16.2% in the second quarter. Morgan Stanley now owns 1,791,165 shares of the energy company’s stock valued at $18,897,000 after purchasing an additional 249,663 shares during the period. Institutional investors own 52.34% of the company’s stock.

Azure Power Global Company Profile

Azure Power Global Limited, together with its subsidiaries, engages in the development, construction, ownership, operation, maintenance, and management of solar power plants in India. It generates solar energy based on long-term contracts with Indian government energy distribution companies, as well as other non-governmental energy distribution companies and commercial customers.

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Analyst Recommendations for Azure Power Global (NYSE:AZRE)

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