Barclays Upgrades Azure Power Global (NYSE:AZRE) to “Overweight”

Barclays upgraded shares of Azure Power Global (NYSE:AZRE) from an equal weight rating to an overweight rating in a research report report published on Friday, Benzinga’s Daily Ratings Newsletter reports. Barclays currently has $19.00 price target on the energy company’s stock, up from their prior price target of $13.00.

AZRE has been the topic of a number of other reports. HSBC assumed coverage on Azure Power Global in a report on Thursday, October 17th. They set a buy rating on the stock. ValuEngine cut Azure Power Global from a buy rating to a hold rating in a report on Wednesday, September 4th. Finally, Zacks Investment Research cut Azure Power Global from a buy rating to a hold rating in a report on Tuesday, August 13th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Azure Power Global currently has an average rating of Buy and a consensus target price of $20.00.

Azure Power Global stock traded up $0.06 during trading on Friday, reaching $13.21. The company had a trading volume of 5,365 shares, compared to its average volume of 21,968. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 2.74. The firm’s 50-day simple moving average is $12.26 and its 200 day simple moving average is $11.32. The firm has a market capitalization of $542.57 million, a price-to-earnings ratio of 101.62 and a beta of 1.32. Azure Power Global has a 52 week low of $8.25 and a 52 week high of $13.38.

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

Large investors have recently bought and sold shares of the business. Wells Fargo & Company MN raised its holdings in Azure Power Global by 16.3% during the second quarter. Wells Fargo & Company MN now owns 15,065 shares of the energy company’s stock valued at $159,000 after acquiring an additional 2,110 shares during the period. 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 worth $465,000 after purchasing an additional 1,600 shares during the last quarter. 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 worth $1,732,000 after purchasing an additional 27,901 shares during the last quarter. 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 worth $18,897,000 after purchasing an additional 249,663 shares during the last quarter. 52.36% of the stock is currently owned by institutional investors and hedge funds.

About Azure Power Global

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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