Ameresco (NYSE:AMRC) Shares Gap Up After Earnings Beat

Ameresco, Inc. (NYSE:AMRC)’s stock price gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $22.24, but opened at $23.80. Ameresco shares last traded at $28.25, with a volume of 383,871 shares trading hands.

The utilities provider reported ($0.10) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The business had revenue of $298.41 million for the quarter, compared to the consensus estimate of $255.38 million. Ameresco had a net margin of 4.54% and a return on equity of 7.49%. The business’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 EPS.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on AMRC. BNP Paribas upgraded Ameresco from a “neutral” rating to an “outperform” rating and set a $34.00 target price on the stock in a report on Tuesday, March 12th. Canaccord Genuity Group cut their price objective on Ameresco from $50.00 to $36.00 and set a “buy” rating on the stock in a report on Thursday, February 29th. Truist Financial dropped their target price on shares of Ameresco from $40.00 to $37.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. Guggenheim reaffirmed a “neutral” rating on shares of Ameresco in a research note on Thursday, February 29th. Finally, Piper Sandler cut their target price on shares of Ameresco from $32.00 to $30.00 and set an “overweight” rating on the stock in a research note on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $43.42.

Hedge Funds Weigh In On Ameresco

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quest Partners LLC bought a new stake in Ameresco in the fourth quarter worth approximately $62,000. Cetera Trust Company N.A acquired a new stake in shares of Ameresco in the 4th quarter valued at $106,000. Dynamic Advisor Solutions LLC boosted its holdings in Ameresco by 24.6% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 8,672 shares of the utilities provider’s stock worth $275,000 after purchasing an additional 1,712 shares in the last quarter. Quantbot Technologies LP acquired a new position in Ameresco during the third quarter worth $295,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Ameresco by 8.8% during the 4th quarter. Victory Capital Management Inc. now owns 9,318 shares of the utilities provider’s stock worth $295,000 after acquiring an additional 752 shares in the last quarter. Institutional investors own 99.24% of the company’s stock.

Ameresco Stock Up 29.6 %

The company has a quick ratio of 1.24, a current ratio of 1.25 and a debt-to-equity ratio of 1.26. The business has a 50-day simple moving average of $21.15 and a 200-day simple moving average of $24.71. The stock has a market cap of $1.51 billion, a P/E ratio of 21.14, a PEG ratio of 0.65 and a beta of 1.60.

About Ameresco

Ameresco, Inc, a clean technology integrator, provides a portfolio of energy efficiency and renewable energy supply solutions in the United States, Canada, Europe, and internationally. It operates through U.S. Regions, U.S. Federal, Canada, Europe, Alternative Fuels, and All Other segments. The company offers energy efficiency, infrastructure upgrades, energy security and resilience, asset sustainability, and renewable energy solutions for businesses and organizations.