Brokerages Set TerraForm Power Inc (TERP) Target Price at $13.80

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TerraForm Power Inc (NASDAQ:TERP) has earned a consensus recommendation of “Hold” from the nine ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $13.80.

TERP has been the topic of several recent analyst reports. BidaskClub raised TerraForm Power from a “sell” rating to a “hold” rating in a research note on Wednesday, June 13th. ValuEngine raised TerraForm Power from a “sell” rating to a “hold” rating in a research note on Saturday, June 2nd. Royal Bank of Canada initiated coverage on TerraForm Power in a research note on Wednesday, April 4th. They issued an “outperform” rating and a $13.00 price target on the stock. JPMorgan Chase & Co. raised TerraForm Power from a “neutral” rating to an “overweight” rating and set a $13.00 price target on the stock in a research note on Thursday, May 3rd. Finally, Goldman Sachs Group lowered TerraForm Power from a “neutral” rating to a “sell” rating in a research note on Thursday, March 15th.

TERP stock traded up $0.04 during trading on Friday, hitting $11.70. The company had a trading volume of 723,100 shares, compared to its average volume of 892,265. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.64 and a quick ratio of 0.64. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of -9.67 and a beta of 1.02. TerraForm Power has a fifty-two week low of $10.02 and a fifty-two week high of $14.20.

TerraForm Power (NASDAQ:TERP) last announced its quarterly earnings results on Tuesday, May 1st. The solar energy provider reported $0.56 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.75. The business had revenue of $127.55 million for the quarter, compared to analyst estimates of $145.30 million. TerraForm Power had a negative return on equity of 0.11% and a negative net margin of 8.33%. research analysts anticipate that TerraForm Power will post 0.2 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 15th. Shareholders of record on Friday, June 1st were given a $0.19 dividend. The ex-dividend date of this dividend was Thursday, May 31st. This represents a $0.76 annualized dividend and a yield of 6.50%. TerraForm Power’s payout ratio is -62.81%.

In other TerraForm Power news, major shareholder Brookfield Asset Management In acquired 60,975,609 shares of the business’s stock in a transaction on Monday, June 11th. The stock was purchased at an average price of $10.66 per share, for a total transaction of $649,999,991.94. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.01% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Kayne Anderson Capital Advisors LP raised its position in TerraForm Power by 31.0% in the 1st quarter. Kayne Anderson Capital Advisors LP now owns 33,800 shares of the solar energy provider’s stock valued at $362,000 after purchasing an additional 8,000 shares during the last quarter. Royal Bank of Canada raised its position in shares of TerraForm Power by 11,470.6% during the first quarter. Royal Bank of Canada now owns 904,013 shares of the solar energy provider’s stock worth $9,699,000 after acquiring an additional 896,200 shares during the last quarter. Eventide Asset Management LLC raised its position in shares of TerraForm Power by 55.9% during the first quarter. Eventide Asset Management LLC now owns 161,000 shares of the solar energy provider’s stock worth $1,728,000 after acquiring an additional 57,700 shares during the last quarter. Cubist Systematic Strategies LLC raised its position in shares of TerraForm Power by 314.4% during the first quarter. Cubist Systematic Strategies LLC now owns 11,799 shares of the solar energy provider’s stock worth $127,000 after acquiring an additional 8,952 shares during the last quarter. Finally, Guggenheim Capital LLC raised its position in shares of TerraForm Power by 23.8% during the first quarter. Guggenheim Capital LLC now owns 1,330,005 shares of the solar energy provider’s stock worth $14,272,000 after acquiring an additional 255,776 shares during the last quarter. Hedge funds and other institutional investors own 47.48% of the company’s stock.

About TerraForm Power

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.

Analyst Recommendations for TerraForm Power (NASDAQ:TERP)

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