Zacks: Brokerages Anticipate Canadian Solar Inc. (CSIQ) Will Announce Earnings of $0.46 Per Share

Share on StockTwits

Equities research analysts expect that Canadian Solar Inc. (NASDAQ:CSIQ) will announce earnings of $0.46 per share for the current quarter, Zacks Investment Research reports. Four analysts have issued estimates for Canadian Solar’s earnings, with estimates ranging from $0.40 to $0.53. Canadian Solar reported earnings per share of $0.22 in the same quarter last year, which would indicate a positive year over year growth rate of 109.1%. The company is expected to issue its next earnings report on Thursday, November 8th.

According to Zacks, analysts expect that Canadian Solar will report full year earnings of $1.73 per share for the current financial year, with EPS estimates ranging from $1.21 to $1.97. For the next financial year, analysts anticipate that the company will report earnings of $1.82 per share, with EPS estimates ranging from $1.52 to $2.18. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side analysts that follow Canadian Solar.

Canadian Solar (NASDAQ:CSIQ) last posted its earnings results on Tuesday, August 14th. The solar energy provider reported $0.26 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.27 by ($0.01). The company had revenue of $650.10 million for the quarter, compared to the consensus estimate of $711.53 million. Canadian Solar had a net margin of 3.26% and a return on equity of 12.44%. Canadian Solar’s revenue was down 6.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.63 EPS.

Several equities analysts have issued reports on the stock. ValuEngine cut shares of Canadian Solar from a “sell” rating to a “strong sell” rating in a research note on Wednesday, June 20th. BidaskClub cut shares of Canadian Solar from a “buy” rating to a “hold” rating in a research note on Tuesday, August 14th. B. Riley set a $18.00 target price on shares of Canadian Solar and gave the company a “hold” rating in a research note on Wednesday, August 15th. Finally, Zacks Investment Research upgraded shares of Canadian Solar from a “sell” rating to a “hold” rating in a research note on Tuesday, August 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $17.67.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Canadian Solar by 1.0% during the 1st quarter. BlackRock Inc. now owns 2,478,858 shares of the solar energy provider’s stock valued at $40,331,000 after purchasing an additional 25,550 shares during the last quarter. Park West Asset Management LLC purchased a new stake in shares of Canadian Solar during the 1st quarter valued at about $31,387,000. Bank of America Corp DE increased its position in shares of Canadian Solar by 16.6% during the 2nd quarter. Bank of America Corp DE now owns 831,106 shares of the solar energy provider’s stock valued at $10,173,000 after purchasing an additional 118,621 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Canadian Solar by 27.7% during the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 714,362 shares of the solar energy provider’s stock valued at $8,744,000 after purchasing an additional 155,087 shares during the last quarter. Finally, Luminus Management LLC purchased a new stake in shares of Canadian Solar during the 2nd quarter valued at about $6,581,000. 36.03% of the stock is owned by hedge funds and other institutional investors.

CSIQ opened at $14.27 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.84 and a debt-to-equity ratio of 0.20. The stock has a market cap of $841.05 million, a price-to-earnings ratio of 13.72, a P/E/G ratio of 0.32 and a beta of 2.27. Canadian Solar has a 52-week low of $11.37 and a 52-week high of $19.09.

About Canadian Solar

Canadian Solar Inc, together with its subsidiaries, designs, develops, manufactures, and sells solar ingots, wafers, cells, modules, and other solar power products primarily under the Canadian Solar brand name. The company operates through two segments, Module and System Solutions, and Energy. Its products include various solar modules that are used in residential, commercial, and industrial solar power generation systems.

Featured Article: What are the risks of holding treasury bonds?

Get a free copy of the Zacks research report on Canadian Solar (CSIQ)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Canadian Solar (NASDAQ:CSIQ)

Receive News & Ratings for Canadian Solar Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Canadian Solar and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply