Ameresco Inc (AMRC) Price Target Raised to $8.50
Ameresco Inc (NYSE:AMRC) had its target price hoisted by equities research analysts at Canaccord Genuity from $8.00 to $8.50 in a note issued to investors on Monday. The brokerage currently has a “buy” rating on the utilities provider’s stock. Canaccord Genuity’s target price indicates a potential upside of 24.09% from the company’s previous close.
The analysts wrote, “We believe the risk/reward gets more attractive at current levels as growth trends appear to be improving.””
AMRC has been the topic of a number of other reports. Zacks Investment Research raised shares of Ameresco from a “hold” rating to a “buy” rating and set a $7.75 target price on the stock in a research note on Monday, May 8th. Roth Capital raised shares of Ameresco from a “neutral” rating to a “buy” rating and raised their target price for the company from $6.50 to $8.00 in a research note on Thursday, May 4th. Finally, BidaskClub downgraded shares of Ameresco from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Two research analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. Ameresco has a consensus rating of “Hold” and a consensus price target of $8.38.
Shares of Ameresco (AMRC) traded up 3.01% on Monday, hitting $6.85. 136,938 shares of the stock were exchanged. The stock has a market cap of $311.15 million, a price-to-earnings ratio of 30.58 and a beta of 1.14. Ameresco has a 1-year low of $4.51 and a 1-year high of $7.85. The stock’s 50-day moving average is $6.88 and its 200-day moving average is $6.31.
Ameresco (NYSE:AMRC) last released its quarterly earnings data on Wednesday, August 9th. The utilities provider reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.06. Ameresco had a net margin of 3.58% and a return on equity of 7.80%. The company had revenue of $166.70 million during the quarter, compared to analyst estimates of $162.53 million. During the same period last year, the business earned $0.08 earnings per share. Ameresco’s revenue was up 2.5% compared to the same quarter last year. Analysts forecast that Ameresco will post $0.40 earnings per share for the current year.
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In other Ameresco news, insider Louis P. Maltezos sold 23,175 shares of Ameresco stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $6.61, for a total transaction of $153,186.75. Following the transaction, the insider now directly owns 23,175 shares of the company’s stock, valued at $153,186.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 58.36% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of AMRC. Wells Fargo & Company MN increased its position in Ameresco by 84.7% in the second quarter. Wells Fargo & Company MN now owns 28,170 shares of the utilities provider’s stock valued at $217,000 after buying an additional 12,915 shares during the period. Franklin Resources Inc. acquired a new position in Ameresco during the second quarter valued at approximately $2,410,000. Schwab Charles Investment Management Inc. increased its position in Ameresco by 0.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 62,590 shares of the utilities provider’s stock valued at $482,000 after buying an additional 380 shares during the period. Pillar Pacific Capital Management LLC acquired a new position in Ameresco during the second quarter valued at approximately $151,000. Finally, Janney Montgomery Scott LLC increased its position in Ameresco by 4.3% in the second quarter. Janney Montgomery Scott LLC now owns 22,676 shares of the utilities provider’s stock valued at $175,000 after buying an additional 928 shares during the period. 22.20% of the stock is currently owned by hedge funds and other institutional investors.
Ameresco Company Profile
Ameresco, Inc (Ameresco) is a provider of a range of energy services, including energy efficiency, infrastructure upgrades, energy security and resilience, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include capital and operational upgrades to a facility’s energy infrastructure and the development, construction, ownership and operation of renewable energy plants.
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