TerraForm Power, Inc. (NASDAQ:TERP) Cut to “Sell” at Zacks Investment Research

TerraForm Power, Inc. (NASDAQ:TERP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday, October 6th.

According to Zacks, “TerraForm Power, Inc. is global renewable energy company. It operates clean power generation assets such as solar, wind, natural gas, geothermal and hydro-electricity. The Company owns and operates solar generation assets serving utility, commercial, and residential customers. TerraForm Power, Inc. is based in Beltsville, Maryland. “

A number of other research firms also recently weighed in on TERP. Robert W. Baird reiterated a “hold” rating and issued a $13.00 price target on shares of TerraForm Power in a research report on Sunday, September 3rd. BidaskClub upgraded shares of TerraForm Power from a “sell” rating to a “hold” rating in a research report on Friday, June 23rd. Finally, TheStreet upgraded shares of TerraForm Power from a “d” rating to a “c-” rating in a research report on Monday, October 2nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $12.88.

Shares of TerraForm Power (TERP) opened at 11.56 on Friday. The company’s market capitalization is $1.44 billion. TerraForm Power has a 1-year low of $10.99 and a 1-year high of $14.50. The stock has a 50 day moving average price of $13.34 and a 200 day moving average price of $12.65.

TerraForm Power (NASDAQ:TERP) last released its quarterly earnings results on Friday, July 21st. The solar energy provider reported ($0.94) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.63). TerraForm Power had a negative net margin of 20.92% and a negative return on equity of 5.75%. The business had revenue of $135.22 million during the quarter. Analysts forecast that TerraForm Power will post ($0.73) earnings per share for the current year.

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In other news, major shareholder Brookfield Asset Management In sold 625,000 shares of the company’s stock in a transaction dated Monday, October 9th. The shares were sold at an average price of $12.95, for a total transaction of $8,093,750.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 34.55% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Alpine Woods Capital Investors LLC raised its holdings in shares of TerraForm Power by 10.4% during the second quarter. Alpine Woods Capital Investors LLC now owns 1,195,600 shares of the solar energy provider’s stock valued at $14,347,000 after purchasing an additional 112,600 shares during the period. Baillie Gifford & Co. raised its holdings in shares of TerraForm Power by 7.3% during the second quarter. Baillie Gifford & Co. now owns 1,764,812 shares of the solar energy provider’s stock valued at $21,178,000 after purchasing an additional 120,329 shares during the period. American International Group Inc. raised its holdings in shares of TerraForm Power by 7.1% during the first quarter. American International Group Inc. now owns 53,859 shares of the solar energy provider’s stock valued at $666,000 after purchasing an additional 3,559 shares during the period. Morgan Stanley raised its holdings in shares of TerraForm Power by 3.4% during the first quarter. Morgan Stanley now owns 3,124,921 shares of the solar energy provider’s stock valued at $38,656,000 after purchasing an additional 103,906 shares during the period. Finally, Russell Investments Group Ltd. acquired a new position in shares of TerraForm Power during the first quarter valued at about $400,000. Hedge funds and other institutional investors own 80.76% of the company’s stock.

TerraForm Power Company Profile

TerraForm Power, Inc is a United States-based holding company. The Company owns clean power generation assets. This includes solar and wind assets located in the United States, Canada and other markets. Its clean power generation assets serve utility, commercial and residential customers. As of December 31, 2016, the Company’s portfolio consisted of renewable energy facilities located in the United States, Canada, the United Kingdom and Chile with a combined nameplate capacity of 2,983.1 megawatts.

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