Canadian Solar Inc. (CSIQ) Forecasted to Post Q3 2017 Earnings of $0.39 Per Share
Canadian Solar Inc. (NASDAQ:CSIQ) – Equities researchers at Oppenheimer Holdings reduced their Q3 2017 EPS estimates for Canadian Solar in a research report issued on Monday. Oppenheimer Holdings analyst C. Rusch now forecasts that the solar energy provider will post earnings of $0.39 per share for the quarter, down from their prior forecast of $0.75. Oppenheimer Holdings has a “Outperform” rating and a $31.00 price target on the stock.
Other equities research analysts have also issued reports about the company. Cowen and Company reiterated a “market perform” rating and issued a $17.00 price objective (up from $16.00) on shares of Canadian Solar in a research report on Tuesday. Axiom Securities reiterated a “sell” rating on shares of Canadian Solar in a research report on Friday, June 9th. FBR & Co reiterated a “neutral” rating and issued a $15.00 price objective (up from $13.00) on shares of Canadian Solar in a research report on Tuesday. ValuEngine lowered Canadian Solar from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Finally, BidaskClub lowered Canadian Solar from a “buy” rating to a “hold” rating in a research report on Tuesday, July 25th. Nine research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $17.46.
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Canadian Solar (NASDAQ:CSIQ) opened at 16.97 on Thursday. The firm has a 50-day moving average price of $16.54 and a 200 day moving average price of $14.03. The firm has a market capitalization of $981.41 million, a price-to-earnings ratio of 33.74 and a beta of 3.09. Canadian Solar has a 52 week low of $10.25 and a 52 week high of $18.12.
Canadian Solar (NASDAQ:CSIQ) last issued its quarterly earnings results on Monday, August 14th. The solar energy provider reported ($0.15) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.01. Canadian Solar had a return on equity of 1.71% and a net margin of 1.01%. The firm had revenue of $692.37 million for the quarter, compared to analyst estimates of $631.05 million. During the same period in the previous year, the firm earned $0.68 earnings per share. The company’s revenue was down 14.1% compared to the same quarter last year.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacad Investment Ltd. bought a new position in shares of Canadian Solar during the second quarter worth about $115,000. Legal & General Group Plc boosted its position in shares of Canadian Solar by 111.1% in the second quarter. Legal & General Group Plc now owns 7,789 shares of the solar energy provider’s stock worth $124,000 after buying an additional 4,100 shares during the last quarter. Wedbush Securities Inc. bought a new position in shares of Canadian Solar during the first quarter worth about $189,000. Raymond James Financial Services Advisors Inc. boosted its position in shares of Canadian Solar by 20.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 18,614 shares of the solar energy provider’s stock worth $228,000 after buying an additional 3,100 shares during the last quarter. Finally, Columbus Circle Investors bought a new position in shares of Canadian Solar during the second quarter worth about $318,000. Institutional investors and hedge funds own 34.97% of the company’s stock.
Canadian Solar Company Profile
Canadian Solar Inc is a solar power company. The Company is a provider of solar power products, services and system solutions with operations in North America, South America, Europe, Africa, the Middle East, Australia and Asia. Its segments include module segment, energy development segment and electricity generation segment.
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