Ameresco, Inc. (AMRC) Raised to Buy at Zacks Investment Research
Ameresco, Inc. (NYSE:AMRC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The brokerage presently has a $9.00 price target on the utilities provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 16.88% from the company’s current price.
According to Zacks, “Ameresco, Inc. is an independent provider of comprehensive energy efficiency solutions for facilities throughout North America. The Company’s solutions include upgrades to a facility’s energy infrastructure, and the construction and operation of renewable energy plants. It engages in the development, design, engineering, and installation of projects that reduce the energy, as well as operation and maintenance costs of governmental, educational, utility, healthcare, and other institutional, commercial, and industrial entities facilities. Ameresco, Inc. is headquartered in Framingham, Massachusetts. “
Other research analysts have also recently issued research reports about the stock. BidaskClub cut shares of Ameresco from a “buy” rating to a “hold” rating in a research report on Tuesday, July 11th. Oppenheimer Holdings, Inc. set a $9.00 price objective on shares of Ameresco and gave the company a “buy” rating in a research report on Wednesday, August 9th. Finally, Canaccord Genuity boosted their price objective on shares of Ameresco from $8.00 to $8.50 and gave the company a “buy” rating in a research report on Monday, August 7th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. Ameresco currently has a consensus rating of “Buy” and a consensus target price of $8.88.
Ameresco (NYSE:AMRC) last posted its quarterly earnings data on Tuesday, October 31st. The utilities provider reported $0.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.15 by $0.03. Ameresco had a net margin of 2.49% and a return on equity of 5.48%. The business had revenue of $204.74 million for the quarter, compared to analysts’ expectations of $186.20 million. During the same quarter in the previous year, the business posted $0.16 earnings per share. The business’s revenue was up 13.4% compared to the same quarter last year.
In related news, insider Joseph P. Demanche sold 4,220 shares of the company’s stock in a transaction dated Friday, September 22nd. The shares were sold at an average price of $7.80, for a total value of $32,916.00. Following the completion of the sale, the insider now directly owns 200,000 shares of the company’s stock, valued at $1,560,000. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Joseph P. Demanche sold 7,007 shares of the company’s stock in a transaction dated Friday, October 27th. The stock was sold at an average price of $8.00, for a total transaction of $56,056.00. Following the completion of the sale, the insider now directly owns 196,625 shares of the company’s stock, valued at $1,573,000. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,220 shares of company stock worth $112,916. Company insiders own 58.36% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. TIAA FSB purchased a new stake in shares of Ameresco during the third quarter valued at about $496,000. Susquehanna International Group LLP purchased a new stake in shares of Ameresco during the second quarter valued at about $141,000. C M Bidwell & Associates Ltd. purchased a new stake in shares of Ameresco during the second quarter valued at about $154,000. State Street Corp lifted its position in shares of Ameresco by 6.3% during the second quarter. State Street Corp now owns 336,858 shares of the utilities provider’s stock valued at $2,593,000 after buying an additional 20,094 shares during the last quarter. Finally, Goldman Sachs Group Inc. purchased a new stake in shares of Ameresco during the second quarter valued at about $148,000. 23.92% of the stock is owned by institutional investors.
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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