Ameresco (NYSE:AMRC) Shares Gap Up After Better-Than-Expected Earnings

Shares of Ameresco, Inc. (NYSE:AMRC) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $22.24, but opened at $23.80. Ameresco shares last traded at $28.25, with a volume of 383,871 shares changing hands.

The utilities provider reported ($0.10) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.01. The firm had revenue of $298.41 million during the quarter, compared to analyst estimates of $255.38 million. Ameresco had a net margin of 4.54% and a return on equity of 7.49%. The business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.03 EPS.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Oppenheimer restated a “market perform” rating on shares of Ameresco in a report on Wednesday, April 17th. Raymond James decreased their target price on shares of Ameresco from $40.00 to $35.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 3rd. BNP Paribas raised shares of Ameresco from a “neutral” rating to an “outperform” rating and set a $34.00 target price on the stock in a research note on Tuesday, March 12th. Piper Sandler decreased their target price on shares of Ameresco from $32.00 to $30.00 and set an “overweight” rating on the stock in a research note on Thursday, April 11th. Finally, Truist Financial decreased their target price on shares of Ameresco from $40.00 to $37.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. One research analyst has rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $43.42.

Institutional Trading of Ameresco

A number of hedge funds and other institutional investors have recently modified their holdings of AMRC. Bank of New York Mellon Corp grew its position in shares of Ameresco by 4.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 130,116 shares of the utilities provider’s stock worth $5,017,000 after buying an additional 6,032 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Ameresco by 5.7% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,941 shares of the utilities provider’s stock worth $576,000 after buying an additional 800 shares during the period. Inspire Investing LLC grew its position in shares of Ameresco by 25.1% in the 3rd quarter. Inspire Investing LLC now owns 8,008 shares of the utilities provider’s stock worth $309,000 after buying an additional 1,607 shares during the period. TIAA Trust National Association purchased a new stake in shares of Ameresco in the 3rd quarter worth about $328,000. Finally, Jennison Associates LLC grew its position in shares of Ameresco by 3.7% in the 3rd quarter. Jennison Associates LLC now owns 220,495 shares of the utilities provider’s stock worth $8,502,000 after buying an additional 7,962 shares during the period. 99.24% of the stock is owned by hedge funds and other institutional investors.

Ameresco Stock Up 21.0 %

The stock’s 50-day moving average price is $21.28 and its two-hundred day moving average price is $24.73. The stock has a market capitalization of $1.41 billion, a PE ratio of 22.81, a P/E/G ratio of 0.65 and a beta of 1.60. The company has a debt-to-equity ratio of 1.26, a quick ratio of 1.24 and a current ratio of 1.25.

Ameresco Company Profile

Ameresco, Inc, a clean technology integrator, provides a portfolio of energy efficiency and renewable energy supply solutions in the United States, Canada, Europe, and internationally. It operates through U.S. Regions, U.S. Federal, Canada, Europe, Alternative Fuels, and All Other segments. The company offers energy efficiency, infrastructure upgrades, energy security and resilience, asset sustainability, and renewable energy solutions for businesses and organizations.