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RBC maintains ‘Outperform’ rating on Sunnova Energy despite projected revenue dip

RBC maintains 'Outperform' rating on Sunnova Energy despite projected revenue dip
© Reuters.

Sunnova Energy International (NYSE: NYSE:), a provider of solar and energy storage services across the U.S., continues to hold an ‘Outperform’ rating from RBC Capital, as of Monday, October 30, 2023. The one-year price target is set at $27.97, indicating a potential 218.15% upside from the closing price of $8.79. This is despite a forecasted revenue decrease of 2.14% to $707 million and non-GAAP EPS of -1.26.

The company’s shares are held by 487 funds, with institutional holdings having risen by 2.31%. Major shareholders include BNP Paribas (OTC:) Asset Management Holding, ECP ControlCo, Newlight Partners, Handelsbanken Fonder AB, and Amundi.

BNP Paribas Asset Management Holding has decreased its ownership by 15.58%, but interestingly increased its allocation in NOVA by 55.57%. ECP ControlCo and Newlight Partners maintain ownership at 5.65% and 5.31%, respectively. Handelsbanken Fonder AB has decreased ownership by 11.70% alongside a decreased allocation in NOVA by 46.53%. Amundi, on the other hand, has increased both its ownership by 13.63% and its allocation in NOVA by 26.81%.

Institutions currently own a total of 144,746K shares in Sunnova Energy International with an average portfolio weight dedicated to NOVA at 0.30%. The put/call ratio stands at 1.99, suggesting a bearish outlook for the company.

Despite the projected decrease in revenue and negative non-GAAP EPS, Sunnova remains steadfast in its mission to power energy independence across the United States.

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