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TerraForm Global Stock Up on News of SunEdison Stake Sale
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Shares of TerraForm Global Inc. got a boost yesterday after it was disclosed that the shares held by its parent company, SunEdison, may be sold. As per a regulatory filing, the company is in “active discussions” to jointly process the sale of its class B shares held by SunEdison.
Note that TerraForm Global has been deep in troubled waters since its parent company, SunEdison, filed for bankruptcy due to heightened debt burden and deteriorating revenues and net income. As a result, TerraForm Global has been facing these challenges as well.
The news boosted investor confidence in the stock on expectations that a new investor would help TerraForm Global bolster its balance sheet and may be able to return the company to a stable position.
Shares of TerraForm Global soared as high as 15% in yesterday’s trading session, marking its highest jump in at least three months, before settling at an approximate 9% gain. Similarly, another yieldco owned by SunEdison, TerraForm Power witnessed an almost 4% gain in share prices yesterday.
Apart from disclosing the stake sale discussions with SunEdison, TerraForm Global also provided part of its preliminary results for first-quarter 2016 in yesterday’s SEC filing. For the period, the company expects to report revenues of $52 million, with a maximum loss of $8 million.
Notably, TerraForm Global has not reported quarterly results since third-quarter 2015, as the company had to rely on its parent company for some financial accounting systems. SunEdison filed for bankruptcy this April.
These developments should provide some respite to TerraForm Global’s shareholders. However, we also believe that investors should avoid parking money in such risky stocks.
Currently, TerraForm Global carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the Utility-Electric Power industry are Black Hills Corporation (BKH - Free Report) and Avista Corp. (AVA - Free Report) . Black Hills sports a Zacks Rank #1 (Strong Buy), while Avista carries a Zacks Rank #2 (Buy).
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TerraForm Global Stock Up on News of SunEdison Stake Sale
Shares of TerraForm Global Inc. got a boost yesterday after it was disclosed that the shares held by its parent company, SunEdison, may be sold. As per a regulatory filing, the company is in “active discussions” to jointly process the sale of its class B shares held by SunEdison.
Note that TerraForm Global has been deep in troubled waters since its parent company, SunEdison, filed for bankruptcy due to heightened debt burden and deteriorating revenues and net income. As a result, TerraForm Global has been facing these challenges as well.
The news boosted investor confidence in the stock on expectations that a new investor would help TerraForm Global bolster its balance sheet and may be able to return the company to a stable position.
Shares of TerraForm Global soared as high as 15% in yesterday’s trading session, marking its highest jump in at least three months, before settling at an approximate 9% gain. Similarly, another yieldco owned by SunEdison, TerraForm Power witnessed an almost 4% gain in share prices yesterday.
TERRAFORM GLBL Price
TERRAFORM GLBL Price | TERRAFORM GLBL Quote
Apart from disclosing the stake sale discussions with SunEdison, TerraForm Global also provided part of its preliminary results for first-quarter 2016 in yesterday’s SEC filing. For the period, the company expects to report revenues of $52 million, with a maximum loss of $8 million.
Notably, TerraForm Global has not reported quarterly results since third-quarter 2015, as the company had to rely on its parent company for some financial accounting systems. SunEdison filed for bankruptcy this April.
These developments should provide some respite to TerraForm Global’s shareholders. However, we also believe that investors should avoid parking money in such risky stocks.
Currently, TerraForm Global carries a Zacks Rank #3 (Hold). A couple of better-ranked stocks in the Utility-Electric Power industry are Black Hills Corporation (BKH - Free Report) and Avista Corp. (AVA - Free Report) . Black Hills sports a Zacks Rank #1 (Strong Buy), while Avista carries a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>