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Strength Seen in Ameresco (AMRC): Can Its 7.1% Jump Turn into More Strength?
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Ameresco (AMRC - Free Report) shares ended the last trading session 7.1% higher at $59.06. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 18.5% gain over the past four weeks.
Ameresco’s share price has been on the rise for the past couple of days following the company’s recent revelation that it has completed installation of 718 kilowatts-direct current/500 kilowatts-alternating current of ground-mounted PV modules at Valmont Industries’ Bristol, IN solar facility. This project’s ability to generate 980,000 kWh of carbon-free electricity annually must have boosted investors’ confidence in AMRC, thereby resulting in the latest uptick in its share price.
This energy services company is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of -71%. Revenues are expected to be $293.56 million, down 49.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Ameresco, the consensus EPS estimate for the quarter has been revised 1.6% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on AMRC going forward to see if this recent jump can turn into more strength down the road.
Ameresco is a member of the Zacks Alternative Energy - Other industry. One other stock in the same industry, HF Sinclair (DINO - Free Report) , finished the last trading session 1.1% higher at $46.58. DINO has returned 0.1% over the past month.
HF Sinclair's consensus EPS estimate for the upcoming report has changed -2.2% over the past month to $2.25. Compared to the company's year-ago EPS, this represents a change of -59.8%. HF Sinclair currently boasts a Zacks Rank of #3 (Hold).
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Strength Seen in Ameresco (AMRC): Can Its 7.1% Jump Turn into More Strength?
Ameresco (AMRC - Free Report) shares ended the last trading session 7.1% higher at $59.06. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 18.5% gain over the past four weeks.
Ameresco’s share price has been on the rise for the past couple of days following the company’s recent revelation that it has completed installation of 718 kilowatts-direct current/500 kilowatts-alternating current of ground-mounted PV modules at Valmont Industries’ Bristol, IN solar facility. This project’s ability to generate 980,000 kWh of carbon-free electricity annually must have boosted investors’ confidence in AMRC, thereby resulting in the latest uptick in its share price.
This energy services company is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of -71%. Revenues are expected to be $293.56 million, down 49.2% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Ameresco, the consensus EPS estimate for the quarter has been revised 1.6% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on AMRC going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Ameresco is a member of the Zacks Alternative Energy - Other industry. One other stock in the same industry, HF Sinclair (DINO - Free Report) , finished the last trading session 1.1% higher at $46.58. DINO has returned 0.1% over the past month.
HF Sinclair's consensus EPS estimate for the upcoming report has changed -2.2% over the past month to $2.25. Compared to the company's year-ago EPS, this represents a change of -59.8%. HF Sinclair currently boasts a Zacks Rank of #3 (Hold).