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Renesola (SOL) Gains From International Business Expansion
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Renesola Ltd. (SOL - Free Report) continues to benefit from a steady flow of contracts from its domestic and international customers.
Earnings estimates for 2019 and 2020 have moved up 150% and 20% to 15 cents per share and 12 cents in the past 90 days, respectively. Additionally, the company posted an average positive earnings surprise of 254.24% in the last four quarters.
In the past 12 months, shares of the company have returned 7.2% compared with the industry’s growth of 38.8%.
What’s Driving SunPower?
The company is currently expanding its business in the international markets of Canada, Poland, Hungary, France and Spain owing to successful execution of its downstream strategy. Also, the company is actively pursuing opportunities in new markets, including South Korea and India.
As of Sep 30, the company had 7 megawatt (MW) and 7.7 MW of completed projects in Canada and Hungary, respectively, which are currently up for sale. Its total late-stage projects stand at 399.2 MW, of which 42.5 MW, 26 MW, 33.6 MW, and 12 MW are located in France, Poland, Hungary and Spain, respectively.
Coming to the domestic front, the company anticipates the China rooftop solar market to be an appropriate space for its expansion and has aggressively established presence in that domain. As of Sep 30, ReneSola owned nearly 240.6 MW of rooftop projects, of which 197 MW projects are located in China. Currently, the company has more than 2.2 MW of rooftop projects under construction. It anticipates to own approximately 350-400 MW of rooftop projects in China by the end of 2020.
However, solar industry trends and market volatility along with unfavorable changes in supply and demand for solar power products throughout the value chain may pose potential threats to the business. Revenues denominated in foreign currencies, foreign currency exchange risk, and imposition of tariff on the import of solar panels as well as modules are tailwinds for the company.
Some better-ranked stocks from the same sector are Bloom Energy Corporation (BE - Free Report) , Enbridge Inc (ENB - Free Report) and HollyFrontier Corporation . All the three stocks hold a Zacks Rank #2 (Buy).
Long-term earnings growth of Bloom Energy, Enbridge and HollyFrontier is pegged at 25%, 6.40% and 10.24%, respectively.
Bloom Energy, Enbridge and HollyFrontier delivered an average positive earnings surprise of 60.12%, 11.31% and 27.77% in the last four quarters, respectively.
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Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Renesola (SOL) Gains From International Business Expansion
Renesola Ltd. (SOL - Free Report) continues to benefit from a steady flow of contracts from its domestic and international customers.
Earnings estimates for 2019 and 2020 have moved up 150% and 20% to 15 cents per share and 12 cents in the past 90 days, respectively. Additionally, the company posted an average positive earnings surprise of 254.24% in the last four quarters.
In the past 12 months, shares of the company have returned 7.2% compared with the industry’s growth of 38.8%.
What’s Driving SunPower?
The company is currently expanding its business in the international markets of Canada, Poland, Hungary, France and Spain owing to successful execution of its downstream strategy. Also, the company is actively pursuing opportunities in new markets, including South Korea and India.
As of Sep 30, the company had 7 megawatt (MW) and 7.7 MW of completed projects in Canada and Hungary, respectively, which are currently up for sale. Its total late-stage projects stand at 399.2 MW, of which 42.5 MW, 26 MW, 33.6 MW, and 12 MW are located in France, Poland, Hungary and Spain, respectively.
Coming to the domestic front, the company anticipates the China rooftop solar market to be an appropriate space for its expansion and has aggressively established presence in that domain. As of Sep 30, ReneSola owned nearly 240.6 MW of rooftop projects, of which 197 MW projects are located in China. Currently, the company has more than 2.2 MW of rooftop projects under construction. It anticipates to own approximately 350-400 MW of rooftop projects in China by the end of 2020.
However, solar industry trends and market volatility along with unfavorable changes in supply and demand for solar power products throughout the value chain may pose potential threats to the business. Revenues denominated in foreign currencies, foreign currency exchange risk, and imposition of tariff on the import of solar panels as well as modules are tailwinds for the company.
Zacks Rank
Renesola carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Key Picks
Some better-ranked stocks from the same sector are Bloom Energy Corporation (BE - Free Report) , Enbridge Inc (ENB - Free Report) and HollyFrontier Corporation . All the three stocks hold a Zacks Rank #2 (Buy).
Long-term earnings growth of Bloom Energy, Enbridge and HollyFrontier is pegged at 25%, 6.40% and 10.24%, respectively.
Bloom Energy, Enbridge and HollyFrontier delivered an average positive earnings surprise of 60.12%, 11.31% and 27.77% in the last four quarters, respectively.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>