Q2 2022 Earnings Forecast for Canadian Solar Inc. Issued By Oppenheimer (NASDAQ:CSIQ)
Canadian Solar Inc. (NASDAQ:CSIQ – Get Rating) – Equities researchers at Oppenheimer raised their Q2 2022 earnings per share (EPS) estimates for Canadian Solar in a report released on Tuesday, May 24th. Oppenheimer analyst C. Rusch now forecasts that the solar energy provider will post earnings of $1.12 per share for the quarter, up from their prior forecast of $0.56. Oppenheimer also issued estimates for Canadian Solar’s Q3 2022 earnings at $0.90 EPS, Q4 2022 earnings at $1.32 EPS and FY2022 earnings at $3.50 EPS.
Other equities analysts have also recently issued reports about the stock. StockNews.com initiated coverage on shares of Canadian Solar in a research note on Thursday, March 31st. They issued a “hold” rating for the company. Citigroup lifted their price target on shares of Canadian Solar from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, March 28th. Zacks Investment Research raised shares of Canadian Solar from a “sell” rating to a “hold” rating and set a $35.00 price target for the company in a research note on Wednesday, March 2nd. Finally, JPMorgan Chase & Co. dropped their price target on shares of Canadian Solar from $41.00 to $39.00 in a research note on Friday, March 18th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $38.00.
Shares of NASDAQ:CSIQ opened at $30.31 on Friday. Canadian Solar has a 52 week low of $22.15 and a 52 week high of $48.35. The stock has a market capitalization of $1.82 billion, a P/E ratio of 20.90 and a beta of 1.47. The firm has a fifty day simple moving average of $31.25 and a two-hundred day simple moving average of $31.47. The company has a quick ratio of 0.89, a current ratio of 1.18 and a debt-to-equity ratio of 0.35.
Canadian Solar (NASDAQ:CSIQ – Get Rating) last announced its quarterly earnings results on Tuesday, May 24th. The solar energy provider reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.31. Canadian Solar had a net margin of 1.80% and a return on equity of 3.63%. The company had revenue of $1.25 billion for the quarter, compared to the consensus estimate of $1.31 billion. During the same period in the previous year, the firm posted $0.36 EPS. Canadian Solar’s revenue for the quarter was up 14.8% compared to the same quarter last year.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in Canadian Solar by 1.4% during the 4th quarter. BlackRock Inc. now owns 4,740,612 shares of the solar energy provider’s stock valued at $148,333,000 after buying an additional 65,797 shares in the last quarter. Invesco Ltd. lifted its holdings in Canadian Solar by 1.0% during the 4th quarter. Invesco Ltd. now owns 2,903,469 shares of the solar energy provider’s stock valued at $90,850,000 after buying an additional 30,157 shares in the last quarter. Mackenzie Financial Corp raised its holdings in shares of Canadian Solar by 3.2% in the 1st quarter. Mackenzie Financial Corp now owns 2,602,658 shares of the solar energy provider’s stock valued at $92,030,000 after purchasing an additional 80,050 shares in the last quarter. Schroder Investment Management Group raised its holdings in shares of Canadian Solar by 26.3% in the 4th quarter. Schroder Investment Management Group now owns 2,430,106 shares of the solar energy provider’s stock valued at $76,038,000 after purchasing an additional 506,659 shares in the last quarter. Finally, DNB Asset Management AS raised its holdings in shares of Canadian Solar by 15.4% in the 4th quarter. DNB Asset Management AS now owns 872,075 shares of the solar energy provider’s stock valued at $27,287,000 after purchasing an additional 116,315 shares in the last quarter. Institutional investors own 46.97% of the company’s stock.