Azure Power Global (NYSE:AZRE) Releases Earnings Results, Misses Expectations By $0.03 EPS

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Azure Power Global (NYSE:AZRE) posted its quarterly earnings results on Monday. The energy company reported $0.03 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.06 by ($0.03), Morningstar.com reports. Azure Power Global had a net margin of 0.93% and a return on equity of 1.70%. The business had revenue of $49.18 million during the quarter, compared to analysts’ expectations of $45.00 million. Azure Power Global updated its FY 2020 guidance to EPS.

AZRE opened at $10.31 on Wednesday. The business’s fifty day moving average price is $10.58. The company has a debt-to-equity ratio of 2.43, a quick ratio of 1.02 and a current ratio of 1.02. The stock has a market capitalization of $426.00 million, a P/E ratio of 79.31 and a beta of 1.32. Azure Power Global has a one year low of $8.25 and a one year high of $16.25.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Kayne Anderson Capital Advisors LP boosted its position in Azure Power Global by 3.8% during the second quarter. Kayne Anderson Capital Advisors LP now owns 44,100 shares of the energy company’s stock worth $465,000 after purchasing an additional 1,600 shares in the last quarter. Wells Fargo & Company MN boosted its position in Azure Power Global by 16.3% during the second quarter. Wells Fargo & Company MN now owns 15,065 shares of the energy company’s stock worth $159,000 after purchasing an additional 2,110 shares in the last quarter. Renaissance Technologies LLC boosted its position in Azure Power Global by 20.5% during the second quarter. Renaissance Technologies LLC now owns 164,161 shares of the energy company’s stock worth $1,732,000 after purchasing an additional 27,901 shares in the last quarter. Millennium Management LLC boosted its position in Azure Power Global by 1,647.8% during the fourth quarter. Millennium Management LLC now owns 329,730 shares of the energy company’s stock worth $2,984,000 after purchasing an additional 310,865 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its position in Azure Power Global by 3.7% during the first quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,048,065 shares of the energy company’s stock worth $213,055,000 after purchasing an additional 604,498 shares in the last quarter. Institutional investors own 51.63% of the company’s stock.

A number of analysts recently weighed in on the company. Zacks Investment Research downgraded Azure Power Global from a “buy” rating to a “hold” rating in a research note on Tuesday. ValuEngine upgraded Azure Power Global from a “hold” rating to a “buy” rating in a research note on Tuesday, July 2nd. Finally, JMP Securities decreased their price target on Azure Power Global from $31.00 to $26.00 and set a “market outperform” rating on the stock in a research note on Wednesday, June 12th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $18.50.

About Azure Power Global

Azure Power Global Limited, together with its subsidiaries, engages in the development, construction, ownership, operation, maintenance, and management of solar power plants in India. It generates solar energy based on long-term contracts with Indian government energy distribution companies, as well as other non-governmental energy distribution companies and commercial customers.

See Also: P/E Growth (PEG)

Earnings History for Azure Power Global (NYSE:AZRE)

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