Sunnova Energy International Inc. (NYSE:NOVA) Forecasted to Post Q2 2023 Earnings of ($0.27) Per Share

Sunnova Energy International Inc. (NYSE:NOVA – Get Rating) – Stock analysts at KeyCorp increased their Q2 2023 earnings estimates for Sunnova Energy International in a research note issued to investors on Tuesday, May 23rd. KeyCorp analyst S. Karp now anticipates that the company will post earnings of ($0.27) per share for the quarter, up from their prior estimate of ($0.67). The consensus estimate for Sunnova Energy International’s current full-year earnings is ($1.42) per share. KeyCorp also issued estimates for Sunnova Energy International’s Q3 2023 earnings at $0.01 EPS, Q4 2023 earnings at $0.04 EPS, FY2023 earnings at ($0.92) EPS, FY2024 earnings at ($2.92) EPS and FY2025 earnings at ($2.76) EPS.

Several other analysts also recently issued reports on the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Sunnova Energy International from $31.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, April 13th. Morgan Stanley began coverage on shares of Sunnova Energy International in a research note on Monday, April 3rd. They set an “overweight” rating and a $35.00 price objective on the stock. The Goldman Sachs Group reduced their price objective on shares of Sunnova Energy International from $23.00 to $17.00 and set a “neutral” rating on the stock in a research note on Thursday, March 30th. Guggenheim upped their price objective on shares of Sunnova Energy International from $51.00 to $60.00 and gave the company a “buy” rating in a research note on Tuesday, February 28th. Finally, Roth Mkm upped their price target on shares of Sunnova Energy International from $51.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, February 27th. Three equities research analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Sunnova Energy International presently has an average rating of “Moderate Buy” and an average target price of $34.95.

Sunnova Energy International Stock Up 0.2 %

Shares of NYSE NOVA opened at $16.18 on Thursday. Sunnova Energy International has a 12-month low of $12.46 and a 12-month high of $31.47. The company has a market capitalization of $1.88 billion, a PE ratio of -9.30 and a beta of 2.08. The company has a debt-to-equity ratio of 3.18, a current ratio of 1.57 and a quick ratio of 1.57. The firm’s 50-day moving average is $15.57 and its two-hundred day moving average is $18.13.

Sunnova Energy International (NYSE:NOVA – Get Rating) last announced its quarterly earnings results on Wednesday, April 26th. The company reported ($0.70) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.58) by ($0.12). Sunnova Energy International had a negative net margin of 30.75% and a negative return on equity of 13.47%. The business had revenue of $161.70 million during the quarter, compared to analysts’ expectations of $159.54 million. During the same period last year, the company earned ($0.30) EPS. The firm’s revenue for the quarter was up 146.0% on a year-over-year basis.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in NOVA. Nuveen Asset Management LLC boosted its stake in Sunnova Energy International by 410.2% during the 3rd quarter. Nuveen Asset Management LLC now owns 3,731,515 shares of the company’s stock valued at $82,392,000 after acquiring an additional 3,000,199 shares during the last quarter. Moore Capital Management LP boosted its stake in Sunnova Energy International by 139.7% during the 3rd quarter. Moore Capital Management LP now owns 2,741,767 shares of the company’s stock valued at $60,538,000 after acquiring an additional 1,597,770 shares during the last quarter. CIBC Private Wealth Group LLC boosted its stake in Sunnova Energy International by 64.2% during the 1st quarter. CIBC Private Wealth Group LLC now owns 3,236,385 shares of the company’s stock valued at $127,805,000 after acquiring an additional 1,265,567 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Sunnova Energy International by 39.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,241,007 shares of the company’s stock worth $50,618,000 after buying an additional 921,583 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Sunnova Energy International by 136.7% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,481,555 shares of the company’s stock worth $23,142,000 after buying an additional 855,516 shares during the last quarter.

Insider Activity

In other news, insider Kelsey Hultberg sold 2,400 shares of the company’s stock in a transaction on Wednesday, March 22nd. The shares were sold at an average price of $14.03, for a total value of $33,672.00. Following the completion of the transaction, the insider now directly owns 19,974 shares in the company, valued at $280,235.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Kelsey Hultberg sold 2,400 shares of the company’s stock in a transaction on Wednesday, March 22nd. The shares were sold at an average price of $14.03, for a total value of $33,672.00. Following the completion of the transaction, the insider now directly owns 19,974 shares in the company, valued at $280,235.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Akbar Mohamed acquired 10,000 shares of Sunnova Energy International stock in a transaction on Friday, May 19th. The shares were bought at an average price of $14.37 per share, for a total transaction of $143,700.00. Following the completion of the purchase, the director now directly owns 83,689 shares in the company, valued at $1,202,610.93. The disclosure for this purchase can be found here. Over the last three months, insiders bought 11,000 shares of company stock worth $158,116. 4.20% of the stock is currently owned by company insiders.

Sunnova Energy International Company Profile

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Sunnova Energy International, Inc operates as a residential energy service provider. It offers solar energy systems, electric vehicle chargers, and home solar protection. The company was founded by William Jackson Berger in 2012 and is headquartered in Houston, TX.