Azure Power Global (AZRE) Now Covered by Analysts at Barclays

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Barclays assumed coverage on shares of Azure Power Global (NYSE:AZRE) in a report published on Monday, The Fly reports. The brokerage issued an equal weight rating on the energy company’s stock.

A number of other research firms have also recently commented on AZRE. JMP Securities raised their target price on Azure Power Global from $30.00 to $31.00 and gave the company a market outperform rating in a research report on Friday, November 16th. Roth Capital reaffirmed a buy rating on shares of Azure Power Global in a research report on Thursday, November 15th. Credit Suisse Group set a $22.00 target price on shares of Azure Power Global and gave the company a buy rating in a report on Wednesday, November 14th. ValuEngine upgraded shares of Azure Power Global from a sell rating to a hold rating in a report on Thursday, November 1st. Finally, Zacks Investment Research upgraded shares of Azure Power Global from a hold rating to a buy rating and set a $13.00 price target for the company in a research note on Thursday, October 11th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus target price of $22.00.

Shares of NYSE AZRE opened at $8.40 on Monday. The company has a market cap of $350.26 million, a price-to-earnings ratio of -12.92 and a beta of 1.77. Azure Power Global has a 1-year low of $8.40 and a 1-year high of $18.10. The company has a current ratio of 1.45, a quick ratio of 1.45 and a debt-to-equity ratio of 5.29.

Azure Power Global (NYSE:AZRE) last announced its quarterly earnings data on Tuesday, November 13th. The energy company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.07. Azure Power Global had a negative return on equity of 1.73% and a negative net margin of 1.97%. The company had revenue of $30.68 million for the quarter, compared to analysts’ expectations of $33.00 million. As a group, analysts predict that Azure Power Global will post 0.02 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in AZRE. Morgan Stanley raised its stake in Azure Power Global by 0.7% during the third quarter. Morgan Stanley now owns 1,153,799 shares of the energy company’s stock worth $18,668,000 after purchasing an additional 7,683 shares during the period. Franklin Resources Inc. bought a new stake in shares of Azure Power Global during the 3rd quarter worth about $4,532,000. Perella Weinberg Partners Capital Management LP raised its position in shares of Azure Power Global by 16.6% during the 3rd quarter. Perella Weinberg Partners Capital Management LP now owns 150,749 shares of the energy company’s stock worth $2,439,000 after buying an additional 21,465 shares in the last quarter. Finally, Renaissance Technologies LLC grew its stake in shares of Azure Power Global by 92.6% in the 3rd quarter. Renaissance Technologies LLC now owns 87,040 shares of the energy company’s stock worth $1,408,000 after purchasing an additional 41,840 shares during the last quarter. 26.34% of the stock is currently owned by institutional investors and hedge funds.

Azure Power Global Company Profile

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.

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