Canaccord Adams reiterated its Buy rating on EnerNOC (ENOC) and raised the price target to $40 following its earnings report.
Hat tip to StreetInsider.com for the following analyst comment:
“EnerNOC’s management team delivered on its promise of significant leverage in the business model, driving Q3 revenues to $100M+, generating 50% GMs, 25% OMs (~$13M in cash from ops) and $1.12 in GAAP EPS. As expected, capacity contracts in PJM region carried the upside, … Read the rest
EnerNOC has been saying for several quarters now that they are close to profitability and they sure entered the world of profitability with a bang after the bell today. The company absolutely smashed Wall St estimates of .73/share by posting $1.30/share on revenues of $103 million. Not only were they profitable but that revenue number is more than double the year ago quarter which was the previous best for the company. Very impressive.. now let’s … Read the rest
Comverge just announced that it has been chosen to provide load control devices and software for Puget Sound Energy’s smart-grid enabled demand response pilot program. The program is located in Bainbridge, Washington and will last 2 years. Residential consumers participating in the program will have ZigBee-enabled programmable 2-way communicating SuperStat PRO(TM) thermostats, Comverge ZigBee-enabled Digital Control Units (DCU) and Internet-enabled Comverge ZigBee Gateways installed in their homes, and will be able to voluntarily manage their … Read the rest
This morning EnerNOC (ENOC) announced it has extended an agreement with the state of Connecticut to continue to provide its demand response services through 2014. The company has provided the state with its services since 2006, helping them to earn more than $4 million in demand response payments from EnerNOC. The payments to the state are quarterly and based on the decrease of energy use during peak demand, stabilizing energy costs and reducing the risk … Read the rest
The Obama administration announced today which smart grid projects will receive $3.4 billion in federal funding. A Dept of Energy official has said that about 25% of the projects that applied for funding received a boost from the government with awards ranging from $400K up to $200 million for single projects. The smart grid stimulus is expected to help get 18 million more advanced metering systems installed throughout the US.
Here are the utilities receiving … Read the rest
It was announced this morning that the retail biz of GDF SUEZ has teamed up with Comverge (COMV) in order to offer its commercial and industrial customers demand response services to help them decrease energy usage and cost. GDF SUEZ is currently the 2nd largest provider of non residential energy, so this is a significant win for Comverge. At first, the ERCOT, NEPOOL, NYISO and PJM territories (whatever that means) will be served with additional … Read the rest
EnerNOC has had quite a run this year, up nearly 5 fold. With runs like that often come valuation downgrades and Janney Montgomery Scott is out with one this morning, cutting the stock to Neutral.
Hat tip to StreetInsider.com for the following analyst comment:
“We are downgrading EnerNOC to NEUTRAL based on valuation. We are still strong believers in the EnerNOC story and believe that the Company maintains a very strong position in the rapidly … Read the rest
Brean Murray has initiated coverage on four green stocks this morning. American Superconductor (AMSC) and EnerNOC (ENOC) get Buy ratings from the firm while Echelon (ELON) and Comverge (COMV) get Hold ratings.
Hat tip to StreetInsider.com for the following analyst comments:
“Buoyed by an experienced management team and strong wind energy market growth in China, AMSC’s revenues grew from $52 million in FY06 to $183 million in FY08. With a continuation of the current wave … Read the rest
Comverge just announced that its 4-year, 40 megawatt Virtual Peaking Capacity (VPC) contract with Southern California Edison has been approved by regulators. The approvalmeans that Comverge can begin work on a demand response system that will increase the reliability of Southern California Edison’s grid during times of heavy use.
In a press release, executives from both Comverge and Southern California Edison commented on the news:
“The rollout of our program with SCE will provide … Read the rest
The 150MW demand response contract between EnerNOC (ENOC) and So Co Edison which was originally announced in June 08, has been approved by the California Public Utilities Commission and will be effective until the end of 2012.
“The CPUC’s decision reflects the important role that demand response can play in reducing peak demand in SCE’s service territory,” said Tim Healy, EnerNOC’s chairman and CEO. “Adding more demand response resources to the state of California further … Read the rest