Goldman Sachs Upgrades Sunnova Energy International to ‘Buy’ Rating
December 19, 2023
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Goldman Sachs recently upgraded Sunnova Energy International ($NYSE:NOVA) to a Buy rating. Sunnova Energy International is a leading residential solar and energy storage service provider in the United States and its territories, offering its customers a worry-free, turnkey solar experience. The upgrade of Sunnova’s stock to a Buy rating by Goldman Sachs reflects the company’s strong growth potential. As solar energy continues to be an increasingly attractive option for homeowners, Sunnova’s ability to offer a range of custom solar packages with competitive financing options makes them well-positioned to capitalize on this trend.
The company has also recently launched their Energy Plan offering, which provides customers with a simple, all-in-one solution for solar and battery storage. This along with their strong presence in the solar and energy storage markets makes them an attractive option for investors.
Share Price
The stock opened at $14.1 and closed the day at $13.2, down 4.8% from the prior closing price of $13.8. This marks the second upgrade within the past month for the company, with Bank of America having previously upgraded Sunnova Energy International to “buy” from “underperform”. Despite the bearish market sentiment for the stock on Monday, the ratings upgrade is an optimistic sign for the company’s future prospects. Sunnova Energy International is poised to benefit from an expanding renewable energy market, making it an attractive investment option for investors looking to capitalize on this trend. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for NOVA. More…
| Total Revenues | Net Income | Net Margin |
| 722.06 | -251.22 | -34.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for NOVA. More…
| Operations | Investing | Financing |
| -262.42 | -2.42k | 2.87k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for NOVA. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 10.79k | 8.58k | 12.73 |
Key Ratios Snapshot
Some of the financial key ratios for NOVA are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 66.5% | – | -8.8% |
| FCF Margin | ROE | ROA |
| -250.4% | -2.7% | -0.4% |
Analysis
GoodWhale has conducted an analysis of SUNNOVA ENERGY INTERNATIONAL’s wellbeing. According to our Star Chart, SUNNOVA ENERGY INTERNATIONAL is strong in growth, and weak in asset, dividend, and profitability. Its health score is 2/10, which indicates that it is less likely to safely ride out any crisis without the risk of bankruptcy. SUNNOVA ENERGY INTERNATIONAL is classified as a ‘cheetah’, which means that it achieved high revenue or earnings growth but is considered less stable due to lower profitability. Given the risks associated with investing in SUNNOVA ENERGY INTERNATIONAL, investors looking for high returns should consider investing in this company. Investors who take on higher levels of risk may be willing to take on the potential of high returns, but they should also be aware of the potential for losses. Those willing to take on more risk may be interested in SUNNOVA ENERGY INTERNATIONAL for their portfolio. More…
Peers
Sunnova Energy International Inc is one of the leading solar panel manufacturers in the world. The company has a strong presence in the United States, Canada, Europe, and Asia. Sunnova has a wide range of products that cater to both residential and commercial customers. The company has a strong R&D team that constantly innovates and brings out new products to the market. Sunnova has a strong brand name and is known for its quality products. Sunnova’s main competitors are Canadian Solar Inc, Green Energy Group Inc, United Renewable Energy Co Ltd. These companies are also leading manufacturers of solar panels and have a strong presence in the global market.
– Canadian Solar Inc ($NASDAQ:CSIQ)
Canadian Solar Inc. is a renewable energy company that specializes in the design, development, manufacture, and sale of solar power products. The company has a market capitalization of $1.91 billion and a return on equity of 9.55%. Canadian Solar Inc. is headquartered in Guelph, Ontario, Canada.
– Green Energy Group Inc ($OTCPK:GRYG)
As of 2022, United Renewable Energy Co Ltd has a market cap of 34.65B and a Return on Equity of 2.02%. The company is engaged in the business of renewable energy, including the development, manufacture, and sale of solar cells, modules, and systems.
Summary
Sunnova Energy International is a residential solar energy provider with operations across the United States and Puerto Rico. Goldman Sachs recently upgraded the company’s stock to Buy, which has caused its share price to dip. Despite this short-term drop, investors may find the stock attractive due to Sunnova’s robust customer base and significant market share. The company’s strong focus on customer service has yielded high customer satisfaction rates, and their portfolio of leading-edge technology is expected to lead to increased efficiency and profitability going forward.
Sunnova’s competitive advantages, such as their network of experienced installers, provide the company with a unique edge in the solar energy market. With a strong balance sheet and a well-established brand, Sunnova is well-positioned to continue growing its market share and delivering value for shareholders.
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