SOLV Energy (NASDAQ:MWH) Stock Price Target Lowered at JPMorgan Chase & Co.

Key Points

• JPMorgan lowered SOLV Energy’s price target from $43 to $34 while maintaining an “overweight” rating, implying 42.56% upside from the stock’s $23.85 price.
• Analyst sentiment remains broadly positive, with 10 Buy ratings, two Holds and one Sell; the consensus rating is “Moderate Buy” with a $38.55 target.
• SOLV Energy reported quarterly EPS of $0.30, beating estimates of $0.26, while revenue rose 77.4% year over year to $951.24 million.

SOLV Energy (NASDAQ:MWH - Get Free Report) had its price objective dropped by stock analysts at JPMorgan Chase & Co. from $43.00 to $34.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential upside of 42.56% from the company's current price.

Several other equities analysts have also commented on the stock. Robert W. Baird reduced their target price on shares of SOLV Energy from $50.00 to $42.00 and set an "outperform" rating on the stock in a report on Friday, August 14th. Zacks Research lowered shares of SOLV Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, September 8th. TD Cowen raised their price objective on SOLV Energy from $32.00 to $35.00 and gave the company a "buy" rating in a research note on Tuesday, August 25th. Canadian Imperial Bank of Commerce reiterated an "outperform" rating and issued a $42.00 price objective on shares of SOLV Energy in a report on Friday, August 14th. Finally, KeyCorp lowered their target price on SOLV Energy from $43.00 to $35.00 and set an "overweight" rating for the company in a research note on Thursday. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $38.55.

SOLV Energy Price Performance

NASDAQ:MWH traded down $0.11 during mid-day trading on Monday, reaching $23.85. The stock had a trading volume of 889,439 shares, compared to its average volume of 1,533,987. The stock has a market capitalization of $4.83 billion and a P/E ratio of 79.50. The firm has a 50 day moving average price of $26.52 and a two-hundred day moving average price of $31.16. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.09 and a current ratio of 1.09. SOLV Energy has a one year low of $23.12 and a one year high of $48.40.

SOLV Energy (NASDAQ:MWH - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.26 by $0.04. The business had revenue of $951.24 million for the quarter. The company's quarterly revenue was up 77.4% compared to the same quarter last year. As a group, analysts expect that SOLV Energy will post 1.22 earnings per share for the current year.

Institutional Investors Weigh In On SOLV Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MWH. GAMMA Investing LLC increased its position in shares of SOLV Energy by 4,255.2% in the third quarter. GAMMA Investing LLC now owns 1,263 shares of the company's stock valued at $30,000 after acquiring an additional 1,234 shares during the period. Continuum Advisory LLC purchased a new stake in shares of SOLV Energy during the second quarter worth about $142,000. State of Alaska Department of Revenue bought a new stake in shares of SOLV Energy in the third quarter worth about $154,000. Arizona State Retirement System bought a new stake in shares of SOLV Energy in the second quarter worth about $222,000. Finally, Sax Wealth Advisors LLC bought a new stake in shares of SOLV Energy in the third quarter worth about $354,000.

SOLV Energy Company Profile

SOLV Energy is a renewable-energy services company focused on the development, construction, operation and maintenance of utility-scale solar power and energy-storage projects. The company provides engineering, procurement and construction services, helping project owners design and build large photovoltaic generation facilities and battery-storage systems.

In addition to project construction, SOLV Energy offers operations and maintenance, asset management, monitoring and technical services intended to support the long-term performance and reliability of renewable-energy assets.

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