Bank of New York Mellon Corp Acquires 86,290 Shares of SOLV Energy Inc. $MWH

Key Points

• Bank of New York Mellon increased its SOLV Energy stake by 697.6% in the second quarter, acquiring 86,290 additional shares for a total holding of 98,660 shares valued at approximately $3.36 million.
• Analysts maintain a generally positive outlook, with SOLV Energy receiving a consensus “Moderate Buy” rating and an average price target of $39.91, despite differing target-price adjustments.
• SOLV Energy reported quarterly EPS of $0.30, exceeding the $0.26 consensus estimate, while revenue rose 77.4% year over year to $951.24 million. The stock recently opened at $25.27, near its 52-week low of $23.83.

Bank of New York Mellon Corp boosted its holdings in shares of SOLV Energy Inc. (NASDAQ:MWH - Free Report) by 697.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 98,660 shares of the company's stock after buying an additional 86,290 shares during the quarter. Bank of New York Mellon Corp owned about 0.08% of SOLV Energy worth $3,359,000 at the end of the most recent quarter.

Analyst Ratings Changes

Several equities analysts have commented on the company. Weiss Ratings upgraded SOLV Energy from a "sell (d)" rating to a "sell (d+)" rating in a report on Friday, August 14th. TD Cowen lifted their price objective on SOLV Energy from $32.00 to $35.00 and gave the company a "buy" rating in a report on Tuesday, August 25th. KeyCorp boosted their target price on SOLV Energy from $36.00 to $50.00 and gave the stock an "overweight" rating in a report on Wednesday, May 13th. Robert W. Baird dropped their price target on SOLV Energy from $50.00 to $42.00 and set an "outperform" rating for the company in a report on Friday, August 14th. Finally, UBS Group reiterated a "neutral" rating and issued a $50.00 price objective (up from $42.00) on shares of SOLV Energy in a research report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $39.91.

SOLV Energy Stock Performance

SOLV Energy stock opened at $25.27 on Monday. The firm has a market cap of $5.11 billion and a P/E ratio of 84.23. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.07. SOLV Energy Inc. has a 1 year low of $23.83 and a 1 year high of $48.40. The company's 50-day simple moving average is $28.73.

SOLV Energy (NASDAQ:MWH - Get Free Report) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.30 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.04. The business had revenue of $951.24 million for the quarter. The firm's quarterly revenue was up 77.4% compared to the same quarter last year. Research analysts forecast that SOLV Energy Inc. will post 1.28 EPS for the current year.

SOLV Energy Company Profile

SOLV Energy NASDAQ: MWH is a renewable energy company that develops, constructs and operates solar and energy storage projects. The firm provides solutions aimed at reducing customers’ reliance on traditional grid power by pairing photovoltaic systems with battery storage where appropriate. SOLV’s activities are centered on delivering commercial-scale and distributed generation projects for business, institutional and public sector clients.

The company’s services encompass multiple phases of project delivery, including site assessment, system design, procurement, engineering and construction, and ongoing operations and maintenance.

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