Hannon Armstrong (HASI) Received its Third Buy in a Row

By Ryan Adsit

After Oppenheimer and J.P. Morgan gave Hannon Armstrong (NYSE: HASI) a Buy rating last month, the company received another Buy, this time from B.Riley FBR. Analyst Carter Driscoll maintained a Buy rating on Hannon Armstrong today and set a price target of $26. The company’s shares opened today at $22.75.

Driscoll wrote:

“Record originations. Hannon Armstrong (HASI—Buy, $26 PT) reported 3Q18 GAAP revenues of $34.9M and $0.36 in core operating EPS. Despite renewable policy noise affecting the solar sector, core business trends are favorable and the pipeline remains strong at well over $2.5B. HASI originated a record number of transactions at ~$553M, partly due to timing of transaction closings (a few large ones slipped from 2Q into 3Q) but also improving business trends. Forward yields rose to 6.4% on its $2.1B portfolio as the company executed two behind-the-meter (BTM) solar transactions with Vivint and SunPower. After 1H18 originations only eclipsed $300M, some investors questioned whether HASI could still reach its 2018 target of $1B in originations, which we believe should now be put to rest.”

According to TipRanks.com, Driscoll is ranked 0 out of 5 stars with an average return of -8.6% and a 34.6% success rate. Driscoll covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Amer Superconductor, and Canadian Solar Inc.

Hannon Armstrong has an analyst consensus of Strong Buy, with a price target consensus of $25.33, implying an 11.3% upside from current levels. In a report issued on November 2, J.P. Morgan also maintained a Buy rating on the stock with a $24 price target.

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Based on Hannon Armstrong’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $16.27 million. In comparison, last year the company had a net profit of $7.53 million.

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Hannon Armstrong Sustainable Infrastructure Capital, Inc. engages in the provision of capital and services focuses on reducing climate changing greenhouse gas emissions. It involves in the energy efficiency, renewable energy, and other sustainable infrastructure markets. The company was founded on November 7, 2012 and is headquartered in Annapolis, MD.