By midmorning, shares had added 5.5% to $41.15.
On Thursday, the solar power company said it has been granted C$48 million in construction and term financing from Manulife. The funds will be used in Canadian Solar's Val Caron solar power project in Ontario.
The project has begun construction and will be connected this year. It has already been awarded a 20-year power purchase contract from the Ontario Power Authority."This latest agreement will allow us to continue to the development of our highly attractive utility-scale pipeline in a financially prudent, shareholder friendly manner," said CEO Dr. Shawn Qu in a statement. In its fourth quarter, the Ontario-based company reported per-share earnings of 38 cents, 3 cents short of Thomson Reuters' analyst average. For its March-ending first quarter, the company expects revenue between $415 million and $430 million with gross margin of 14% to 16%. Analysts anticipated $517.78 million in sales and gross margin of 19.53%. Must Read: Warren Buffett's 10 Favorite Dividend Stocks STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. TheStreet Ratings team rates CANADIAN SOLAR INC as a Hold with a ratings score of C-. The team has this to say about their recommendation: "We rate CANADIAN SOLAR INC (CSIQ) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and compelling growth in net income. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk and poor profit margins."
- You can view the full analysis from the report here: CSIQ Ratings Report
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV