NEW YORK (TheStreet) -- Shares of Broadwind Energy (BWEN) - Get Report are soaring higher by 17.86% to $4.95 on heavy volume in mid-morning trading on Thursday, after the energy company announced it has signed a three year $137 million wind turbine tower supply agreement.
The company's wholly-owned subsidiary Broadwind Towers has signed the multi-year framework agreement to supply wind turbine towers to an unnamed U.S. wind turbine manufacturer.
The towers will be produced in the company's two facilities located in Wisconsin and Texas and they will be delivered in 2019.
"The market visibility has improved significantly given the certainty of the Production Tax Credit structure, and we are pleased to receive this long-term commitment from our customer. This agreement extends our backlog through 2019," Broadwind CEO Stephanie Kushner said.
Broadwind Energy is a Cicero, Ill.-based provider of technologically advanced products and services to energy, mining and infrastructure sectors customers mostly in the U.S.
Separately, TheStreet Ratings has set a "sell" rating and a score of D on Broadwind Energy stock. This is driven by a number of negative factors, which TheStreet Ratings believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks it covers.
The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and poor profit margins.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: BWEN