Shares of solar energy stocks such as Canadian Solar fell after OPEC announced it would maintain its crude oil production target of 30 million barrels of oil a day last week, and are continuing to fall on Monday.
Crude oil futures fell to a five-year low of $63.72 a barrel in overnight trading Sunday, according to Market Watch, though WTI crude oil prices were gaining 3.5% to $68.44 a barrel Monday afternoon. Brent crude oil futures were gaining 2.8% to $72.12 a barrel in afternoon trading.
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TheStreet Ratings team rates CANADIAN SOLAR INC as a Hold with a ratings score of C. TheStreet Ratings 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 robust revenue growth, notable return on equity and attractive valuation levels. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk, poor profit margins and a generally disappointing performance in the stock itself."