Energy Stocks to Watch: SunPower Corporation(NASDAQ:SPWR), First Solar, Inc. (NASDAQ:FSLR)

SunPower Chairman Thomas Werner acquired 47,895 shares of the company’s stock, CFO Charles Boynton acquired 3,188 shares, COO Marty Neese acquired 19,128 shares, and President Howard Wenger acquired 19,128 shares, all on June 1, according to filings disclosed last night. The filings also showed that Werner sold 25,000 shares on June 2.

Analysts have a consensus price target of $37.30 on SunPower Corporation(NASDAQ:SPWR) which indicates a 16% upside. The consensus rating of the stock is a Buy with a score of 2.64. There are currently 4 Hold ratings and 7 Buy ratings on the stock. Another recent analyst action consisted of Brean Capital reiterating their Buy rating on the stock with a price target of $32.

Shares of solar energy company First Solar, Inc. (NASDAQ:FSLR) are rising after the U.S. Department of Commerce announced that it would impose duties of 18.5%-35% on imports of many Chinese solar energy products. A number of research firms wrote that First Solar would benefit from the tariffs. WHAT’S NEW: In a preliminary decision, the Commerce Department imposed duties on many Chinese solar energy imports. Additionally, the department closed a loophole by imposing the tariffs on products whose main parts come from China, but are assembled in other countries. While today’s move by the Commerce Department is preliminary and is subject to changes later this year, the U.S. will begin collecting the tariffs before a final decision is made permanent, The New York Times reported. ANALYST REACTION: In a note to investors earlier today, Credit Suisse analyst Patrick Jobin wrote that the tariffs were positive for First Solar. The import duties will make First Solar’s panels more cost competitive in the U.S., since its panels will not be subject to the duties, the analyst explained. Another company whose panels are likely to become more competitive in the U.S. as a result of the tariffs is SunPower (SPWR), Jobin believes. Meanwhile, Northland Securities analyst Colin Rusch wrote that First Solar and SunPower would both “clearly” benefit from the ruling. WHAT’S NOTABLE: Also today, an Indian court delayed until July 7 a hearing on First Solar’s challenge of New Dehli’s preliminary determination that the company had dumped solar panels in the Indian market, according to Bloomberg. PRICE ACTION: In mid-afternoon trading, First Solar rose 5% to $66, while SunPower jumped 8% to $35.

Analysts have a consensus price target of $59.67 on First Solar, Inc. (NASDAQ:FSLR) which indicates a 5% downside. The consensus rating of the stock is a HOLD with a score of 2.14. There are currently 10 Hold ratings, 4 Sell ratings and 7 Buy ratings on the stock. Another recent analyst action consisted of Stifel initiating coverage with a Buy rating and a $75 price target on the stock.

 

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