Top 5 Reasons You Should Watch Canadian Solar (CSIQ) Stock This Week
Noting that Canadian Solar has seen trouble as of recently, the analys...
5. Zacks rated the stock as a “strong buy.”
Noting that Canadian Solar has seen trouble as of recently, the analyst company Zacks rated the stock as a “strong buy” today, saying that its earnings per share were “huge.” Brian Bolan, writing for Zacks, noted that he was “even more impressed with the revenue of $624M, nearly double the $380M from the year ago levels and $49M ahead of expectations.”
4. They’ve been on top before.
As Bolan notes, Zacks has rated Canadian Solar as a “strong buy” already twice this year. It was Bull of the Day in February and again six weeks later. While it’s had its peaks and valleys this year, it’ll be interesting to see where the stock goes from the top this time. It would seem the only way off the summit is to go down, but it remains to be seen this week where CSIQ moves next.
3. It remains afloat while others dip beneath the surface.
Energy and mining stocks were down in Toronto this week—a week that could see stocks skyrocket with positive economic data. On Friday, the U.S. will release its August jobs report and that is expected to have a massive effect on the markets. Hopefully, CSIQ will continue to climb with a positive report and other mining and energy stocks climb out from the holes they’re currently in.
2. The Canadian Energy Strategy (CES) will provide a framework for CSIQ to work within.
The release this week of the CES will drive renewable energy production in Canada, as it focuses the country of getting clean power deployed more rapidly. Seeing as how CSIQ is the largest solar company is Canada, this is great news. There will be more job opportunities and room for the company to grow. Pay attention to how markets react this week.
1. Their installation for Conti Group shows their strength.
In Q2 of 2014, CSIQ supplied Conti/SunDurance with 11 MW of solar modules. This number shows strong growth for CSIQ and both parties spun the installations as very positive for all involved. “We partner with sophisticated solar developers, solar asset owners and electrical utilities to design and build large scale projects, and are very excited to work with Canadian Solar on this opportunity,” Matthew Skidmore, Vice President at Conti, said. “We are pleased to be selected to supply our PV modules to Conti, a world leading EPC provider. We are looking forward to working with Conti in the future. I am confident that Canadian Solar's global leadership, proven track record, and well-known brand name will continue to make us a partner of choice in powering key solar installations worldwide,” Dr. Shawn Qu, Chairman CEO of Canadian Solar, said. Watch this week to see how the markets react.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.