Ørsted (DNNGY) Shares Rise 5.6% After Court Allows Revolution Wind Project Resumption
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: seekingalpha
- Project Resumption Approved: A U.S. court ruling allows Ørsted's Revolution Wind project, nearly 90% complete, to resume, which is expected to power hundreds of thousands of homes in Rhode Island and Connecticut, alleviating significant financial loss risks for the company.
- Legal Ruling Impact: Judge Royce Lamberth emphasized that the project would suffer 'irreparable harm' without continued work, providing legal backing for Ørsted and boosting market confidence in its future developments.
- Industry Challenges: Several clean energy companies, including turbine maker Vestas Wind Systems and solar firms like First Solar and Enphase Energy, are facing challenges amid U.S. policy uncertainty and regulatory delays, highlighting overall industry pressure.
- Market Outlook: The resumption of Ørsted's project is expected to enhance its growth prospects in the U.S. offshore wind market, potentially sending positive signals to other clean energy companies affected by policy changes.
Analyst Views on ENPH
Wall Street analysts forecast ENPH stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for ENPH is 37.91 USD with a low forecast of 23.49 USD and a high forecast of 67.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
21 Analyst Rating
6 Buy
8 Hold
7 Sell
Hold
Current: 36.680
Low
23.49
Averages
37.91
High
67.00
Current: 36.680
Low
23.49
Averages
37.91
High
67.00
About ENPH
Enphase Energy, Inc. is a global energy technology company. The Company is a supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power and control it all with a smart mobile application. It designs, develops, manufactures and sells home energy solutions that manage energy generation, energy storage, and control and communications on one intelligent platform. The Enphase Energy System brings a technology, networked approach to solar generation plus energy storage, by leveraging its design expertise across power electronics, semiconductors and cloud-based software technologies. The Enphase Energy System, powered by IQ Microinverters, IQ Batteries and other products and services, is an integrated solar, storage and energy management offering that enables self-consumption. The Company also offers a predictive software platform dedicated to simplifying the cleantech service landscape.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
