In a report issued on May 11, Carter Driscoll from B.Riley FBR maintained a Hold rating on Spark Energy (NASDAQ: SPKE), with a price target of $13. The company’s shares opened today at $10.60, close to its 52-week low of $8.60.
Driscoll commented:
“Spark Energy (SPKE) reported a 1Q18 miss, driven by an extended cold snap in Midwest reminiscent of the polar vortex from 2014, only it lasted much longer. Part of the negative weather impact was from a late 2017 push into the large scale commercial market that required bigger collateral with wholesalers because of higher volumes. This forced the company to assume unfavorable hedges and even physical contracts in a time of extreme price volatility amid big spikes in typical volumetric usage in New England (ISO-NE was higher by 20%) and Mid-Atlantic (PJM was higher by 25%) territories. To counter these effects, SPKE will reduce its emphasis on the large commercial market, accelerate mass market customer acquisitions, tightly control costs and opportunistically seek tuck-in acquisitions.”
According to TipRanks.com, Driscoll is ranked 0 out of 5 stars with an average return of -6.8% and a 33.3% success rate. Driscoll covers the Consumer Goods sector, focusing on stocks such as SolarEdge Technologies, Pacific Ethanol, and Enphase Energy.
Spark Energy has an analyst consensus of Moderate Buy, with a price target consensus of $15.50.
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Based on Spark Energy’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $12.33 million. In comparison, last year the company had a net profit of $2.27 million.
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Spark Energy, Inc. engages in the supply and retail of electricity and natural gas. It operates through the Retail Natural Gas and Retail Electricity segments.
