EnerNOC, Inc. (NASDAQ:ENOC) announced this morning that is has agreed to be acquired by the Enel Group for an enterprise value in excess of $300 million, reflecting the culmination of a prior strategic review process. The deal price tender of $7.67 represents a premium to the prior day’s close of ~42%.
CEO Tim Healy commented, “After a comprehensive review of strategic options, during which we evaluated a wide range of paths to maximize shareholder value, we are excited to enter into this agreement with the Enel Group. The transaction provides our stockholders with significant and immediate cash value, and unites us with one of the most innovative, global energy companies that shares our vision to change the way the world uses energy. In combining forces with the Enel Group, we look forward to accelerating the growth of our core businesses and to delivering ever more value to our customers as we lead the transition to a more sustainable, distributed energy future.”
Shares of Enernoc are currently trading at $7.65, up $2.25 or 41.67%. ENOC has a 1-year high of $7.74 and a 1-year low of $4.80. The stock’s 50-day moving average is $5.55 and its 200-day moving average is $5.72.
On the ratings front, Enernoc has been the subject of a number of recent research reports. In a report released today, Canaccord analyst John Quealy reiterated a Hold rating on ENOC, with a price target of $7.67, which represents a slight upside potential from current levels. On March 14, Raymond James’ Pavel Molchanov maintained a Buy rating on the stock and has a price target of $10.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, John Quealy and Pavel Molchanov have a yearly average return of 6.7% and a loss of 2.2% respectively. Quealy has a success rate of 54% and is ranked #577 out of 4579 analysts, while Molchanov has a success rate of 45% and is ranked #3941.
EnerNOC, Inc. engages the provision of energy intelligence software and demand response solutions It offers software-as-a-service or SaaS which improve how enterprises manage and control energy costs for their organizations. It operates through the Software and Demand Response segments. The Software segment offers a range of solutions which supports enterprise, utility, and energy procurement solutions. The Demand Response segment centralizes demand response event performance and help manage outcomes between the control rooms dispatching the resource and the commercial and industrial end-users providing the resource.