Zacks Investment Research Downgrades Westport Fuel Systems (WPRT) to Hold

Westport Fuel Systems (NASDAQ:WPRT) (TSE:WPRT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Friday, Zacks.com reports.

According to Zacks, “In first-quarter 2019, Westport Fuel’s net loss from continuing operations was narrower than the Zacks Consensus Estimate. Further, revenues improved during the quarter. This upside was driven by increased aftermarket revenue generation and Westport HPDI 2.0 shipments. The company is well positioned to meet the growing demand for fuel systems and components. Westport HPDI 2.0, which offers an environment-friendly robust performance of heavy-duty trucks, is likely to increase the market share of the company. Further, the company regularly makes acquisitions and divestments to develop technologies and edge on non-core businesses.”

Other analysts also recently issued reports about the stock. Lake Street Capital raised shares of Westport Fuel Systems from a “hold” rating to a “buy” rating and set a $5.00 price target for the company in a research note on Friday, May 10th. HC Wainwright reissued a “buy” rating and issued a $6.00 price target on shares of Westport Fuel Systems in a research note on Wednesday, March 20th. ValuEngine raised shares of Westport Fuel Systems from a “sell” rating to a “hold” rating in a research note on Monday, May 13th. Cowen set a $3.00 price target on shares of Westport Fuel Systems and gave the stock a “hold” rating in a research note on Friday, May 10th. Finally, BidaskClub raised shares of Westport Fuel Systems from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $4.19.

Westport Fuel Systems stock opened at $2.54 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.52 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $338.79 million, a price-to-earnings ratio of -8.19 and a beta of 2.65. Westport Fuel Systems has a twelve month low of $1.17 and a twelve month high of $3.77.

Westport Fuel Systems (NASDAQ:WPRT) (TSE:WPRT) last posted its quarterly earnings results on Thursday, May 9th. The auto parts company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.03. The business had revenue of $73.19 million during the quarter, compared to the consensus estimate of $67.23 million. Westport Fuel Systems had a negative net margin of 7.25% and a negative return on equity of 33.07%. On average, equities analysts anticipate that Westport Fuel Systems will post -0.09 EPS for the current fiscal year.

Several large investors have recently modified their holdings of WPRT. Pembroke Management LTD raised its stake in shares of Westport Fuel Systems by 20.4% during the first quarter. Pembroke Management LTD now owns 5,849,500 shares of the auto parts company’s stock valued at $12,167,000 after acquiring an additional 989,800 shares during the last quarter. Royce & Associates LP raised its stake in shares of Westport Fuel Systems by 9.4% during the fourth quarter. Royce & Associates LP now owns 7,223,522 shares of the auto parts company’s stock valued at $9,607,000 after acquiring an additional 621,939 shares during the last quarter. Deutsche Bank AG raised its stake in shares of Westport Fuel Systems by 44,879.7% during the fourth quarter. Deutsche Bank AG now owns 449,797 shares of the auto parts company’s stock valued at $598,000 after acquiring an additional 448,797 shares during the last quarter. Telos Capital Management Inc. bought a new position in shares of Westport Fuel Systems during the fourth quarter valued at about $559,000. Finally, Grace & White Inc. NY raised its stake in shares of Westport Fuel Systems by 20.8% during the fourth quarter. Grace & White Inc. NY now owns 1,968,404 shares of the auto parts company’s stock valued at $2,618,000 after acquiring an additional 339,341 shares during the last quarter. 20.01% of the stock is owned by hedge funds and other institutional investors.

About Westport Fuel Systems

Westport Fuel Systems Inc engineers, manufactures, and supplies alternative fuel systems and components for the transportation application worldwide. It operates through Transportation and Cummins Westport Inc (CWI) Joint Venture segments. The company offers fuel systems and components a range of alternative fuels, such as liquefied petroleum gas, compressed natural gas, liquefied natural gas, renewable natural gas, and hydrogen; and independent aftermarket, original equipment manufacturers (OEMs) and delayed OEMs, electronics, current and advanced research and development programs, supply chain, and product planning activities.

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