The Westport Fuel Systems Inc (WPRT) Raised to Buy at Zacks Investment Research

The Westport Fuel Systems Inc (WPRT) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Westport Fuel Systems Inc (NASDAQ:WPRT) (TSE:WPT) from a hold rating to a buy rating in a research note published on Thursday morning. The firm currently has $4.25 target price on the auto parts company’s stock.

According to Zacks, “Westport Fuel Systems frequently engages in investments and acquisitions related to technologies and businesses, which helps the company to commercialize its products and increase its global presence. Further, to boost its sales figure and improve its financials, the company regularly launches new products and engages in sale of its non-core assets. The company also maintains strong strategic relationships with leading truck and automotive producers, enabling it to improve its distribution and sales networks. Moreover, its shares have also outperformed the industry it belongs to over the last three months.”

Other analysts also recently issued reports about the stock. BidaskClub upgraded shares of Westport Fuel Systems from a hold rating to a buy rating in a report on Thursday, August 17th. CIBC began coverage on shares of Westport Fuel Systems in a report on Thursday, August 17th. They issued an outperform rating and a $3.00 price objective on the stock. Oppenheimer Holdings, Inc. began coverage on shares of Westport Fuel Systems in a report on Wednesday, August 16th. They issued an outperform rating and a $3.00 price objective on the stock. Cowen and Company set a $2.00 price objective on shares of Westport Fuel Systems and gave the company a hold rating in a report on Monday, August 14th. Finally, ValuEngine upgraded shares of Westport Fuel Systems from a sell rating to a hold rating in a report on Wednesday, August 16th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. Westport Fuel Systems has a consensus rating of Buy and an average price target of $3.30.

Westport Fuel Systems (NASDAQ:WPRT) opened at 3.37 on Thursday. The stock’s 50 day moving average is $3.04 and its 200 day moving average is $2.00. Westport Fuel Systems has a 52 week low of $0.82 and a 52 week high of $4.09. The firm’s market cap is $439.45 million.

Westport Fuel Systems (NASDAQ:WPRT) (TSE:WPT) last posted its quarterly earnings data on Monday, August 14th. The auto parts company reported ($0.12) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.15) by $0.03. Westport Fuel Systems had a negative net margin of 20.37% and a negative return on equity of 65.98%. The company had revenue of $62.10 million for the quarter, compared to the consensus estimate of $58.44 million. During the same period last year, the company earned $0.05 earnings per share. The firm’s revenue was up 66.9% compared to the same quarter last year. Equities research analysts expect that Westport Fuel Systems will post ($0.49) EPS for the current year.

Institutional investors and hedge funds have recently modified their holdings of the stock. Northern Trust Corp increased its holdings in Westport Fuel Systems by 0.5% during the second quarter. Northern Trust Corp now owns 68,774 shares of the auto parts company’s stock worth $161,000 after buying an additional 346 shares during the last quarter. Royal Bank of Canada increased its holdings in Westport Fuel Systems by 0.5% during the second quarter. Royal Bank of Canada now owns 72,049 shares of the auto parts company’s stock worth $169,000 after buying an additional 375 shares during the last quarter. Wells Fargo & Company MN increased its holdings in Westport Fuel Systems by 496.2% during the first quarter. Wells Fargo & Company MN now owns 108,054 shares of the auto parts company’s stock worth $103,000 after buying an additional 89,931 shares during the last quarter. KCG Holdings Inc. increased its holdings in Westport Fuel Systems by 313.2% during the first quarter. KCG Holdings Inc. now owns 127,134 shares of the auto parts company’s stock worth $122,000 after buying an additional 96,365 shares during the last quarter. Finally, US Bancorp DE increased its holdings in Westport Fuel Systems by 62.7% during the first quarter. US Bancorp DE now owns 250,200 shares of the auto parts company’s stock worth $240,000 after buying an additional 96,401 shares during the last quarter. Institutional investors and hedge funds own 9.35% of the company’s stock.

Westport Fuel Systems Company Profile

Westport Fuel Systems Inc, formerly Westport Innovations Inc, is a Canada-based provider of low-emission engine and fuel system technologies utilizing gaseous fuels. It operates through the Westport Operations segment. The Westport Operations segment designs, manufactures and sells compressed natural gas, liquefied natural gas, and liquefied petroleum gas components and systems to original equipment manufacturers and to aftermarket customers.

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