Daqo New Energy (NYSE:DQ) Releases Earnings Results

Daqo New Energy (NYSE:DQ) posted its earnings results on Monday. The semiconductor company reported ($1.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($1.25), Yahoo Finance reports. Daqo New Energy had a return on equity of 2.46% and a net margin of 7.84%. During the same quarter in the prior year, the firm posted $1.34 EPS.

Daqo New Energy Trading Down 3.2 %

Shares of DQ opened at $14.72 on Tuesday. The stock has a market capitalization of $971.62 million, a P/E ratio of 6.91 and a beta of 0.28. The firm’s fifty day simple moving average is $16.27 and its two-hundred day simple moving average is $20.26. Daqo New Energy has a 12 month low of $13.62 and a 12 month high of $37.92.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on DQ shares. Jefferies Financial Group reduced their price objective on shares of Daqo New Energy from $38.40 to $34.05 and set a “buy” rating on the stock in a research note on Monday. StockNews.com cut shares of Daqo New Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, August 13th. The Goldman Sachs Group started coverage on shares of Daqo New Energy in a research note on Thursday, July 11th. They issued a “buy” rating on the stock. Roth Mkm reissued a “neutral” rating and issued a $23.00 price objective on shares of Daqo New Energy in a research note on Tuesday, April 30th. Finally, HSBC raised shares of Daqo New Energy from a “reduce” rating to a “hold” rating and set a $15.00 price objective on the stock in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat.com, Daqo New Energy currently has a consensus rating of “Hold” and an average price target of $24.26.

Daqo New Energy announced that its Board of Directors has approved a share buyback plan on Monday, July 22nd that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the semiconductor company to buy up to 8.6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

About Daqo New Energy

Daqo New Energy Corp., together with its subsidiaries, manufactures and sells polysilicon to photovoltaic product manufacturers in the People's Republic of China. Its products are used in ingots, wafers, cells, and modules for solar power solutions. The company was formerly known as Mega Stand International Limited and changed its name to Daqo New Energy Corp.