Engineering services company NV5 Global, Inc. (NVEE) has revealed plans to acquire Optimal Energy, Inc., effective December 31. The stock-cash deal is expected to be immediately accretive to NV5’s earnings.
With offices in Vermont and Rhode Island, Optimal engages in a full range of consulting services. It specializes in advising state energy efficiency advisory councils on program planning, cost-benefit analysis, and strategic guidance.
With this addition, NV5 will be able to cater energy efficiency services to state governments and utility clients as well.
The Chairman and CEO of NV5, Dickerson Wright, PE, said, “NV5’s energy efficiency and clean energy business has driven strong organic growth, and Optimal is the fourth acquisition we have made in the sector. As energy efficiency continues to grow in importance in the government and utility markets, Optimal provides us with another specialized, high barrier to entry capability to differentiate NV5 and deliver value to our clients.”
“We are really excited about joining NV5 and expanding the scope and scale of technical resources available to our clients, and we look forward to the integration of our capabilities with the existing energy efficiency group within NV5,” said, Eric Belliveau, a Partner at Optimal Energy.
Recently, Sidoti analyst Marc Riddick maintained a Buy rating on NV5 and raised the price target to $167 from $154. The new price target implies 22.2% upside potential from current level.
Based on 2 Buys and 2 Holds, the stock has a Moderate Buy consensus rating. The average NV5 price target of $134 implies 1.9% downside potential from current levels. Shares have gained 73.4% over the past year.
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on NV5, with 8.1% of investors on TipRanks increasing their exposure to NVEE stock over the past 30 days.
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