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Renu Energy (ASX:RNE) Momentum Rank : 0 (As of Jun. 10, 2024)


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What is Renu Energy Momentum Rank?

Renu Energy has the Momentum Rank of 0.

For Momentum Rank, we considered the residual momentum concept that was widely studied by Blitz and his colleagues as well as by Nobel Prize laureates Fama and French. However, we did not find any significant differences in the performances of stocks with different ranks of residual momentum. Therefore, we use traditional momentum instead.

Momentum Rank is determined using the standardized momentum ratio and other momentum indicators. The standardized momentum ratio is the average of the performances from 12 months ago to 1 month ago and 6 months ago to 1 month ago, divided by the beta of the stock over the past 12 months. To calculate the momentum ratio today, we would use the average of the two performance numbers.

For momentum, we found that stock price performance does not have a monotonic correlation with the momentum ratio. The stocks with the highest momentum ratios perform worse than those at about the 70th percentile. Therefore, for the momentum rank, we ranked the stocks at about the 70th percentile of the momentum ratio as the highest at 10.

Please click GF Score to see more details on the GF Score's 5 Key Aspects of Analysis.

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Renu Energy (ASX:RNE) Business Description

Industry
GURUFOCUS.COM » STOCK LIST » Utilities » Utilities - Independent Power Producers » Renu Energy Ltd (ASX:RNE) » Definitions » Momentum Rank
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Traded in Other Exchanges
GDYMF:USA
Address
52 McDougall Street, P.O. Box 2046, Level 2, Corporate House, Kings Row 1, Milton, QLD, AUS, 4064
Website
https://www.renuenergy.com.au
Renu Energy Ltd delivers clean energy products and services. It builds, owns, operates, and maintains renewable energy assets so its customers can access renewable energy, at a lower price, with no upfront cost. The company operates in two segments namely Hydrogen and Renewable and Clean Energy Investments. It derives majority of its revenue from Renewable and Clean Energy Investment Segment.

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