EnerNOC soars 24 pct on better-than-expected results

LOS ANGELES, May 8 (Reuters) - Shares of EnerNOC Inc (ENOC.O: Quote, Profile, Research) soared as much as 24 percent on Thursday, a day after the company reported a narrower-than-expected quarterly loss on strong demand for its energy management services, and cost cuts.

The company, which helps utilities and grid operators manage peak electricity demand, also backed its 2008 revenue outlook.

EnerNOC shares jumped to $16.95, their highest level since the company reported a larger-than-expected fourth-quarter loss on Feb. 27, before settling back to $15.60. At midday, EnerNOC was the 12th-biggest percentage gainer on the Nasdaq.

Jefferies & Co analyst Paul Clegg raised his price target on the company's shares to $14 from $12, citing pricing improvements and higher gross margin expectations. He maintained his "hold" rating on the stock.

Late on Wednesday, EnerNOC posted a first-quarter net loss of $11 million, or 57 cents per share, compared with a loss of $3.8 million, or 91 cents a share, a year ago. Analysts had expected a loss of 59 cents per share, according to Reuters Estimates.

As of March 31, EnerNOC had 1,502 megawatts (MW) under management, marking an increase of 390 MW during the first quarter. That growth was helped by expansion into new service territories such as Canada and Texas.

The company also cited discipline in managing costs for its better-than-expected results.

EnerNOC shares were up $1.91, or 14 percent, at $15.60 in afternoon trading on Nasdaq. The stock is still down about 69 percent from the all-time high of $50.50 it hit in October. (Reporting by Nichola Groom; Editing by Brian Moss)