Zacks Investment Research upgraded shares of Atlantic Power (NYSE:AT) (TSE:ATP) from a sell rating to a hold rating in a research report report published on Friday, April 6th.
According to Zacks, “Atlantic Power Corporation is an independent electric power producer that owns interests in a diversified portfolio of independent, non-utility power generation projects and one transmission line situated in major U.S. markets. “
A number of other equities research analysts have also weighed in on the company. National Bank Financial set a $2.50 price target on Atlantic Power and gave the stock a sector perform rating in a research note on Tuesday, January 30th. ValuEngine lowered Atlantic Power from a hold rating to a sell rating in a research note on Monday, April 2nd. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the stock. Atlantic Power has an average rating of Hold and an average target price of $2.58.
AT traded down $0.05 on Friday, hitting $2.15. The company had a trading volume of 421,409 shares, compared to its average volume of 733,969. Atlantic Power has a 12-month low of $1.80 and a 12-month high of $2.60. The company has a debt-to-equity ratio of -39.22, a current ratio of 1.27 and a quick ratio of 1.14. The firm has a market capitalization of $255.22, a PE ratio of -7.41 and a beta of 1.69.
Atlantic Power (NYSE:AT) (TSE:ATP) last posted its earnings results on Thursday, March 1st. The utilities provider reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.07). Atlantic Power had a negative net margin of 21.88% and a positive return on equity of 36.16%. The company had revenue of $100.00 million during the quarter, compared to analysts’ expectations of $110.20 million. sell-side analysts expect that Atlantic Power will post -0.39 EPS for the current year.
In other Atlantic Power news, CEO James J. Moore, Jr. purchased 15,394 shares of the company’s stock in a transaction dated Wednesday, March 7th. The shares were acquired at an average price of $2.05 per share, for a total transaction of $31,557.70. Following the completion of the purchase, the chief executive officer now owns 467,140 shares of the company’s stock, valued at $957,637. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Joseph Cofelice purchased 20,000 shares of the company’s stock in a transaction dated Wednesday, March 7th. The shares were acquired at an average price of $2.10 per share, for a total transaction of $42,000.00. Following the purchase, the executive vice president now directly owns 634,762 shares of the company’s stock, valued at approximately $1,333,000.20. The disclosure for this purchase can be found here. Insiders have bought 48,894 shares of company stock worth $101,908 in the last 90 days. Insiders own 1.60% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in AT. Nationwide Fund Advisors lifted its holdings in shares of Atlantic Power by 138.0% during the third quarter. Nationwide Fund Advisors now owns 171,096 shares of the utilities provider’s stock worth $419,000 after purchasing an additional 99,216 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Atlantic Power by 11.4% during the third quarter. Bank of New York Mellon Corp now owns 801,038 shares of the utilities provider’s stock worth $1,963,000 after purchasing an additional 81,996 shares during the period. Macquarie Group Ltd. acquired a new stake in shares of Atlantic Power during the third quarter worth about $180,000. Great West Life Assurance Co. Can lifted its holdings in shares of Atlantic Power by 2,277.1% during the third quarter. Great West Life Assurance Co. Can now owns 110,510 shares of the utilities provider’s stock worth $270,000 after purchasing an additional 105,861 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Atlantic Power by 18.9% during the third quarter. JPMorgan Chase & Co. now owns 6,813,864 shares of the utilities provider’s stock worth $17,034,000 after purchasing an additional 1,082,104 shares during the period. 49.54% of the stock is owned by hedge funds and other institutional investors.
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About Atlantic Power
Atlantic Power Corporation owns and operates a fleet of power generation assets in the United States and Canada. As of December 31, 2017, its power generation projects had an aggregate gross electric generation capacity of approximately 1,633 megawatts consisting of interests in 18 operational power generation projects across 9 states in the United States and 2 provinces in Canada.
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