Northland Power (TSE:NPI) Trading Down 23.8% After Analyst Downgrade

Northland Power Inc. (TSE:NPI)’s share price dropped 23.8% during trading on Thursday after Desjardins downgraded the stock from a moderate buy rating to a hold rating. The stock traded as low as C$18.28 and last traded at C$19.11. Approximately 5,571,660 shares were traded during mid-day trading, an increase of 510% from the average daily volume of 912,691 shares. The stock had previously closed at C$25.07.

NPI has been the subject of a number of other reports. CIBC decreased their price objective on Northland Power from C$29.00 to C$25.00 in a research report on Friday. Raymond James Financial lowered their price objective on shares of Northland Power from C$29.00 to C$28.00 and set an “outperform” rating on the stock in a research report on Friday, August 15th. Finally, BMO Capital Markets lowered shares of Northland Power from a “strong-buy” rating to a “hold” rating and dropped their price objective for the company from C$31.00 to C$25.00 in a research note on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of C$26.31.

Northland Power Stock Performance

The company has a debt-to-equity ratio of 181.28, a quick ratio of 1.23 and a current ratio of 1.17. The firm has a 50 day moving average of C$23.92 and a two-hundred day moving average of C$22.37. The stock has a market cap of C$4.76 billion, a P/E ratio of -86.67, a P/E/G ratio of 0.71 and a beta of 0.87.

Northland Power (TSE:NPI) last posted its quarterly earnings data on Thursday, November 13th. The solar energy provider reported C($1.58) earnings per share for the quarter. The business had revenue of C$559.39 million during the quarter. Northland Power had a negative net margin of 5.92% and a negative return on equity of 3.37%.

About Northland Power

Northland Power develops, constructs, and operates maintainable infrastructure assets across a range of clean and green technologies, such as wind (offshore and onshore), solar, and supplying energy through a regulated utility. Offshore wind is expected to remain the company’s largest segment over the long term.