Zacks Investment Research Downgrades Atlantic Power (NYSE:AT) to Hold

Atlantic Power (NYSE:AT) (TSE:ATP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, January 12th.

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. “

Separately, TD Securities restated a “hold” rating and set a $2.50 target price on shares of Atlantic Power in a research note on Tuesday, October 17th. One research analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. Atlantic Power presently has a consensus rating of “Hold” and an average target price of $2.57.

Shares of Atlantic Power (AT) remained flat at $$2.40 during trading on Friday. 230,700 shares of the company’s stock were exchanged, compared to its average volume of 809,300. The firm has a market capitalization of $273.63, a PE ratio of -4.36 and a beta of 1.73. The company has a debt-to-equity ratio of 30.07, a quick ratio of 0.97 and a current ratio of 1.07. Atlantic Power has a 12 month low of $2.20 and a 12 month high of $2.70.

Atlantic Power (NYSE:AT) (TSE:ATP) last released its earnings results on Thursday, November 9th. The utilities provider reported $0.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.01. Atlantic Power had a negative net margin of 14.09% and a positive return on equity of 34.66%. analysts predict that Atlantic Power will post -0.22 earnings per share for the current fiscal year.

In other Atlantic Power news, Director Gilbert Samuel Palter bought 35,000 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The stock was purchased at an average cost of $2.35 per share, with a total value of $82,250.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.60% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of AT. Mangrove Partners lifted its position in shares of Atlantic Power by 30.5% during the third quarter. Mangrove Partners now owns 11,324,092 shares of the utilities provider’s stock worth $27,744,000 after purchasing an additional 2,643,352 shares during the last quarter. JPMorgan Chase & Co. lifted its position 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 last quarter. Neuberger Berman Group LLC lifted its position in shares of Atlantic Power by 43.5% during the third quarter. Neuberger Berman Group LLC now owns 5,474,274 shares of the utilities provider’s stock worth $13,412,000 after purchasing an additional 1,658,678 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Atlantic Power by 4.7% during the second quarter. Vanguard Group Inc. now owns 3,163,689 shares of the utilities provider’s stock worth $7,593,000 after purchasing an additional 142,274 shares during the last quarter. Finally, State Street Corp raised its holdings in shares of Atlantic Power by 1.6% in the second quarter. State Street Corp now owns 2,143,668 shares of the utilities provider’s stock valued at $5,147,000 after acquiring an additional 33,047 shares in the last quarter. Institutional investors own 47.69% of the company’s stock.

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Atlantic Power Company Profile

Atlantic Power Corporation (Atlantic Power) owns and operates a fleet of power generation assets in the United States and Canada. The Company’s power generation projects sell electricity to utilities and other commercial customers. Atlantic Power’s segments include East U.S., West U.S. and Canada. The Company’s East U.S.

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