Atlantic Power (NYSE:AT) (TSE:ATP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday. The brokerage currently has a $2.50 target price on the utilities provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 11.11% from the company’s current price.
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. “
Several other equities analysts have also commented on AT. ValuEngine lowered Atlantic Power from a “hold” rating to a “sell” rating in a research note on Monday, April 2nd. National Bank Financial set a $2.50 target price on Atlantic Power and gave the company a “sector perform” rating in a research note on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $2.50.
AT stock traded up $0.05 during midday trading on Wednesday, hitting $2.25. 3,854 shares of the stock were exchanged, compared to its average volume of 682,891. The stock has a market cap of $253.08 million, a PE ratio of -7.76 and a beta of 1.69. Atlantic Power has a fifty-two week low of $2.22 and a fifty-two week high of $2.28. The company has a debt-to-equity ratio of -54.80, a quick ratio of 1.13 and a current ratio of 1.26.
Atlantic Power (NYSE:AT) (TSE:ATP) last issued its quarterly earnings data 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 positive return on equity of 184.49% and a negative net margin of 18.76%. The firm had revenue of $100.00 million for the quarter, compared to analyst estimates of $110.20 million. equities research analysts predict that Atlantic Power will post -0.39 earnings per share for the current year.
In related news, CEO James J. Moore, Jr. bought 15,394 shares of the firm’s stock in a transaction dated Wednesday, March 7th. The stock was bought at an average price of $2.05 per share, with a total value of $31,557.70. Following the completion of the transaction, the chief executive officer now directly 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 available through the SEC website. Also, EVP Joseph Cofelice bought 20,000 shares of the firm’s stock in a transaction dated Wednesday, March 7th. The stock was bought at an average cost of $2.10 per share, with a total value of $42,000.00. Following the transaction, the executive vice president now directly owns 634,762 shares of the company’s stock, valued at $1,333,000.20. The disclosure for this purchase can be found here. Insiders purchased 48,894 shares of company stock valued at $101,908 over the last quarter. Insiders own 1.60% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of AT. Cigna Investments Inc. New purchased a new stake in shares of Atlantic Power in the first quarter worth about $169,000. Two Sigma Advisers LP raised its stake in Atlantic Power by 50.5% during the fourth quarter. Two Sigma Advisers LP now owns 80,801 shares of the utilities provider’s stock valued at $190,000 after buying an additional 27,100 shares in the last quarter. Citadel Advisors LLC raised its stake in Atlantic Power by 104.0% during the fourth quarter. Citadel Advisors LLC now owns 90,352 shares of the utilities provider’s stock valued at $212,000 after buying an additional 46,069 shares in the last quarter. Tower Research Capital LLC TRC acquired a new stake in Atlantic Power during the fourth quarter valued at approximately $250,000. Finally, Macquarie Group Ltd. raised its stake in Atlantic Power by 84.8% during the fourth quarter. Macquarie Group Ltd. now owns 135,390 shares of the utilities provider’s stock valued at $318,000 after buying an additional 62,114 shares in the last quarter. 49.55% of the stock is owned by institutional investors.
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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