Zacks Investment Research Downgrades Atlantic Power (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 Monday.

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. “

Shares of AT stock opened at $2.16 on Monday. Atlantic Power has a 1-year low of $1.80 and a 1-year high of $2.60. The firm has a market cap of $237.11 million, a PE ratio of -7.45 and a beta of 1.32.

Atlantic Power (NYSE:AT) (TSE:ATP) last issued its quarterly earnings results on Thursday, November 1st. The utilities provider reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.02. Atlantic Power had a positive return on equity of 184.49% and a negative net margin of 9.11%. The business had revenue of $65.40 million for the quarter, compared to the consensus estimate of $83.30 million. As a group, analysts expect that Atlantic Power will post -0.09 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Atlantic Power by 5.6% during the second quarter. BlackRock Inc. now owns 5,839,688 shares of the utilities provider’s stock valued at $12,847,000 after purchasing an additional 309,806 shares during the last quarter. Millennium Management LLC boosted its position in Atlantic Power by 3.1% during the first quarter. Millennium Management LLC now owns 1,065,881 shares of the utilities provider’s stock valued at $2,238,000 after purchasing an additional 31,822 shares during the last quarter. Bank of New York Mellon Corp boosted its position in Atlantic Power by 3.8% during the second quarter. Bank of New York Mellon Corp now owns 922,743 shares of the utilities provider’s stock valued at $2,030,000 after purchasing an additional 34,173 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in Atlantic Power by 3.2% during the second quarter. Schwab Charles Investment Management Inc. now owns 861,565 shares of the utilities provider’s stock valued at $1,896,000 after purchasing an additional 26,424 shares during the last quarter. Finally, Strs Ohio boosted its position in Atlantic Power by 9.8% during the second quarter. Strs Ohio now owns 286,600 shares of the utilities provider’s stock valued at $630,000 after purchasing an additional 25,600 shares during the last quarter. 54.08% of the stock is owned by hedge funds and other institutional investors.

Atlantic Power Company Profile

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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