Zacks Investment Research upgraded shares of Atlantica Yield (NASDAQ:AY) from a hold rating to a buy rating in a research note released on Tuesday, Zacks.com reports. Zacks Investment Research currently has $23.00 price target on the utilities provider’s stock.
According to Zacks, “Atlantica Yield Plc owns, manages and acquires a diversified portfolio of contracted assets in the power and environment sectors. It operates primarily in North America, South America and Europe. Atlantica Yield Plc, formerly known as Abengoa Yield plc, is based in Brentford, the United Kingdom. “
AY has been the topic of a number of other research reports. ValuEngine downgraded Atlantica Yield from a buy rating to a hold rating in a report on Tuesday, January 15th. BidaskClub downgraded Atlantica Yield from a hold rating to a sell rating in a report on Tuesday, January 22nd. Citigroup initiated coverage on Atlantica Yield in a report on Monday, January 7th. They issued a buy rating and a $25.00 price objective on the stock. Finally, Raymond James dropped their price objective on Atlantica Yield from $27.50 to $25.50 and set an outperform rating on the stock in a report on Monday, March 4th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of Buy and an average price target of $24.70.
AY opened at $20.13 on Tuesday. Atlantica Yield has a one year low of $17.50 and a one year high of $21.22. The stock has a market capitalization of $2.02 billion, a PE ratio of 47.93, a price-to-earnings-growth ratio of 1.07 and a beta of 0.63. The company has a current ratio of 1.53, a quick ratio of 1.50 and a debt-to-equity ratio of 2.98.
The company also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Tuesday, March 12th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Monday, March 11th. This represents a $1.48 dividend on an annualized basis and a yield of 7.35%. Atlantica Yield’s dividend payout ratio is presently 352.38%.
Large investors have recently added to or reduced their stakes in the stock. Morgan Stanley purchased a new position in shares of Atlantica Yield in the 3rd quarter valued at approximately $201,652,000. Norges Bank purchased a new position in shares of Atlantica Yield in the 4th quarter valued at approximately $34,388,000. Dimensional Fund Advisors LP purchased a new position in shares of Atlantica Yield in the 3rd quarter valued at approximately $21,658,000. Man Group plc purchased a new position in shares of Atlantica Yield in the 3rd quarter valued at approximately $20,641,000. Finally, Rare Infrastructure Ltd grew its stake in shares of Atlantica Yield by 60.6% in the 4th quarter. Rare Infrastructure Ltd now owns 1,408,279 shares of the utilities provider’s stock valued at $27,602,000 after purchasing an additional 531,174 shares during the last quarter. Hedge funds and other institutional investors own 50.67% of the company’s stock.
Atlantica Yield Company Profile
Atlantica Yield plc acquires, owns, and manages renewable energy, natural gas power, electric transmission lines, and water assets in the United States, Mexico, Peru, Chile, Uruguay, Spain, Algeria, and South Africa. As of December 31, 2018, it had 24 assets, including 1,496 megawatts (MW) of renewable energy generation assets comprising solar power and wind plants; 300 MW of natural gas power generation assets that produce electricity and steam from natural gas; 1,152 miles of electric transmission lines; and water desalination plants with an aggregate capacity of 10.5 million cubic feet per day.
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