Atlantic Power (NYSE:AT) Downgraded to “Sell” at ValuEngine

ValuEngine downgraded shares of Atlantic Power (NYSE:AT) (TSE:ATP) from a hold rating to a sell rating in a report published on Thursday, ValuEngine reports.

Several other research firms have also weighed in on AT. Zacks Investment Research upgraded Atlantic Power from a hold rating to a strong-buy rating and set a $2.75 target price for the company in a report on Tuesday, May 21st. National Bank Financial upgraded Atlantic Power from an underperform rating to a sector perform rating in a report on Friday, May 3rd. One equities research analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. The company presently has an average rating of Hold and a consensus price target of $2.88.

Shares of Atlantic Power stock remained flat at $$2.38 during trading on Thursday. The stock had a trading volume of 123,055 shares, compared to its average volume of 274,700. The stock has a market capitalization of $261.42 million, a P/E ratio of 14.88 and a beta of 0.93. The company has a quick ratio of 0.91, a current ratio of 1.01 and a debt-to-equity ratio of 130.98. Atlantic Power has a fifty-two week low of $2.05 and a fifty-two week high of $3.02. The company’s fifty day simple moving average is $2.43.

Atlantic Power (NYSE:AT) (TSE:ATP) last announced its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.05. The business had revenue of $73.00 million during the quarter. Atlantic Power had a negative return on equity of 189.57% and a net margin of 9.23%. On average, analysts predict that Atlantic Power will post 0.24 earnings per share for the current year.

In other Atlantic Power news, Director Gilbert Samuel Palter purchased 25,000 shares of the company’s stock in a transaction on Tuesday, June 4th. The shares were bought at an average cost of $2.25 per share, with a total value of $56,250.00. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Kevin Howell purchased 50,000 shares of the company’s stock in a transaction on Thursday, June 6th. The stock was acquired at an average cost of $2.29 per share, for a total transaction of $114,500.00. Following the completion of the transaction, the director now owns 160,300 shares in the company, valued at $367,087. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 98,500 shares of company stock valued at $265,015. Corporate insiders own 3.40% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the business. LPL Financial LLC increased its position in shares of Atlantic Power by 64.1% during the fourth quarter. LPL Financial LLC now owns 16,890 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 6,596 shares during the period. Highstreet Asset Management Inc. increased its position in shares of Atlantic Power by 26.8% during the first quarter. Highstreet Asset Management Inc. now owns 35,459 shares of the utilities provider’s stock valued at $89,000 after purchasing an additional 7,486 shares during the period. Wiley BROS. Aintree Capital LLC increased its position in shares of Atlantic Power by 94.7% during the first quarter. Wiley BROS. Aintree Capital LLC now owns 19,533 shares of the utilities provider’s stock valued at $49,000 after purchasing an additional 9,500 shares during the period. BNP Paribas Arbitrage SA increased its position in shares of Atlantic Power by 116.6% during the first quarter. BNP Paribas Arbitrage SA now owns 23,444 shares of the utilities provider’s stock valued at $59,000 after purchasing an additional 12,619 shares during the period. Finally, ClariVest Asset Management LLC increased its position in shares of Atlantic Power by 6.4% during the first quarter. ClariVest Asset Management LLC now owns 232,700 shares of the utilities provider’s stock valued at $587,000 after purchasing an additional 13,900 shares during the period. 60.50% of the stock is currently owned by institutional investors.

About Atlantic Power

Atlantic Power Corp. is a power producer company, which engages in owning power generation assets. The firm operates through its segments: East U.S., West U.S., Canada and Un-Allocated Corporate. It projects sell electricity and steam to investment-grade utilities and creditworthy large customers under long term Power Purchase Agreements.

Further Reading: Preferred Stock

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