Atlantic Power (NYSE:AT) (TSE:ATP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.
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 brokerages also recently weighed in on AT. National Bank Financial set a $2.50 price target on Atlantic Power and gave the company a “sector perform” rating in a report on Tuesday, January 30th. ValuEngine downgraded Atlantic Power from a “hold” rating to a “sell” rating in a report on Monday. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company. Atlantic Power presently has a consensus rating of “Hold” and an average price target of $2.58.
Atlantic Power (NYSE:AT) (TSE:ATP) last posted its earnings results on Thursday, March 1st. The utilities provider reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.07). Atlantic Power had a negative net margin of 21.88% and a positive return on equity of 36.16%. The company had revenue of $100.00 million during the quarter, compared to analysts’ expectations of $110.20 million. research analysts predict that Atlantic Power will post -0.39 earnings per share for the current year.
In other news, EVP Joseph Cofelice acquired 20,000 shares of the company’s stock in a transaction dated Wednesday, March 7th. The stock was acquired at an average cost of $2.10 per share, for a total transaction of $42,000.00. Following the acquisition, the executive vice president now directly owns 634,762 shares in the company, valued at approximately $1,333,000.20. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO James J. Moore, Jr. acquired 15,394 shares of the company’s stock in a transaction dated Wednesday, March 7th. The shares were purchased at an average price of $2.05 per share, with a total value of $31,557.70. Following the completion of the acquisition, the chief executive officer now owns 467,140 shares in the company, valued at $957,637. The disclosure for this purchase can be found here. Insiders acquired a total of 48,894 shares of company stock valued at $101,908 over the last quarter. 1.60% of the stock is currently owned by insiders.
Several hedge funds have recently added to or reduced their stakes in AT. Mangrove Partners increased its holdings in Atlantic Power by 1.3% in the 4th quarter. Mangrove Partners now owns 11,469,584 shares of the utilities provider’s stock valued at $26,954,000 after purchasing an additional 145,492 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Atlantic Power by 18.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,813,864 shares of the utilities provider’s stock valued at $17,034,000 after purchasing an additional 1,082,104 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in Atlantic Power by 43.5% in the 3rd quarter. Neuberger Berman Group LLC now owns 5,474,274 shares of the utilities provider’s stock valued at $13,412,000 after purchasing an additional 1,658,678 shares in the last quarter. Verition Fund Management LLC increased its holdings in Atlantic Power by 13.3% in the 4th quarter. Verition Fund Management LLC now owns 1,133,004 shares of the utilities provider’s stock valued at $2,663,000 after purchasing an additional 133,000 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in Atlantic Power by 21.4% in the 4th quarter. Millennium Management LLC now owns 1,034,059 shares of the utilities provider’s stock valued at $2,430,000 after purchasing an additional 182,458 shares in the last quarter. Institutional investors and hedge funds own 49.48% 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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