Atlantic Power (NYSE:AT) Stock Rating Lowered by ValuEngine

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

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

Shares of AT opened at $2.38 on Thursday. The company has a debt-to-equity ratio of 130.98, a quick ratio of 0.91 and a current ratio of 1.01. Atlantic Power has a 1 year low of $2.05 and a 1 year high of $3.02. The firm’s 50 day moving average is $2.43. The stock has a market cap of $260.33 million, a price-to-earnings ratio of 14.88 and a beta of 0.93.

Atlantic Power (NYSE:AT) (TSE:ATP) last announced its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.05. Atlantic Power had a net margin of 9.74% and a negative return on equity of 344.12%. The business had revenue of $73.00 million during the quarter. As a group, equities research analysts expect that Atlantic Power will post 0.24 EPS for the current year.

In related news, Director Gilbert Samuel Palter acquired 3,500 shares of the business’s stock in a transaction on Tuesday, May 28th. The stock was acquired at an average cost of $13.39 per share, with a total value of $46,865.00. Following the acquisition, the director now directly owns 18,500 shares in the company, valued at approximately $247,715. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kevin Howell acquired 50,000 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were bought at an average cost of $2.29 per share, with a total value of $114,500.00. Following the completion of the acquisition, 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 ninety days, insiders have acquired 98,500 shares of company stock valued at $265,015. Insiders own 3.40% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. MetLife Investment Advisors LLC purchased a new position in shares of Atlantic Power in the fourth quarter valued at $110,000. Bailard Inc. purchased a new position in shares of Atlantic Power in the first quarter valued at $148,000. First Quadrant L P CA purchased a new position in shares of Atlantic Power in the first quarter valued at $61,000. Geode Capital Management LLC grew its holdings in shares of Atlantic Power by 9.9% in the fourth quarter. Geode Capital Management LLC now owns 625,455 shares of the utilities provider’s stock valued at $1,357,000 after purchasing an additional 56,214 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Atlantic Power by 9.0% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,133,367 shares of the utilities provider’s stock valued at $5,350,000 after purchasing an additional 175,729 shares in the last quarter. 60.53% of the stock is owned by hedge funds and other institutional investors.

Atlantic Power Company Profile

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.

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