Atlantic Power (AT) Upgraded by Zacks Investment Research to Strong-Buy

Zacks Investment Research upgraded shares of Atlantic Power (NYSE:AT) (TSE:ATP) from a hold rating to a strong-buy rating in a report published on Tuesday morning, Zacks.com reports. The brokerage currently has $2.75 price objective on the utilities provider’s stock.

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 research firms have also commented on AT. TD Securities boosted their price objective on shares of Atlantic Power from $2.75 to $3.00 and gave the stock a hold rating in a research report on Monday, March 4th. National Bank Financial lowered shares of Atlantic Power from a sector perform rating to an underperform rating in a research report on Tuesday, March 5th. ValuEngine lowered shares of Atlantic Power from a buy rating to a hold rating in a research report on Monday, April 1st. Finally, TheStreet upgraded shares of Atlantic Power from a d+ rating to a c- rating in a research report on Monday, February 4th. Three analysts have rated the stock with a hold rating and one has given a strong buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $2.88.

NYSE:AT opened at $2.54 on Tuesday. 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 fifty-two week low of $2.03 and a fifty-two week high of $3.02. The firm has a market cap of $273.14 million, a PE ratio of 15.88 and a beta of 1.13.

Atlantic Power (NYSE:AT) (TSE:ATP) last posted its quarterly earnings results on Thursday, February 28th. The utilities provider reported $0.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.07 by $0.11. Atlantic Power had a net margin of 9.23% and a negative return on equity of 189.57%. The business had revenue of $70.70 million for the quarter. As a group, equities research analysts expect that Atlantic Power will post 0.24 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the stock. SEI Investments Co boosted its position in shares of Atlantic Power by 18.4% in the 1st quarter. SEI Investments Co now owns 28,916 shares of the utilities provider’s stock worth $68,000 after buying an additional 4,504 shares in the last quarter. New York State Common Retirement Fund boosted its position in shares of Atlantic Power by 7.7% in the 1st quarter. New York State Common Retirement Fund now owns 69,800 shares of the utilities provider’s stock worth $176,000 after buying an additional 5,000 shares in the last quarter. Meeder Asset Management Inc. boosted its position in shares of Atlantic Power by 35.6% in the 4th quarter. Meeder Asset Management Inc. now owns 23,198 shares of the utilities provider’s stock worth $50,000 after buying an additional 6,095 shares in the last quarter. LPL Financial LLC boosted its position in shares of Atlantic Power by 64.1% in the 4th quarter. LPL Financial LLC now owns 16,890 shares of the utilities provider’s stock worth $37,000 after buying an additional 6,596 shares in the last quarter. Finally, Highstreet Asset Management Inc. boosted its position in shares of Atlantic Power by 26.8% in the 1st quarter. Highstreet Asset Management Inc. now owns 35,459 shares of the utilities provider’s stock worth $89,000 after buying an additional 7,486 shares in the last quarter. Institutional investors and hedge funds own 61.80% of the company’s stock.

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.

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