Atlantic Power (NYSE:AT) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research downgraded shares of Atlantic Power (NYSE:AT) (TSE:ATP) from a buy rating to a hold rating in a report released on Friday morning, Zacks.com reports.

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 equities analysts have also recently weighed in on AT. National Bank Financial raised shares of Atlantic Power from an underperform rating to a sector perform rating in a research report on Friday, May 3rd. ValuEngine cut shares of Atlantic Power from a hold rating to a sell rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $2.88.

Shares of AT stock remained flat at $$2.38 on Friday. 123,055 shares of the stock were exchanged, compared to its average volume of 274,700. The company has a market cap of $261.42 million, a PE ratio of 14.88 and a beta of 0.93. The business’s 50 day moving average price is $2.43. The company has a debt-to-equity ratio of 130.98, a current ratio of 1.01 and a quick ratio of 0.91. Atlantic Power has a one year low of $2.05 and a one year high of $3.02.

Atlantic Power (NYSE:AT) (TSE:ATP) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.05. The company had revenue of $73.00 million for the quarter. Atlantic Power had a net margin of 9.23% and a negative return on equity of 189.57%. On average, sell-side analysts predict that Atlantic Power will post 0.24 EPS for the current fiscal year.

In other news, Director Kevin Howell acquired 50,000 shares of the firm’s stock in a transaction on Thursday, June 6th. The stock was purchased at an average price of $2.29 per share, for a total transaction of $114,500.00. Following the purchase, the director now owns 160,300 shares in the company, valued at approximately $367,087. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gilbert Samuel Palter acquired 3,500 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was purchased at an average price of $13.39 per share, with a total value of $46,865.00. Following the purchase, the director now owns 18,500 shares in the company, valued at approximately $247,715. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 98,500 shares of company stock worth $265,015. 3.40% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of AT. LPL Financial LLC increased its stake in shares of Atlantic Power by 64.1% during the 4th quarter. LPL Financial LLC now owns 16,890 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 6,596 shares during the last quarter. Wiley BROS. Aintree Capital LLC increased its stake in shares of Atlantic Power by 94.7% during the 1st quarter. Wiley BROS. Aintree Capital LLC now owns 19,533 shares of the utilities provider’s stock worth $49,000 after purchasing an additional 9,500 shares during the last quarter. Cetera Advisor Networks LLC purchased a new stake in shares of Atlantic Power during the 1st quarter worth approximately $53,000. BNP Paribas Arbitrage SA increased its stake in shares of Atlantic Power by 116.6% during the 1st quarter. BNP Paribas Arbitrage SA now owns 23,444 shares of the utilities provider’s stock worth $59,000 after purchasing an additional 12,619 shares during the last quarter. Finally, First Quadrant L P CA purchased a new stake in shares of Atlantic Power during the 1st quarter worth approximately $61,000. Hedge funds and other institutional investors own 60.50% of the company’s stock.

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.

Further Reading: What is the Federal Reserve?

Get a free copy of the Zacks research report on Atlantic Power (AT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Atlantic Power Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Atlantic Power and related companies with MarketBeat.com's FREE daily email newsletter.