Atlantic Power (AT) Shares Up 5.2%

Atlantic Power Corp (NYSE:AT) (TSE:ATP) shot up 5.2% during mid-day trading on Wednesday . The company traded as high as $2.48 and last traded at $2.44. 566,000 shares traded hands during mid-day trading, an increase of 33% from the average session volume of 426,282 shares. The stock had previously closed at $2.32.

A number of brokerages have issued reports on AT. Zacks Investment Research upgraded Atlantic Power from a “sell” rating to a “hold” rating in a research note on Monday, May 6th. ValuEngine lowered Atlantic Power from a “buy” rating to a “hold” rating in a research note on Monday, April 1st. Finally, National Bank Financial lowered Atlantic Power from a “sector perform” rating to an “underperform” rating in a research note on Tuesday, March 5th. Four research analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and an average target price of $2.88.

The company has a quick ratio of 0.91, a current ratio of 1.01 and a debt-to-equity ratio of 130.98. The company has a market capitalization of $266.55 million, a PE ratio of 15.13 and a beta of 1.13.

Atlantic Power (NYSE:AT) (TSE:ATP) last issued its quarterly earnings data on Thursday, February 28th. The utilities provider reported $0.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.11. The firm had revenue of $70.70 million during the quarter. Atlantic Power had a negative return on equity of 189.57% and a net margin of 9.23%. Analysts expect that Atlantic Power Corp will post 0.11 earnings per share for the current year.

Several institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp increased its holdings in shares of Atlantic Power by 13.0% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,042,804 shares of the utilities provider’s stock worth $2,294,000 after acquiring an additional 120,061 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Atlantic Power by 1.2% during the 3rd quarter. BlackRock Inc. now owns 5,907,600 shares of the utilities provider’s stock worth $12,997,000 after acquiring an additional 67,912 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Atlantic Power by 0.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 6,109,497 shares of the utilities provider’s stock worth $13,441,000 after acquiring an additional 50,580 shares during the last quarter. Morgan Stanley increased its holdings in shares of Atlantic Power by 3.4% during the 3rd quarter. Morgan Stanley now owns 9,794,992 shares of the utilities provider’s stock worth $21,550,000 after acquiring an additional 326,505 shares during the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in shares of Atlantic Power by 35.6% during the 4th quarter. Meeder Asset Management Inc. now owns 23,198 shares of the utilities provider’s stock worth $50,000 after acquiring an additional 6,095 shares during the last quarter. Hedge funds and other institutional investors own 58.01% of the company’s stock.

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About Atlantic Power (NYSE:AT)

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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