Atlantic Power (NYSE:AT) Cut to Strong Sell at ValuEngine

ValuEngine lowered shares of Atlantic Power (NYSE:AT) (TSE:ATP) from a sell rating to a strong sell rating in a research note released on Tuesday, ValuEngine reports.

Separately, Zacks Investment Research lowered Atlantic Power from a buy rating to a hold rating in a research note on Friday, August 2nd. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. The stock presently has an average rating of Hold and a consensus target price of $2.88.

Atlantic Power stock opened at $2.43 on Tuesday. The stock’s fifty day moving average price is $2.35 and its two-hundred day moving average price is $2.44. Atlantic Power has a one year low of $2.07 and a one year high of $3.02. The company has a debt-to-equity ratio of 70.34, a current ratio of 0.89 and a quick ratio of 0.79. The firm has a market cap of $260.33 million, a PE ratio of 15.19 and a beta of 0.93.

Atlantic Power (NYSE:AT) (TSE:ATP) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.01 EPS for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.03). Atlantic Power had a negative return on equity of 686.79% and a net margin of 9.74%. The company had revenue of $71.30 million for the quarter. Sell-side analysts expect that Atlantic Power will post 0.24 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of AT. JPMorgan Chase & Co. increased its stake in shares of Atlantic Power by 14.7% in the 1st quarter. JPMorgan Chase & Co. now owns 6,863,396 shares of the utilities provider’s stock valued at $17,295,000 after purchasing an additional 881,715 shares during the last quarter. Nuveen Asset Management LLC bought a new position in shares of Atlantic Power in the 2nd quarter valued at $2,038,000. Marshall Wace LLP bought a new position in shares of Atlantic Power in the 1st quarter valued at $1,735,000. Morgan Stanley increased its stake in shares of Atlantic Power by 6.9% in the 2nd quarter. Morgan Stanley now owns 8,153,201 shares of the utilities provider’s stock valued at $19,730,000 after purchasing an additional 529,787 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Atlantic Power by 39.0% in the 2nd quarter. Wells Fargo & Company MN now owns 776,449 shares of the utilities provider’s stock valued at $1,878,000 after purchasing an additional 218,039 shares during the last quarter. Institutional investors own 61.47% 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.

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