Northland Power (TSE:NPI) Shares Down 23.7% – Here’s What Happened

Northland Power Inc. (TSE:NPI) shares dropped 23.7% during mid-day trading on Thursday . The stock traded as low as C$18.28 and last traded at C$19.13. Approximately 4,329,428 shares were traded during trading, an increase of 380% from the average daily volume of 901,196 shares. The stock had previously closed at C$25.07.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NPI. Desjardins reduced their price objective on shares of Northland Power from C$28.00 to C$27.00 and set a “buy” rating on the stock in a research report on Tuesday, October 14th. Raymond James Financial decreased their price target on Northland Power from C$29.00 to C$28.00 and set an “outperform” rating for the company in a research note on Friday, August 15th. Finally, CIBC boosted their price objective on Northland Power from C$28.00 to C$29.00 in a report on Monday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Northland Power presently has a consensus rating of “Buy” and a consensus target price of C$27.07.

Northland Power Trading Down 23.5%

The company has a debt-to-equity ratio of 181.28, a quick ratio of 1.23 and a current ratio of 1.17. The company has a market capitalization of C$5.02 billion, a P/E ratio of -91.33, a PEG ratio of 0.71 and a beta of 0.87. The company’s fifty day simple moving average is C$24.09 and its 200-day simple moving average is C$22.40.

About Northland Power

Northland Power develops, constructs, and operates maintainable infrastructure assets across a range of clean and green technologies, such as wind (offshore and onshore), solar, and supplying energy through a regulated utility. Offshore wind is expected to remain the company’s largest segment over the long term.