Atlantic Power Corp. (AT) Trading 5.8% Higher Following Insider Buying Activity
Atlantic Power Corp. (NYSE:AT) (TSE:ATP) shares traded up 5.8% on Monday following insider buying activity. The stock traded as high as $2.75 and last traded at $2.75, with a volume of 877,375 shares changing hands. The stock had previously closed at $2.60.
Specifically, Director Gilbert Samuel Palter acquired 50,000 shares of the firm’s stock in a transaction on Friday, November 18th. The shares were purchased at an average cost of $2.59 per share, for a total transaction of $129,500.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.30% of the stock is currently owned by company insiders.
Several equities analysts have commented on the stock. National Bank Financial upgraded shares of Atlantic Power Corp. from an “underperform market weight” rating to a “sector perform market weight” rating in a report on Tuesday, November 8th. TD Securities reiterated a “hold” rating and issued a $2.75 price objective on shares of Atlantic Power Corp. in a report on Thursday, November 10th. Finally, RBC Capital Markets reiterated a “sector perform” rating on shares of Atlantic Power Corp. in a report on Tuesday, November 8th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Atlantic Power Corp. presently has a consensus rating of “Hold” and an average target price of $2.67.
The company’s 50-day moving average is $2.40 and its 200-day moving average is $2.44. The firm’s market cap is $318.00 million.
Atlantic Power Corp. (NYSE:AT) last posted its quarterly earnings results on Monday, November 7th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by $0.61. Atlantic Power Corp. had a negative net margin of 49.03% and a negative return on equity of 16.44%. The business earned $101.20 million during the quarter, compared to analyst estimates of $107.50 million. During the same period in the previous year, the business posted ($0.05) EPS. Analysts anticipate that Atlantic Power Corp. will post ($0.59) EPS for the current fiscal year.
Hedge funds have recently bought and sold shares of the stock. Two Sigma Advisers LP increased its stake in Atlantic Power Corp. by 31.1% in the third quarter. Two Sigma Advisers LP now owns 40,501 shares of the company’s stock valued at $100,000 after buying an additional 9,601 shares during the last quarter. BlackRock Advisors LLC increased its stake in Atlantic Power Corp. by 22.5% in the third quarter. BlackRock Advisors LLC now owns 45,364 shares of the company’s stock valued at $112,000 after buying an additional 8,334 shares during the last quarter. KCG Holdings Inc. increased its stake in Atlantic Power Corp. by 70.7% in the third quarter. KCG Holdings Inc. now owns 48,924 shares of the company’s stock valued at $121,000 after buying an additional 20,264 shares during the last quarter. Peak Asset Management LLC increased its stake in Atlantic Power Corp. by 13.9% in the second quarter. Peak Asset Management LLC now owns 65,400 shares of the company’s stock valued at $162,000 after buying an additional 8,000 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its stake in Atlantic Power Corp. by 11.8% in the second quarter. O Shaughnessy Asset Management LLC now owns 87,218 shares of the company’s stock valued at $216,000 after buying an additional 9,200 shares during the last quarter. 46.00% of the stock is owned by institutional investors and hedge funds.
About Atlantic Power Corp.
Atlantic Power Corporation (Atlantic Power) owns and operates a fleet of power generation assets in the United States and Canada. The Company’s power generation projects sell electricity to utilities and other commercial customers primarily under long-term power purchase agreements (PPAs). Atlantic Power operates through four segments: East U.S., West U.S., Canada and Un-Allocated Corporate.
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