Atlantica Sustainable Infrastructure plc to Issue Quarterly Dividend of $0.45 (NASDAQ:AY)

Atlantica Sustainable Infrastructure plc (NASDAQ:AY) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Stockholders of record on Friday, May 31st will be given a dividend of 0.445 per share by the utilities provider on Friday, June 14th. This represents a $1.78 annualized dividend and a dividend yield of 8.09%. The ex-dividend date of this dividend is Friday, May 31st.

Atlantica Sustainable Infrastructure has raised its dividend by an average of 2.4% annually over the last three years. Atlantica Sustainable Infrastructure has a dividend payout ratio of 258.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Atlantica Sustainable Infrastructure to earn $0.62 per share next year, which means the company may not be able to cover its $1.78 annual dividend with an expected future payout ratio of 287.1%.

Atlantica Sustainable Infrastructure Stock Up 1.6 %

NASDAQ AY traded up $0.34 during mid-day trading on Thursday, hitting $22.00. The company’s stock had a trading volume of 1,561,000 shares, compared to its average volume of 1,120,128. The company has a current ratio of 1.62, a quick ratio of 1.57 and a debt-to-equity ratio of 3.14. The company’s 50 day simple moving average is $18.68 and its 200 day simple moving average is $19.20. Atlantica Sustainable Infrastructure has a twelve month low of $16.35 and a twelve month high of $26.95. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of 52.26, a PEG ratio of 1.10 and a beta of 0.94.

Atlantica Sustainable Infrastructure (NASDAQ:AY) last released its quarterly earnings results on Wednesday, May 8th. The utilities provider reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.07. The business had revenue of $242.93 million during the quarter, compared to the consensus estimate of $240.87 million. Atlantica Sustainable Infrastructure had a return on equity of 2.91% and a net margin of 4.43%. During the same quarter in the previous year, the business earned ($0.09) EPS. Analysts anticipate that Atlantica Sustainable Infrastructure will post 0.53 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on AY shares. Royal Bank of Canada lowered their target price on Atlantica Sustainable Infrastructure from $26.00 to $24.00 and set an “outperform” rating on the stock in a research note on Monday, March 4th. BMO Capital Markets decreased their price target on shares of Atlantica Sustainable Infrastructure from $24.00 to $20.00 and set a “market perform” rating for the company in a research note on Tuesday, March 5th. UBS Group raised shares of Atlantica Sustainable Infrastructure from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $19.00 to $25.00 in a report on Friday, March 22nd. Bank of America dropped their price objective on Atlantica Sustainable Infrastructure from $22.00 to $20.00 and set a “buy” rating on the stock in a report on Tuesday, March 26th. Finally, National Bank Financial cut Atlantica Sustainable Infrastructure from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, April 3rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $22.75.

Atlantica Sustainable Infrastructure Company Profile

Atlantica Sustainable Infrastructure plc owns, manages, and invests in renewable energy, storage, natural gas and heat, electric transmission lines, and water assets in North America, South America, Europe, the Middle East, and Africa. The company was formerly known as Atlantica Yield plc and changed its name to Atlantica Sustainable Infrastructure plc in May 2020.