Atlantic Power Corp (NYSE:AT) Sees Large Drop in Short Interest

Atlantic Power Corp (NYSE:AT) (TSE:ATP) saw a significant decline in short interest in the month of July. As of July 31st, there was short interest totalling 559,400 shares, a decline of 11.5% from the June 30th total of 632,200 shares. Approximately 0.5% of the shares of the company are sold short. Based on an average trading volume of 435,800 shares, the short-interest ratio is presently 1.3 days.

NYSE:AT traded up $0.03 during mid-day trading on Friday, hitting $2.33. 9,138 shares of the company traded hands, compared to its average volume of 266,305. The stock’s fifty day moving average price is $2.42 and its 200-day moving average price is $2.46. Atlantic Power has a one year low of $2.07 and a one year high of $3.02. The company has a quick ratio of 0.79, a current ratio of 0.89 and a debt-to-equity ratio of 70.34. The firm has a market cap of $252.67 million, a price-to-earnings ratio of 14.59 and a beta of 0.93.

In other news, Director Gilbert Samuel Palter acquired 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was bought at an average price of $13.39 per share, with a total value of $46,865.00. Following the completion of the acquisition, the director now directly owns 18,500 shares of the company’s stock, valued at approximately $247,715. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Joseph Cofelice acquired 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was purchased at an average cost of $2.37 per share, with a total value of $47,400.00. Following the acquisition, the executive vice president now directly owns 744,397 shares of the company’s stock, valued at $1,764,220.89. The disclosure for this purchase can be found here. Insiders purchased 98,500 shares of company stock valued at $265,015 in the last ninety days. 3.40% of the stock is currently owned by corporate insiders.

A number of large investors have recently added to or reduced their stakes in AT. JPMorgan Chase & Co. lifted its position in shares of Atlantic Power by 14.7% in the first quarter. JPMorgan Chase & Co. now owns 6,863,396 shares of the utilities provider’s stock valued at $17,295,000 after acquiring an additional 881,715 shares in the last quarter. Nuveen Asset Management LLC purchased a new stake in shares of Atlantic Power in the second quarter worth about $2,038,000. Marshall Wace LLP purchased a new stake in shares of Atlantic Power in the first quarter worth about $1,735,000. Morgan Stanley lifted its position in shares of Atlantic Power by 6.9% in the second quarter. Morgan Stanley now owns 8,153,201 shares of the utilities provider’s stock worth $19,730,000 after buying an additional 529,787 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of Atlantic Power by 39.0% in the second quarter. Wells Fargo & Company MN now owns 776,449 shares of the utilities provider’s stock worth $1,878,000 after buying an additional 218,039 shares in the last quarter. 60.96% of the stock is owned by institutional investors and hedge funds.

Several analysts have issued reports on the company. Zacks Investment Research lowered Atlantic Power from a “buy” rating to a “hold” rating in a report on Friday, August 2nd. ValuEngine lowered Atlantic Power from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. Finally, National Bank Financial raised Atlantic Power from an “underperform” rating to a “sector perform” rating in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $2.88.

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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