Atlantica Yield (AY) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research lowered shares of Atlantica Yield (NASDAQ:AY) from a hold rating to a sell rating in a report published on Monday.

According to Zacks, “Atlantica Yield Plc owns, manages and acquires a diversified portfolio of contracted assets in the power and environment sectors. It operates primarily in North America, South America and Europe. Atlantica Yield Plc, formerly known as Abengoa Yield plc, is based in Brentford, the United Kingdom. “

AY has been the subject of several other research reports. BidaskClub raised shares of Atlantica Yield from a sell rating to a hold rating in a report on Tuesday, July 31st. Raymond James increased their price objective on shares of Atlantica Yield from $26.00 to $27.50 and gave the company an outperform rating in a report on Tuesday, November 6th. Bank of America increased their price objective on shares of Atlantica Yield from $25.00 to $26.00 and gave the company a buy rating in a report on Tuesday, August 7th. Royal Bank of Canada reissued a buy rating and set a $24.00 price objective on shares of Atlantica Yield in a report on Tuesday, July 24th. Finally, ValuEngine downgraded shares of Atlantica Yield from a buy rating to a hold rating in a report on Thursday, November 1st. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. Atlantica Yield presently has an average rating of Hold and a consensus price target of $25.50.

Shares of AY stock opened at $19.78 on Monday. Atlantica Yield has a 52-week low of $18.00 and a 52-week high of $23.89. The firm has a market capitalization of $2.05 billion, a price-to-earnings ratio of -109.89 and a beta of 0.91. The company has a quick ratio of 2.57, a current ratio of 2.61 and a debt-to-equity ratio of 2.92.

Atlantica Yield (NASDAQ:AY) last released its quarterly earnings data on Monday, November 5th. The utilities provider reported $0.53 EPS for the quarter, beating the consensus estimate of $0.45 by $0.08. Atlantica Yield had a negative net margin of 3.17% and a positive return on equity of 3.21%. The business had revenue of $323.81 million during the quarter, compared to the consensus estimate of $297.91 million. Analysts expect that Atlantica Yield will post 0.88 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 30th will be issued a $0.36 dividend. This is an increase from Atlantica Yield’s previous quarterly dividend of $0.34. The ex-dividend date is Thursday, November 29th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 7.28%. Atlantica Yield’s dividend payout ratio (DPR) is presently -755.56%.

Large investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC bought a new stake in Atlantica Yield in the third quarter worth about $107,000. Bronfman E.L. Rothschild L.P. bought a new stake in Atlantica Yield in the third quarter worth about $114,000. Atria Investments LLC lifted its stake in Atlantica Yield by 31.9% in the second quarter. Atria Investments LLC now owns 17,047 shares of the utilities provider’s stock worth $344,000 after purchasing an additional 4,124 shares during the last quarter. Robeco Institutional Asset Management B.V. bought a new stake in Atlantica Yield in the third quarter worth about $723,000. Finally, Engineers Gate Manager LP bought a new stake in Atlantica Yield in the third quarter worth about $773,000. 49.49% of the stock is owned by hedge funds and other institutional investors.

Atlantica Yield Company Profile

Atlantica Yield plc acquires, owns, and manages renewable energy natural gas, power, electric transmission lines, and water assets in North America, South America, Spain, Algeria, and South Africa. As of December 31, 2017, it had 22 assets, including 1,446 megawatts (MW) of renewable energy generation assets comprising solar power and wind plants; 300 MW of natural gas power generation assets that produce electricity and steam from natural gas; 1,099 miles of electric transmission lines; and desalination plants with an aggregate capacity of 10.5 million cubic feet per day.

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