Zacks Investment Research Lowers Atlantica Yield (NASDAQ:AY) to Strong Sell

Zacks Investment Research lowered shares of Atlantica Yield (NASDAQ:AY) from a hold rating to a strong sell rating in a report released on Thursday morning, reports.

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. “

Other analysts have also recently issued research reports about the stock. Royal Bank of Canada downgraded Atlantica Yield from an outperform rating to a sector perform rating and raised their price objective for the stock from $25.00 to $27.00 in a research note on Wednesday, January 15th. Raymond James reiterated an outperform rating and set a $27.00 target price on shares of Atlantica Yield in a report on Friday, November 8th. ValuEngine raised Atlantica Yield from a sell rating to a hold rating in a research note on Friday, November 8th. Finally, BidaskClub downgraded Atlantica Yield from a strong-buy rating to a buy rating in a report on Friday, December 13th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The company currently has an average rating of Hold and an average price target of $27.75.

NASDAQ:AY traded up $0.07 during trading hours on Thursday, hitting $28.03. The stock had a trading volume of 450,900 shares, compared to its average volume of 440,931. The business’s 50 day moving average is $26.45 and its 200-day moving average is $24.64. The company has a debt-to-equity ratio of 2.81, a quick ratio of 1.21 and a current ratio of 1.23. The company has a market cap of $2.84 billion, a price-to-earnings ratio of -157.94 and a beta of 0.52. Atlantica Yield has a one year low of $17.50 and a one year high of $28.54.

Atlantica Yield (NASDAQ:AY) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $0.43 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.24). Atlantica Yield had a negative return on equity of 0.95% and a negative net margin of 1.62%. The firm had revenue of $293.37 million for the quarter. On average, sell-side analysts anticipate that Atlantica Yield will post 0.65 EPS for the current fiscal year.

Institutional investors have recently added to or reduced their stakes in the company. State Street Corp grew its holdings in shares of Atlantica Yield by 335.9% during the third quarter. State Street Corp now owns 181,792 shares of the utilities provider’s stock worth $4,379,000 after buying an additional 140,086 shares in the last quarter. Vanguard Group Inc. boosted its position in Atlantica Yield by 4.6% during the 2nd quarter. Vanguard Group Inc. now owns 211,856 shares of the utilities provider’s stock worth $4,803,000 after acquiring an additional 9,327 shares during the last quarter. Essex Investment Management Co. LLC acquired a new position in Atlantica Yield during the 3rd quarter worth approximately $673,000. Barclays PLC grew its stake in shares of Atlantica Yield by 268.6% during the 3rd quarter. Barclays PLC now owns 10,806 shares of the utilities provider’s stock worth $260,000 after acquiring an additional 7,874 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of Atlantica Yield by 74.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 2,691 shares of the utilities provider’s stock worth $65,000 after acquiring an additional 1,152 shares in the last quarter. Institutional investors own 41.62% of the company’s stock.

Atlantica Yield Company Profile

Atlantica Yield plc acquires, owns, and manages renewable energy, natural gas power, electric transmission lines, and water assets in the United States, Mexico, Peru, Chile, Uruguay, Spain, Algeria, and South Africa. As of December 31, 2018, it had 24 assets, including 1,496 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; 1,152 miles of electric transmission lines; and water desalination plants with an aggregate capacity of 10.5 million cubic feet per day.

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