BidaskClub Lowers Atlantica Yield (NASDAQ:AY) to Buy

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BidaskClub cut shares of Atlantica Yield (NASDAQ:AY) from a strong-buy rating to a buy rating in a research report released on Tuesday morning, BidAskClub reports.

AY has been the topic of several other reports. ValuEngine raised Atlantica Yield from a hold rating to a buy rating in a research report on Thursday, May 23rd. Zacks Investment Research cut Atlantica Yield from a buy rating to a hold rating in a research report on Thursday, August 8th. Raymond James reaffirmed an outperform rating and set a $27.00 price objective on shares of Atlantica Yield in a research report on Thursday, August 8th. Finally, Citigroup boosted their price target on Atlantica Yield from $22.00 to $27.00 and gave the stock a buy rating in a research report on Monday, July 29th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Atlantica Yield has a consensus rating of Buy and a consensus target price of $26.67.

Shares of NASDAQ:AY opened at $24.30 on Tuesday. Atlantica Yield has a 1 year low of $17.50 and a 1 year high of $24.75. The company has a debt-to-equity ratio of 2.80, a quick ratio of 1.14 and a current ratio of 1.16. The stock’s 50-day moving average is $23.78 and its 200 day moving average is $21.88.

Atlantica Yield (NASDAQ:AY) last announced its quarterly earnings results on Wednesday, August 7th. The utilities provider reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.22). Atlantica Yield had a negative net margin of 0.68% and a negative return on equity of 0.40%. The business had revenue of $283.34 million for the quarter. As a group, analysts forecast that Atlantica Yield will post 0.78 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were given a $0.40 dividend. The ex-dividend date was Thursday, August 29th. This is a boost from Atlantica Yield’s previous quarterly dividend of $0.39. This represents a $1.60 annualized dividend and a yield of 6.58%. Atlantica Yield’s dividend payout ratio is 380.95%.

A number of hedge funds have recently added to or reduced their stakes in AY. Dimensional Fund Advisors LP raised its stake in Atlantica Yield by 8.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,138,681 shares of the utilities provider’s stock valued at $22,318,000 after buying an additional 86,270 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Atlantica Yield during the 1st quarter valued at $648,000. US Bancorp DE raised its stake in Atlantica Yield by 34,105.6% during the 1st quarter. US Bancorp DE now owns 61,228 shares of the utilities provider’s stock valued at $1,192,000 after buying an additional 61,049 shares during the last quarter. Acadian Asset Management LLC increased its stake in shares of Atlantica Yield by 32.8% in the 1st quarter. Acadian Asset Management LLC now owns 1,952,133 shares of the utilities provider’s stock worth $37,988,000 after purchasing an additional 481,614 shares in the last quarter. Finally, Apollo Management Holdings L.P. purchased a new stake in shares of Atlantica Yield in the 1st quarter worth $11,326,000. 42.96% of the stock is currently owned by institutional investors and hedge funds.

About Atlantica Yield

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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