Atlantica Yield (NASDAQ:AY) Price Target Raised to $27.00

Atlantica Yield (NASDAQ:AY) had its price target increased by Citigroup from $22.00 to $27.00 in a research report released on Monday, July 29th, The Fly reports. They currently have a buy rating on the utilities provider’s stock.

Several other analysts have also recently issued reports on the company. BidaskClub raised Atlantica Yield from a buy rating to a strong-buy rating in a report on Wednesday, July 24th. Zacks Investment Research raised Atlantica Yield from a hold rating to a buy rating and set a $26.00 price objective on the stock in a report on Thursday, July 25th. Raymond James reaffirmed an outperform rating and set a $25.50 price objective on shares of Atlantica Yield in a report on Monday, May 13th. Finally, ValuEngine raised Atlantica Yield from a hold rating to a buy rating in a report on Thursday, May 23rd. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $26.67.

Shares of NASDAQ:AY traded up $0.12 during mid-day trading on Monday, reaching $23.85. 368,600 shares of the company traded hands, compared to its average volume of 397,066. The company’s 50 day moving average price is $23.20 and its 200-day moving average price is $21.13. The firm has a market cap of $2.36 billion, a PE ratio of 56.79 and a beta of 0.54. The company has a debt-to-equity ratio of 2.80, a current ratio of 1.16 and a quick ratio of 1.14. Atlantica Yield has a 52 week low of $17.50 and a 52 week high of $23.97.

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

The company also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Stockholders of record on Friday, August 30th will be given a dividend of $0.40 per share. This is an increase from Atlantica Yield’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 6.71%. Atlantica Yield’s dividend payout ratio is presently 371.43%.

Institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. lifted its stake in shares of Atlantica Yield by 16.2% during the 4th quarter. BlackRock Inc. now owns 462,140 shares of the utilities provider’s stock worth $9,058,000 after purchasing an additional 64,344 shares during the last quarter. Norges Bank purchased a new stake in Atlantica Yield in the fourth quarter valued at about $34,388,000. Millennium Management LLC raised its stake in Atlantica Yield by 729.7% in the fourth quarter. Millennium Management LLC now owns 499,828 shares of the utilities provider’s stock valued at $9,797,000 after buying an additional 439,588 shares during the last quarter. Northern Trust Corp raised its stake in Atlantica Yield by 18.2% in the fourth quarter. Northern Trust Corp now owns 47,838 shares of the utilities provider’s stock valued at $938,000 after buying an additional 7,383 shares during the last quarter. Finally, Bank of America Corp DE raised its stake in Atlantica Yield by 4.9% in the fourth quarter. Bank of America Corp DE now owns 649,547 shares of the utilities provider’s stock valued at $12,731,000 after buying an additional 30,250 shares during the last quarter. 47.44% of the stock is currently owned by institutional investors and hedge funds.

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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