Seaport Res Ptn Brokers Cut Earnings Estimates for Atlantica Sustainable Infrastructure plc (NASDAQ:AY)

Atlantica Sustainable Infrastructure plc (NASDAQ:AY) – Equities researchers at Seaport Res Ptn decreased their FY2023 earnings estimates for Atlantica Sustainable Infrastructure in a research report issued to clients and investors on Thursday, November 9th. Seaport Res Ptn analyst A. Storozynski now forecasts that the utilities provider will post earnings of $0.56 per share for the year, down from their prior forecast of $0.89. The consensus estimate for Atlantica Sustainable Infrastructure’s current full-year earnings is $0.29 per share. Seaport Res Ptn also issued estimates for Atlantica Sustainable Infrastructure’s FY2025 earnings at ($0.12) EPS.

Several other equities analysts also recently commented on AY. Morgan Stanley lowered their target price on shares of Atlantica Sustainable Infrastructure from $26.00 to $22.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 3rd. JPMorgan Chase & Co. lowered their target price on shares of Atlantica Sustainable Infrastructure from $27.00 to $21.00 and set a “neutral” rating on the stock in a report on Thursday, October 19th. StockNews.com assumed coverage on shares of Atlantica Sustainable Infrastructure in a report on Thursday, October 5th. They issued a “hold” rating on the stock. Bank of America decreased their price target on shares of Atlantica Sustainable Infrastructure to $22.00 in a research note on Wednesday, October 11th. Finally, National Bank Financial cut their price objective on shares of Atlantica Sustainable Infrastructure from $29.00 to $25.00 in a research report on Wednesday, October 11th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $24.63.

Atlantica Sustainable Infrastructure Price Performance

Shares of NASDAQ:AY opened at $17.76 on Monday. The company has a debt-to-equity ratio of 2.96, a current ratio of 1.75 and a quick ratio of 1.77. Atlantica Sustainable Infrastructure has a 1-year low of $16.35 and a 1-year high of $29.81. The company has a market capitalization of $2.00 billion, a P/E ratio of 41.30 and a beta of 0.88. The firm’s 50 day simple moving average is $19.34 and its two-hundred day simple moving average is $22.36.

Atlantica Sustainable Infrastructure Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 30th will be issued a $0.445 dividend. This represents a $1.78 annualized dividend and a dividend yield of 10.02%. The ex-dividend date of this dividend is Wednesday, November 29th. Atlantica Sustainable Infrastructure’s payout ratio is currently 413.95%.

Institutional Investors Weigh In On Atlantica Sustainable Infrastructure

Several hedge funds have recently modified their holdings of AY. Advisor Group Holdings Inc. lifted its holdings in shares of Atlantica Sustainable Infrastructure by 39.4% during the first quarter. Advisor Group Holdings Inc. now owns 13,014 shares of the utilities provider’s stock worth $415,000 after purchasing an additional 3,676 shares during the period. Citigroup Inc. raised its position in Atlantica Sustainable Infrastructure by 37.4% in the first quarter. Citigroup Inc. now owns 111,622 shares of the utilities provider’s stock worth $3,915,000 after acquiring an additional 30,406 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Atlantica Sustainable Infrastructure by 122.2% in the first quarter. PNC Financial Services Group Inc. now owns 1,000 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 550 shares in the last quarter. Bank of Montreal Can raised its position in Atlantica Sustainable Infrastructure by 50.1% in the first quarter. Bank of Montreal Can now owns 53,967 shares of the utilities provider’s stock worth $1,881,000 after acquiring an additional 18,014 shares in the last quarter. Finally, BlackRock Inc. raised its position in Atlantica Sustainable Infrastructure by 5.3% in the first quarter. BlackRock Inc. now owns 2,097,975 shares of the utilities provider’s stock worth $73,575,000 after acquiring an additional 105,043 shares in the last quarter. 41.06% of the stock is owned by institutional investors and hedge funds.

Atlantica Sustainable Infrastructure Company Profile

Atlantica Sustainable Infrastructure plc owns, manages, and invests in renewable energy, storage, natural gas and heat, electric transmission lines, and water assets in the United States, Canada, Mexico, Peru, Chile, Colombia, Uruguay, Spain, Italy, Algeria, and South Africa. The company was formerly known as Atlantica Yield plc and changed its name to Atlantica Sustainable Infrastructure plc in May 2020.