Northland Power (TSE:NPI) Stock Price Down 27.2% Following Analyst Downgrade

Northland Power Inc. (TSE:NPI) traded down 27.2% on Friday after CIBC lowered their price target on the stock from C$29.00 to C$25.00. The stock traded as low as C$18.01 and last traded at C$18.24. 10,717,066 shares traded hands during trading, an increase of 1,039% from the average session volume of 940,790 shares. The stock had previously closed at C$25.07.

Other research analysts also recently issued reports about the stock. Desjardins cut their price objective on shares of Northland Power from C$28.00 to C$27.00 and set a “buy” rating for the company in a report on Tuesday, October 14th. Raymond James Financial dropped their target price on Northland Power from C$29.00 to C$28.00 and set an “outperform” rating on the stock in a research report on Friday, August 15th. Finally, BMO Capital Markets cut Northland Power from a “strong-buy” rating to a “hold” rating and reduced their price target for the company from C$31.00 to C$25.00 in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of C$26.31.

Northland Power Stock Performance

The firm has a market capitalization of C$4.76 billion, a PE ratio of -86.67, a PEG ratio of 0.71 and a beta of 0.87. The company has a quick ratio of 1.23, a current ratio of 1.17 and a debt-to-equity ratio of 181.28. The company has a 50-day moving average of C$23.92 and a 200 day moving average of C$22.37.

Northland Power (TSE:NPI) last issued its quarterly earnings results on Thursday, November 13th. The solar energy provider reported C($1.58) earnings per share (EPS) for the quarter. The business had revenue of C$559.39 million for the quarter. Northland Power had a negative net margin of 5.92% and a negative return on equity of 3.37%.

Northland Power Company Profile

Northland Power develops, constructs, and operates maintainable infrastructure assets across a range of clean and green technologies, such as wind (offshore and onshore), solar, and supplying energy through a regulated utility. Offshore wind is expected to remain the company’s largest segment over the long term.