Raymond James Research Analysts Lift Earnings Estimates for Atlantica Sustainable Infrastructure plc (NASDAQ:AY)

Atlantica Sustainable Infrastructure plc (NASDAQ:AY) – Analysts at Raymond James increased their Q2 2024 earnings per share (EPS) estimates for Atlantica Sustainable Infrastructure in a research note issued on Thursday, April 25th. Raymond James analyst D. Quezada now forecasts that the utilities provider will earn $0.29 per share for the quarter, up from their previous forecast of $0.24. The consensus estimate for Atlantica Sustainable Infrastructure’s current full-year earnings is $0.50 per share. Raymond James also issued estimates for Atlantica Sustainable Infrastructure’s Q3 2024 earnings at $0.31 EPS, Q2 2025 earnings at $0.32 EPS and FY2025 earnings at $0.57 EPS.

Atlantica Sustainable Infrastructure (NASDAQ:AY) last released its earnings results on Friday, March 1st. The utilities provider reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.25. Atlantica Sustainable Infrastructure had a return on equity of 2.91% and a net margin of 4.43%. The company had revenue of $241.31 million during the quarter, compared to analyst estimates of $243.81 million. During the same period in the prior year, the company posted $0.03 earnings per share.

Several other brokerages have also weighed in on AY. Bank of America reduced their price objective on Atlantica Sustainable Infrastructure from $22.00 to $20.00 and set a “buy” rating for the company in a report on Tuesday, March 26th. StockNews.com downgraded Atlantica Sustainable Infrastructure from a “hold” rating to a “sell” rating in a research report on Tuesday. National Bank Financial downgraded Atlantica Sustainable Infrastructure from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, April 3rd. BMO Capital Markets dropped their target price on Atlantica Sustainable Infrastructure from $24.00 to $20.00 and set a “market perform” rating on the stock in a research report on Tuesday, March 5th. Finally, UBS Group upgraded Atlantica Sustainable Infrastructure from a “neutral” rating to a “buy” rating and increased their target price for the stock from $19.00 to $25.00 in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $23.67.

Atlantica Sustainable Infrastructure Price Performance

Shares of NASDAQ AY opened at $20.00 on Friday. The stock has a fifty day simple moving average of $18.27 and a two-hundred day simple moving average of $19.01. Atlantica Sustainable Infrastructure has a 1-year low of $16.35 and a 1-year high of $26.95. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of 47.62, a price-to-earnings-growth ratio of 1.12 and a beta of 0.97. The company has a current ratio of 1.62, a quick ratio of 1.57 and a debt-to-equity ratio of 3.14.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of AY. Lazard Asset Management LLC purchased a new position in shares of Atlantica Sustainable Infrastructure in the third quarter worth about $24,218,000. Norges Bank purchased a new position in shares of Atlantica Sustainable Infrastructure in the fourth quarter worth about $15,487,000. Westwood Holdings Group Inc. increased its holdings in shares of Atlantica Sustainable Infrastructure by 140.3% in the fourth quarter. Westwood Holdings Group Inc. now owns 448,473 shares of the utilities provider’s stock worth $9,642,000 after buying an additional 261,825 shares during the period. Advisors Capital Management LLC increased its holdings in Atlantica Sustainable Infrastructure by 32.2% during the 3rd quarter. Advisors Capital Management LLC now owns 990,341 shares of the utilities provider’s stock valued at $18,916,000 after purchasing an additional 241,417 shares during the period. Finally, Tritonpoint Wealth LLC purchased a new position in Atlantica Sustainable Infrastructure during the 4th quarter valued at about $4,007,000. Hedge funds and other institutional investors own 40.53% of the company’s stock.

Atlantica Sustainable Infrastructure Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Tuesday, March 12th were given a dividend of $0.445 per share. The ex-dividend date was Monday, March 11th. This represents a $1.78 dividend on an annualized basis and a yield of 8.90%. Atlantica Sustainable Infrastructure’s payout ratio is 423.82%.

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 North America, South America, Europe, the Middle East, and Africa. The company was formerly known as Atlantica Yield plc and changed its name to Atlantica Sustainable Infrastructure plc in May 2020.