Northland Power (TSE:NPI) Stock Price Down 23.7% on Analyst Downgrade

Shares of Northland Power Inc. (TSE:NPI) dropped 23.7% during trading on Thursday after Desjardins downgraded the stock from a moderate buy rating to a hold rating. The stock traded as low as C$18.28 and last traded at C$19.13. Approximately 4,329,428 shares traded hands during mid-day trading, an increase of 380% from the average daily volume of 901,196 shares. The stock had previously closed at C$25.07.

A number of other equities analysts also recently weighed in on the stock. Raymond James Financial lowered their target price on shares of Northland Power from C$29.00 to C$28.00 and set an “outperform” rating for the company in a research note on Friday, August 15th. BMO Capital Markets lowered Northland Power from a “strong-buy” rating to a “hold” rating and cut their target price for the company from C$31.00 to C$25.00 in a research report on Thursday. Finally, CIBC lowered their target price on Northland Power from C$29.00 to C$25.00 in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of C$26.31.

Northland Power Stock Performance

The stock has a market cap of C$4.76 billion, a price-to-earnings ratio of -86.67, a P/E/G ratio of 0.71 and a beta of 0.87. The company’s fifty day simple moving average is C$23.92 and its two-hundred day simple moving average is C$22.37. The company has a debt-to-equity ratio of 181.28, a current ratio of 1.17 and a quick ratio of 1.23.

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

About Northland Power

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.