Atlantica Sustainable Infrastructure plc (AY) to Issue Quarterly Dividend of $0.45 on June 14th

Atlantica Sustainable Infrastructure plc (NASDAQ:AY) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Investors of record on Friday, May 31st will be paid a dividend of 0.445 per share by the utilities provider on Friday, June 14th. This represents a $1.78 dividend on an annualized basis and a yield of 8.00%. The ex-dividend date is Friday, May 31st.

Atlantica Sustainable Infrastructure has increased its dividend by an average of 2.4% annually over the last three years. Atlantica Sustainable Infrastructure has a dividend payout ratio of 258.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Atlantica Sustainable Infrastructure to earn $0.62 per share next year, which means the company may not be able to cover its $1.78 annual dividend with an expected future payout ratio of 287.1%.

Atlantica Sustainable Infrastructure Stock Up 2.7 %

Shares of AY stock traded up $0.59 during mid-day trading on Thursday, hitting $22.25. 1,987,766 shares of the stock traded hands, compared to its average volume of 1,126,564. The stock’s fifty day moving average is $18.68 and its two-hundred day moving average is $19.20. The company has a debt-to-equity ratio of 3.14, a current ratio of 1.62 and a quick ratio of 1.57. Atlantica Sustainable Infrastructure has a 52-week low of $16.35 and a 52-week high of $26.95. The stock has a market cap of $2.58 billion, a P/E ratio of 52.26, a P/E/G ratio of 1.10 and a beta of 0.94.

Atlantica Sustainable Infrastructure (NASDAQ:AY) last announced its earnings results on Wednesday, May 8th. The utilities provider reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.07. Atlantica Sustainable Infrastructure had a return on equity of 2.91% and a net margin of 4.43%. The firm had revenue of $242.93 million for the quarter, compared to the consensus estimate of $240.87 million. During the same period in the previous year, the business earned ($0.09) EPS. Equities analysts predict that Atlantica Sustainable Infrastructure will post 0.53 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AY. National Bank Financial lowered Atlantica Sustainable Infrastructure from an “outperform” rating to a “sector perform” rating in a report on Wednesday, April 3rd. BMO Capital Markets reduced their target price on Atlantica Sustainable Infrastructure from $24.00 to $20.00 and set a “market perform” rating for the company in a report on Tuesday, March 5th. 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 research note on Tuesday, March 26th. StockNews.com lowered shares of Atlantica Sustainable Infrastructure from a “hold” rating to a “sell” rating in a report on Tuesday, April 23rd. Finally, Royal Bank of Canada decreased their target price on shares of Atlantica Sustainable Infrastructure from $26.00 to $24.00 and set an “outperform” rating on the stock in a research note on Monday, March 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Atlantica Sustainable Infrastructure currently has a consensus rating of “Hold” and an average price target of $22.75.

About Atlantica Sustainable Infrastructure

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.