Investment firm ATB Capital has reduced its price target for Northland Power (TSE:NPI) from C$23.00 to C$22.00. This adjustment was detailed in a research note circulated to investors on November 28, 2023. Despite the change, ATB Capital maintains an outperform rating on the solar energy provider’s stock.
Several other financial institutions have also recently reassessed their perspectives on Northland Power. On November 24, 2023, Raymond James Financial lowered its price target for the company from C$25.00 to C$23.00. Conversely, CIBC raised its target from C$22.00 to C$23.00 on December 17, 2023. Meanwhile, Desjardins revised its rating from a “moderate buy” to a “hold” on November 13, 2023. National Bankshares also adjusted its price target, reducing it from C$27.00 to C$25.00 on November 21, 2023, while BMO Capital Markets decreased its price objective from C$25.00 to C$23.00 on the same day.
Currently, one equity research analyst has issued a Strong Buy rating on Northland Power, while four analysts recommend a Buy. Five others suggest a Hold rating. According to data from MarketBeat, the stock holds an average rating of “Moderate Buy” with a consensus price target of C$23.17.
Recent Earnings and Insider Activity
Northland Power recently released its quarterly earnings report on November 13, 2023. The company reported an earnings per share (EPS) loss of C($1.58) for the quarter, with a negative net margin of 5.92% and a negative return on equity of 3.37%. Revenue for the quarter was recorded at C$554.48 million.
In related news, insider Christine Healy purchased 30,000 shares of Northland Power stock on November 27, 2023, acquiring them at an average price of C$16.71 per share, totaling approximately C$501,300. Following this transaction, Healy now directly owns shares valued at around C$501,300. Over the past ninety days, insiders have collectively acquired 33,425 shares valued at $545,461, representing a modest 0.09% of the company’s stock ownership.
About Northland Power
Northland Power is engaged in the development, construction, and operation of sustainable infrastructure assets across various clean technologies, including wind (both offshore and onshore) and solar energy. The company also provides energy through a regulated utility. Offshore wind is anticipated to be Northland’s largest segment in the long term, and the company is focused on growth opportunities in regions including North America, Europe, Latin America, and Asia.
As market dynamics evolve, stakeholders will continue to monitor Northland Power’s performance and the potential for future adjustments in analyst ratings and price targets.
