NEW YORK (TheStreet) -- Atlantic Power (AT) was falling 22.6% to $2.53 Tuesday after providing an update on its strategic review process, revising its dividend rate, and announcing a new interim president and CEO.
In an update on the outcome of its strategic review, the electric utilities company announced said a sale or merger is not in the best interests of the company or shareholders, saying that it will continue operating independently. Atlantic Power is still assessing the possibility assets sales or joint ventures.
The company also announced it will more to a quarterly dividend rate of C$0.03 a share from its previous monthly dividend of C$0.03333 a share. The first quarterly dividend will be declared in November and paid in December.
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In the same press release Atlantic Power appointed company director Ken Hartwick as interim president and CEO.
TheStreet Ratings team rates ATLANTIC POWER CORP as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
"We rate ATLANTIC POWER CORP (AT) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and generally high debt management risk."