Shareholders and noteholders of Abengoa SA (ADR) (NASDAQ:ABGB) are not happy today, as the Spanish renewable energy company announced that they have filed for creditor protection.
Investors were apparently due 1.16 million pesos, which is equal to approximately $70,000. Thursday was the deadline and the payments were not completed. The creditor protection was filed for on Wednesday, and this has sent the stock tumbling in early morning trading today.
The stock is down 27.90% or $0.65 hitting $1.68, after the negative news. About 13,313 shares traded hands. ABGB has declined 85.77% since April 24, 2015 and is downtrending. It has underperformed by 84.64% the S&P500.
Out of 3 analysts covering Abengoa SA (NASDAQ:ABGB), 0 rate it “Buy”, 1 “Sell”, while 2 “Hold”. This means 0 are positive. Abengoa SA was the topic in 3 analyst reports since August 3, 2015 according to StockzIntelligence Inc. Canaccord Genuity downgraded the stock on November 16 to “Hold” rating. BNP Paribas downgraded the shares of ABGB in a report on August 3 to “Underperform” rating.
Abengoa SA is a Spain-based company engaged in the provision of technological solutions for the engineering sector. The company has a market cap of $399.86 million. The Firm is structured into three main business divisions. It currently has negative earnings. The Industrial Engineering and Construction division comprises the execution of turnkey generation power station projects, hydraulic infrastructures and electric transmission lines.