Pattern Energy Group Sets New 12-Month High on Analyst Upgrade (PEGI)
Pattern Energy Group (NASDAQ:PEGI) shares reached a new 52-week high on Monday after CIBC raised their price target on the stock from $31.00 to $34.00, American Banking & Market News reports. The stock traded as high as $33.27 and last traded at $33.27, with a volume of 408,324 shares traded. The stock had previously closed at $32.34.
Separately, analysts at KeyCorp initiated coverage on shares of Pattern Energy Group in a research note on Monday, June 23rd. They set a “buy” rating and a $34.50 price target on the stock. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $32.00.
The stock has a 50-day moving average of $30.42 and a 200-day moving average of $28.5. The company has a market cap of $1.188 billion and a P/E ratio of 482.69. Pattern Energy Group also was the recipient of a significant increase in short interest in the month of June. As of June 13th, there was short interest totalling 1,614,321 shares, an increase of 35.6% from the May 30th total of 1,190,933 shares. Currently, 4.1% of the company’s shares are sold short. Based on an average daily volume of 320,243 shares, the days-to-cover ratio is presently 5.0 days.
Pattern Energy Group (NASDAQ:PEGI) last announced its earnings results on Friday, May 2nd. The company reported ($0.20) earnings per share for the quarter, missing the analysts’ consensus estimate of $0.96 by $1.16. The company had revenue of $49.50 billion for the quarter, compared to the consensus estimate of $57.18 billion. On average, analysts predict that Pattern Energy Group will post $0.46 earnings per share for the current fiscal year.
Pattern Energy Group Inc is an independent power company focused on owning and operating power projects.
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