Pattern Energy Group Inc. (PEGI) Upgraded to “Hold” by Zacks Investment Research
Pattern Energy Group Inc. (NASDAQ:PEGI) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Saturday.
According to Zacks, “Pattern Energy Group Inc. is a premium power company. It engages in developing, constructing, owning and operating wind power. The company’s project situated primarily in the United States, Canada and parts of Latin America. Pattern Energy Group Inc. is based in San Francisco, United States. “
PEGI has been the subject of several other research reports. Oppenheimer Holdings Inc. initiated coverage on Pattern Energy Group in a report on Thursday, September 8th. They issued an “outperform” rating and a $36.00 price objective for the company. RBC Capital Markets restated an “outperform” rating on shares of Pattern Energy Group in a report on Sunday, September 25th. BMO Capital Markets reiterated an “outperform” rating and set a $25.00 price target (up previously from $23.00) on shares of Pattern Energy Group in a report on Tuesday, July 5th. Finally, Wells Fargo & Co. reiterated a “buy” rating on shares of Pattern Energy Group in a report on Thursday, August 18th. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $27.20.
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Pattern Energy Group (NASDAQ:PEGI) opened at 21.73 on Friday. The firm’s market cap is $1.66 billion. Pattern Energy Group has a 12-month low of $14.56 and a 12-month high of $25.13. The firm has a 50-day moving average price of $23.41 and a 200 day moving average price of $22.10.
Pattern Energy Group (NASDAQ:PEGI) last announced its quarterly earnings data on Friday, August 5th. The company reported ($0.04) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by $0.08. The company earned $93.40 million during the quarter, compared to the consensus estimate of $103 million. Pattern Energy Group had a negative net margin of 14.90% and a negative return on equity of 0.21%. Pattern Energy Group’s revenue was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.21 EPS. Equities research analysts forecast that Pattern Energy Group will post ($0.36) EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Stockholders of record on Friday, September 30th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 7.36%. The ex-dividend date of this dividend is Wednesday, September 28th. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.39. Pattern Energy Group’s payout ratio is currently -219.18%.
In other news, insider Esben W. Pedersen sold 1,200 shares of the business’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $24.30, for a total transaction of $29,160.00. Following the completion of the sale, the insider now owns 130,902 shares in the company, valued at $3,180,918.60. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Patricia S. Bellinger acquired 2,000 shares of Pattern Energy Group stock in a transaction dated Tuesday, August 16th. The shares were purchased at an average price of $23.01 per share, with a total value of $46,020.00. Following the acquisition, the director now owns 12,865 shares of the company’s stock, valued at $296,023.65. The disclosure for this purchase can be found here. Insiders own 1.79% of the company’s stock.
Several large investors have recently added to or reduced their stakes in PEGI. CI Investments Inc. increased its stake in Pattern Energy Group by 1.2% in the second quarter. CI Investments Inc. now owns 6,288,907 shares of the company’s stock worth $144,456,000 after buying an additional 73,800 shares during the last quarter. Vanguard Group Inc. increased its stake in Pattern Energy Group by 4.8% in the second quarter. Vanguard Group Inc. now owns 4,370,681 shares of the company’s stock worth $100,394,000 after buying an additional 200,747 shares during the last quarter. Wellington Management Group LLP increased its stake in Pattern Energy Group by 5.0% in the first quarter. Wellington Management Group LLP now owns 3,095,569 shares of the company’s stock worth $59,033,000 after buying an additional 146,617 shares during the last quarter. Cohen & Steers Inc. increased its stake in Pattern Energy Group by 39.2% in the second quarter. Cohen & Steers Inc. now owns 2,365,703 shares of the company’s stock worth $54,340,000 after buying an additional 666,523 shares during the last quarter. Finally, Royal Bank of Canada increased its stake in Pattern Energy Group by 18.8% in the second quarter. Royal Bank of Canada now owns 1,632,894 shares of the company’s stock worth $37,508,000 after buying an additional 258,026 shares during the last quarter.
Pattern Energy Group Company Profile
Pattern Energy Group Inc (Pattern Energy) is an independent power company focused on owning and operating power projects. The Company holds interests in over 16 wind power projects located in the United States, Canada and Chile with total capacity of over 2,280 megawatts (MW). Each of its projects has contracted to sell its output pursuant to a power sale agreement.
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