National Bank Financial Equities Analysts Boost Earnings Estimates for Pattern Energy Group Inc. (PEGI)
Pattern Energy Group Inc. (NASDAQ:PEGI) – Analysts at National Bank Financial upped their Q3 2016 earnings estimates for Pattern Energy Group in a report issued on Wednesday. National Bank Financial analyst R. Merer now forecasts that the firm will post earnings per share of ($0.10) for the quarter, up from their prior estimate of ($0.11). National Bank Financial also issued estimates for Pattern Energy Group’s Q4 2016 earnings at $0.14 EPS, FY2016 earnings at ($0.30) EPS and FY2017 earnings at $0.42 EPS.
Several other research firms have also commented on PEGI. Oppenheimer Holdings Inc. began coverage on Pattern Energy Group in a report on Thursday, September 8th. They set an “outperform” rating and a $36.00 target price for the company. Zacks Investment Research lowered Pattern Energy Group from a “buy” rating to a “hold” rating in a report on Saturday, July 30th. RBC Capital Markets reaffirmed an “outperform” rating on shares of Pattern Energy Group in a report on Sunday, September 25th. Wells Fargo & Co. reaffirmed a “buy” rating on shares of Pattern Energy Group in a report on Thursday, August 18th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $25.00 target price (up from $23.00) on shares of Pattern Energy Group in a report on Tuesday, July 5th. Two investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $27.20.
Pattern Energy Group (NASDAQ:PEGI) opened at 21.83 on Monday. The stock’s market capitalization is $1.66 billion. Pattern Energy Group has a 1-year low of $14.56 and a 1-year high of $25.13. The company has a 50-day moving average price of $23.14 and a 200 day moving average price of $22.19.
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Pattern Energy Group (NASDAQ:PEGI) last released its quarterly earnings data on Friday, August 5th. The company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.04 by $0.08. Pattern Energy Group had a negative net margin of 14.90% and a negative return on equity of 0.21%. The firm earned $93.40 million during the quarter, compared to analysts’ expectations of $103 million. During the same period in the previous year, the business earned $0.21 earnings per share. The business’s revenue for the quarter was up 10.4% on a year-over-year basis.
A number of large investors have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA increased its stake in Pattern Energy Group by 146.8% in the third quarter. BNP Paribas Arbitrage SA now owns 5,531 shares of the company’s stock worth $124,000 after buying an additional 3,290 shares during the period. JPMorgan Chase & Co. boosted its position in Pattern Energy Group by 639.5% in the second quarter. JPMorgan Chase & Co. now owns 6,508 shares of the company’s stock valued at $149,000 after buying an additional 5,628 shares in the last quarter. BlackRock Inc. boosted its position in Pattern Energy Group by 105.4% in the second quarter. BlackRock Inc. now owns 7,924 shares of the company’s stock valued at $183,000 after buying an additional 4,067 shares in the last quarter. Teacher Retirement System of Texas boosted its position in Pattern Energy Group by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 8,304 shares of the company’s stock valued at $191,000 after buying an additional 1,010 shares in the last quarter. Finally, K2 Principal Fund L.P. bought a new position in Pattern Energy Group during the second quarter valued at about $292,000.
In other Pattern Energy Group news, VP Eric S. Lillybeck sold 4,000 shares of the company’s stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $23.84, for a total value of $95,360.00. Following the completion of the sale, the vice president now directly owns 18,235 shares in the company, valued at $434,722.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Esben W. Pedersen sold 1,200 shares of the company’s stock in a transaction that occurred on Thursday, September 1st. The stock was sold at an average price of $23.80, for a total value of $28,560.00. Following the completion of the sale, the insider now owns 129,630 shares of the company’s stock, valued at $3,085,194. The disclosure for this sale can be found here. 1.79% of the stock is owned by company insiders.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 7.33%. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Wednesday, September 28th. Pattern Energy Group’s dividend payout ratio is -219.18%.
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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