Pattern Energy Group Inc. (PEGI) Rating Increased to Strong-Buy at BidaskClub
Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) was upgraded by research analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a report released on Thursday.
A number of other equities research analysts have also issued reports on the company. Zacks Investment Research lowered Pattern Energy Group from a “buy” rating to a “hold” rating in a research report on Tuesday, August 8th. BMO Capital Markets restated a “buy” rating and issued a $28.00 price target on shares of Pattern Energy Group in a research note on Wednesday, August 2nd. ValuEngine upgraded Pattern Energy Group from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Raymond James Financial, Inc. raised their price target on Pattern Energy Group from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, June 22nd. Finally, Desjardins raised their price target on Pattern Energy Group from $25.50 to $26.00 and gave the company a “buy” rating in a research note on Tuesday, June 20th. Six equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Pattern Energy Group currently has an average rating of “Buy” and a consensus target price of $25.40.
Pattern Energy Group (NASDAQ:PEGI) traded up 2.90% during trading on Thursday, reaching $24.45. The company’s stock had a trading volume of 885,608 shares. The firm has a market cap of $2.14 billion, a P/E ratio of 71.28 and a beta of 1.05. The stock’s 50 day moving average is $24.34 and its 200-day moving average is $22.20. Pattern Energy Group has a 52 week low of $18.68 and a 52 week high of $25.42.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.03. Pattern Energy Group had a return on equity of 1.05% and a net margin of 7.77%. The business had revenue of $107.76 million for the quarter, compared to analyst estimates of $124.02 million. During the same quarter last year, the firm earned ($0.04) EPS. Pattern Energy Group’s revenue for the quarter was up 15.4% compared to the same quarter last year. On average, equities research analysts forecast that Pattern Energy Group will post $0.29 earnings per share for the current fiscal year.
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In other Pattern Energy Group news, major shareholder Renewable Energy Gp Ii L. R/C sold 8,700,000 shares of Pattern Energy Group stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $21.91, for a total value of $190,617,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $23.00, for a total value of $27,600.00. Following the completion of the transaction, the insider now directly owns 146,067 shares of the company’s stock, valued at $3,359,541. The disclosure for this sale can be found here. Insiders sold a total of 8,711,400 shares of company stock valued at $190,889,034 over the last 90 days. 1.60% of the stock is currently owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Pattern Energy Group by 0.7% in the second quarter. Vanguard Group Inc. now owns 5,870,834 shares of the utilities provider’s stock worth $139,961,000 after buying an additional 38,599 shares during the period. BlackRock Inc. boosted its position in Pattern Energy Group by 2.6% in the second quarter. BlackRock Inc. now owns 5,157,269 shares of the utilities provider’s stock worth $122,951,000 after buying an additional 130,085 shares during the period. CI Investments Inc. boosted its position in Pattern Energy Group by 0.3% in the second quarter. CI Investments Inc. now owns 2,866,800 shares of the utilities provider’s stock worth $68,345,000 after buying an additional 7,700 shares during the period. Wellington Management Group LLP boosted its position in Pattern Energy Group by 13.5% in the first quarter. Wellington Management Group LLP now owns 2,475,915 shares of the utilities provider’s stock worth $49,841,000 after buying an additional 293,671 shares during the period. Finally, FMR LLC boosted its position in Pattern Energy Group by 6.8% in the first quarter. FMR LLC now owns 2,442,853 shares of the utilities provider’s stock worth $49,175,000 after buying an additional 155,900 shares during the period.
Pattern Energy Group Company Profile
Pattern Energy Group Inc is an independent power company focused on owning and operating power projects. The Company holds interests in over 18 wind power projects located in the United States, Canada and Chile with total capacity of over 2,644 megawatts (MW). Each of its projects has contracted to sell its output pursuant to a power sale agreement.
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