Pattern Energy Group’s (PEGI) Buy Rating Reaffirmed at BMO Capital Markets
Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG)‘s stock had its “buy” rating reissued by BMO Capital Markets in a research report issued on Friday. They currently have a $28.50 price target on the utilities provider’s stock. BMO Capital Markets’ target price points to a potential upside of 12.07% from the stock’s previous close.
Other equities analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Pattern Energy Group from a “hold” rating to a “buy” rating and set a $28.00 price objective on the stock in a report on Friday, August 25th. Desjardins upped their target price on shares of Pattern Energy Group from $25.50 to $26.00 and gave the stock a “buy” rating in a research note on Tuesday, June 20th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $24.00 target price on shares of Pattern Energy Group in a research note on Friday, June 9th. BidaskClub downgraded shares of Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 10th. Finally, ValuEngine raised shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Five research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $25.35.
Pattern Energy Group (NASDAQ PEGI) opened at 25.43 on Friday. The stock has a market capitalization of $2.23 billion, a price-to-earnings ratio of 74.14 and a beta of 1.05. Pattern Energy Group has a 12 month low of $18.68 and a 12 month high of $25.60. The stock’s 50 day moving average is $24.74 and its 200-day moving average is $22.69.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings data on Tuesday, August 8th. The utilities provider reported $0.16 EPS for the quarter, topping the consensus estimate of $0.13 by $0.03. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.05%. The firm had revenue of $107.76 million for the quarter, compared to analyst estimates of $124.02 million. During the same period in the prior year, the business posted ($0.04) EPS. The business’s revenue for the quarter was up 15.4% compared to the same quarter last year. On average, equities research analysts expect that Pattern Energy Group will post $0.36 earnings per share for the current year.
In other Pattern Energy Group news, insider Esben W. Pedersen sold 1,200 shares of the stock in a transaction that occurred on Monday, July 3rd. The shares were sold at an average price of $24.00, for a total value of $28,800.00. Following the sale, the insider now directly owns 150,611 shares of the company’s stock, valued at approximately $3,614,664. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Daniel M. Elkort sold 4,100 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $24.08, for a total transaction of $98,728.00. Following the completion of the sale, the vice president now directly owns 75,173 shares in the company, valued at $1,810,165.84. The disclosure for this sale can be found here. Over the last three months, insiders sold 8,709,200 shares of company stock worth $190,842,004. Insiders own 1.60% of the company’s stock.
Large investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. purchased a new stake in shares of Pattern Energy Group in the 1st quarter valued at approximately $115,000. Advisor Group Inc. increased its position in shares of Pattern Energy Group by 31.0% in the 2nd quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock valued at $121,000 after purchasing an additional 1,193 shares during the last quarter. US Bancorp DE increased its position in shares of Pattern Energy Group by 24.4% in the 1st quarter. US Bancorp DE now owns 6,274 shares of the utilities provider’s stock valued at $126,000 after purchasing an additional 1,231 shares during the last quarter. Turner Investments LLC purchased a new stake in shares of Pattern Energy Group in the 2nd quarter valued at approximately $167,000. Finally, Winslow Evans & Crocker Inc. purchased a new stake in shares of Pattern Energy Group in the 2nd quarter valued at approximately $177,000. 94.72% of the stock is currently owned by institutional investors.
About Pattern Energy Group
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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