Pattern Energy Group Inc. (PEGI) Receives Consensus Recommendation of “Buy” from Analysts
Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) has earned a consensus rating of “Buy” from the thirteen ratings firms that are covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $25.35.
Several brokerages have commented on PEGI. BidaskClub downgraded shares of Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 10th. BMO Capital Markets reaffirmed a “buy” rating and issued a $28.50 target price on shares of Pattern Energy Group in a research note on Friday, September 8th. ValuEngine raised shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Royal Bank Of Canada upped their target price on shares of Pattern Energy Group from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Tuesday, June 20th. Finally, Raymond James Financial, Inc. upped their target price on shares of Pattern Energy Group from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, June 22nd.
Pattern Energy Group (PEGI) opened at 26.30 on Friday. The firm’s 50-day moving average is $24.88 and its 200 day moving average is $22.87. The stock has a market capitalization of $2.30 billion, a PE ratio of 76.68 and a beta of 1.05. Pattern Energy Group has a 52-week low of $18.68 and a 52-week high of $26.50.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its earnings results on Tuesday, August 8th. The utilities provider reported $0.16 EPS for the quarter, beating the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $124.02 million. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. The business’s quarterly revenue was up 15.4% on a year-over-year basis. On average, equities analysts forecast that Pattern Energy Group will post $0.36 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Stockholders of record on Friday, September 29th will be given a dividend of $0.42 per share. This is an increase from Pattern Energy Group’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Thursday, September 28th. This represents a $1.68 annualized dividend and a dividend yield of 6.39%. Pattern Energy Group’s dividend payout ratio is currently 506.08%.
In other news, insider Esben W. Pedersen sold 1,200 shares of the stock in a transaction on Monday, July 3rd. The shares were sold at an average price of $24.00, for a total transaction of $28,800.00. Following the completion of the sale, the insider now owns 150,611 shares of the company’s stock, valued at $3,614,664. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Daniel M. Elkort sold 4,100 shares of the stock in a transaction on Monday, August 14th. The stock was sold at an average price of $24.08, for a total transaction of $98,728.00. Following the sale, the vice president now directly owns 75,173 shares of the company’s stock, valued at approximately $1,810,165.84. The disclosure for this sale can be found here. Insiders have sold 8,709,200 shares of company stock valued at $190,842,004 in the last three months. 1.60% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in PEGI. Ameritas Investment Partners Inc. bought a new position in Pattern Energy Group in the first quarter valued at $115,000. Advisor Group Inc. grew its position in Pattern Energy Group by 31.0% in the second 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 in the last quarter. US Bancorp DE grew its position in Pattern Energy Group by 24.4% in the first 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 in the last quarter. Turner Investments LLC bought a new position in Pattern Energy Group in the second quarter valued at $167,000. Finally, Winslow Evans & Crocker Inc. bought a new position in Pattern Energy Group in the second quarter valued at $177,000. 94.72% of the stock is owned by institutional investors and hedge funds.
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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