National Bank Financial Boosts Pattern Energy Group Inc. (PEGI) Price Target to $34.50
Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) had its target price increased by equities researchers at National Bank Financial from $27.00 to $34.50 in a research report issued to clients and investors on Saturday. The firm currently has an “outperform” rating on the utilities provider’s stock. National Bank Financial’s price objective suggests a potential upside of 33.20% from the stock’s previous close.
Several other research analysts have also recently issued reports on PEGI. BidaskClub cut Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 10th. ValuEngine raised Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Royal Bank Of Canada upped their price target on Pattern Energy Group from $24.00 to $25.00 and gave the company an “outperform” rating in a report on Tuesday, June 20th. BMO Capital Markets reaffirmed a “buy” rating and issued a $28.00 price target on shares of Pattern Energy Group in a report on Wednesday, August 2nd. Finally, Raymond James Financial, Inc. boosted 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. Five research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Pattern Energy Group currently has a consensus rating of “Buy” and an average target price of $25.59.
Pattern Energy Group (NASDAQ PEGI) opened at 25.90 on Friday. Pattern Energy Group has a 52-week low of $18.68 and a 52-week high of $26.50. The stock has a market cap of $2.27 billion, a P/E ratio of 75.51 and a beta of 1.05. The firm’s 50-day moving average price is $24.94 and its 200 day moving average price is $23.00.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its quarterly earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.03. The company had revenue of $107.76 million for the quarter, compared to analysts’ expectations of $124.02 million. Pattern Energy Group had a return on equity of 1.05% and a net margin of 7.77%. The firm’s revenue was up 15.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.04) earnings per share. Equities analysts predict that Pattern Energy Group will post $0.35 earnings per share for the current year.
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In other news, VP Daniel M. Elkort sold 4,100 shares of the company’s stock in a transaction on Monday, August 14th. The shares were sold at an average price of $24.08, for a total value of $98,728.00. Following the transaction, the vice president now directly owns 75,173 shares of the company’s stock, valued at $1,810,165.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Esben W. Pedersen sold 1,200 shares of the company’s stock in a transaction on Monday, July 3rd. The stock was sold at an average price of $24.00, for a total transaction of $28,800.00. Following the completion of the transaction, the insider now directly owns 150,611 shares in the company, valued at $3,614,664. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,200 shares of company stock worth $225,004. Company insiders own 1.60% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. acquired a new position in shares of Pattern Energy Group in the first quarter worth $115,000. Advisor Group Inc. increased its stake in shares of Pattern Energy Group by 31.0% in the second quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock worth $121,000 after acquiring an additional 1,193 shares during the last quarter. US Bancorp DE increased its stake in shares of Pattern Energy Group by 24.4% in the first quarter. US Bancorp DE now owns 6,274 shares of the utilities provider’s stock worth $126,000 after acquiring an additional 1,231 shares during the last quarter. Turner Investments LLC acquired a new position in shares of Pattern Energy Group in the second quarter worth $167,000. Finally, Winslow Evans & Crocker Inc. acquired a new position in shares of Pattern Energy Group in the second quarter worth $177,000. 94.66% of the stock is currently owned by institutional investors and hedge funds.
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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