National Bank Financial Weighs in on Pattern Energy Group Inc.’s FY2018 Earnings (PEGI)
Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) – Equities researchers at National Bank Financial dropped their FY2018 earnings estimates for shares of Pattern Energy Group in a note issued to investors on Thursday. National Bank Financial analyst R. Merer now anticipates that the utilities provider will post earnings of $0.24 per share for the year, down from their prior estimate of $0.26. National Bank Financial currently has a “Outperform” rating and a $34.50 price target on the stock.
A number of other analysts have also commented on the stock. ValuEngine upgraded shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. BMO Capital Markets reiterated a “buy” rating and issued a $28.00 target price on shares of Pattern Energy Group in a research note on Wednesday, August 2nd. Zacks Investment Research lowered shares of Pattern Energy Group from a “buy” rating to a “hold” rating in a research note on Tuesday, August 8th. BidaskClub lowered shares of Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, August 10th. Finally, Williams Capital began coverage on shares of Pattern Energy Group in a report on Monday, October 16th. They set a “buy” rating and a $28.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating, eight have issued 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 $26.55.
Shares of Pattern Energy Group (NASDAQ PEGI) opened at 23.71 on Monday. The company has a market capitalization of $2.08 billion, a P/E ratio of 69.13 and a beta of 1.04. The company’s 50 day moving average is $25.06 and its 200-day moving average is $23.72. Pattern Energy Group has a 1-year low of $18.68 and a 1-year high of $26.56.
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 for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.03. The business had revenue of $107.76 million during the quarter, compared to the consensus estimate of $124.02 million. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.05%. Pattern Energy Group’s revenue for the quarter was up 15.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.04) earnings per share.
The business also recently declared 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. The ex-dividend date is Thursday, September 28th. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.68 annualized dividend and a dividend yield of 7.09%. Pattern Energy Group’s dividend payout ratio is currently 509.11%.
In other news, VP Daniel M. Elkort sold 4,100 shares of the company’s stock in a transaction dated 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 in the company, valued at $1,810,165.84. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Esben W. Pedersen sold 1,200 shares of the company’s stock in a transaction dated Friday, September 1st. The shares were sold at an average price of $25.10, for a total value of $30,120.00. Following the sale, the insider now owns 148,211 shares in the company, valued at $3,720,096.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,400 shares of company stock worth $253,840. Company insiders own 1.60% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. California Public Employees Retirement System increased its position in shares of Pattern Energy Group by 2.3% during the first quarter. California Public Employees Retirement System now owns 153,300 shares of the utilities provider’s stock valued at $3,086,000 after buying an additional 3,500 shares during the period. BSW Wealth Partners bought a new stake in shares of Pattern Energy Group during the second quarter valued at about $207,000. CI Investments Inc. increased its position in shares of Pattern Energy Group by 0.3% during the second quarter. CI Investments Inc. now owns 2,866,800 shares of the utilities provider’s stock valued at $68,345,000 after buying an additional 7,700 shares during the period. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Pattern Energy Group during the second quarter valued at about $285,000. Finally, Principal Financial Group Inc. increased its position in shares of Pattern Energy Group by 78.2% during the second quarter. Principal Financial Group Inc. now owns 58,527 shares of the utilities provider’s stock valued at $1,395,000 after buying an additional 25,684 shares during the period. Hedge funds and other institutional investors own 95.35% of the company’s stock.
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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