Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG)‘s stock had its “underperform” rating reiterated by research analysts at Bank of America Corporation in a research report issued on Tuesday. They presently have a $21.00 target price on the utilities provider’s stock. Bank of America Corporation’s price target would suggest a potential downside of 8.77% from the company’s current price.

Several other brokerages also recently weighed in on PEGI. BMO Capital Markets reiterated a “buy” rating and issued a $28.00 price target on shares of Pattern Energy Group in a report on Wednesday, August 2nd. National Bank Financial boosted their price target on Pattern Energy Group from $27.00 to $34.50 and gave the company an “outperform” rating in a report on Saturday, September 23rd. Zacks Investment Research downgraded Pattern Energy Group from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. BidaskClub upgraded Pattern Energy Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 17th. Finally, ValuEngine upgraded Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Two analysts have rated the stock with a sell rating, four have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $26.08.

Pattern Energy Group (NASDAQ PEGI) traded up 1.91% during midday trading on Tuesday, reaching $23.47. The company’s stock had a trading volume of 630,721 shares. The firm’s 50-day moving average price is $25.00 and its 200-day moving average price is $23.79. Pattern Energy Group has a 52 week low of $18.68 and a 52 week high of $26.56. The stock has a market capitalization of $2.06 billion, a PE ratio of 68.43 and a beta of 1.04.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.13 by $0.03. The company had revenue of $107.76 million during the quarter, compared to the consensus estimate of $124.02 million. Pattern Energy Group had a return on equity of 1.05% and a net margin of 7.77%. Pattern Energy Group’s revenue was up 15.4% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.04) EPS. On average, analysts anticipate that Pattern Energy Group will post $0.29 earnings per share for the current year.

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In other Pattern Energy Group news, VP Daniel M. Elkort sold 4,100 shares of the company’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $24.08, for a total value of $98,728.00. Following the completion of the transaction, the vice president now directly owns 75,173 shares of the company’s stock, valued at approximately $1,810,165.84. The transaction was disclosed in a filing with the SEC, which is accessible through 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 transaction of $30,120.00. Following the completion of the transaction, the insider now directly owns 148,211 shares of the company’s stock, valued at $3,720,096.10. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,400 shares of company stock valued at $253,840. 1.60% of the stock is currently owned by corporate insiders.

A number of large investors have recently bought and sold shares of PEGI. UBS Asset Management Americas Inc. boosted its position in Pattern Energy Group by 139.1% in the 1st quarter. UBS Asset Management Americas Inc. now owns 38,967 shares of the utilities provider’s stock valued at $784,000 after buying an additional 22,667 shares during the last quarter. Parametric Portfolio Associates LLC lifted its position in shares of Pattern Energy Group by 88.3% during the first quarter. Parametric Portfolio Associates LLC now owns 106,996 shares of the utilities provider’s stock worth $2,154,000 after purchasing an additional 50,173 shares during the last quarter. Ameritas Investment Partners Inc. bought a new position in shares of Pattern Energy Group during the first quarter worth about $115,000. American International Group Inc. lifted its position in shares of Pattern Energy Group by 20.7% during the first quarter. American International Group Inc. now owns 40,031 shares of the utilities provider’s stock worth $806,000 after purchasing an additional 6,859 shares during the last quarter. Finally, FMR LLC lifted its position in shares of Pattern Energy Group by 6.8% during the first quarter. FMR LLC now owns 2,442,853 shares of the utilities provider’s stock worth $49,175,000 after purchasing an additional 155,900 shares during the last quarter. 95.41% of the stock is 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.

Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

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