Zacks: Analysts Expect Pattern Energy Group Inc. (PEGI) Will Post Quarterly Sales of $112.38 Million
Equities research analysts predict that Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) will report $112.38 million in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Pattern Energy Group’s earnings, with the highest sales estimate coming in at $119.80 million and the lowest estimate coming in at $106.60 million. Pattern Energy Group reported sales of $91.91 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 22.3%. The business is expected to issue its next earnings results before the market opens on Monday, November 6th.
According to Zacks, analysts expect that Pattern Energy Group will report full year sales of $112.38 million for the current year, with estimates ranging from $441.29 million to $467.35 million. For the next fiscal year, analysts forecast that the business will post sales of $571.96 million per share, with estimates ranging from $555.40 million to $585.05 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Pattern Energy Group.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its quarterly earnings data 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 business had revenue of $107.76 million during the quarter, compared to analyst estimates of $124.02 million. During the same quarter last year, the firm posted ($0.04) earnings per share. The business’s revenue for the quarter was up 15.4% compared to the same quarter last year.
A number of analysts have recently issued reports on the company. BidaskClub cut Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a report on Thursday, August 10th. ValuEngine upgraded Pattern Energy Group from a “sell” rating to a “hold” rating in a report on Tuesday, August 1st. Bank of America Corporation reiterated an “underperform” rating and set a $21.00 target price on shares of Pattern Energy Group in a report on Tuesday, October 24th. BMO Capital Markets reiterated a “buy” rating and set a $28.00 target price on shares of Pattern Energy Group in a report on Wednesday, August 2nd. Finally, Zacks Investment Research cut Pattern Energy Group from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Two analysts have rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Pattern Energy Group presently has an average rating of “Buy” and an average price target of $26.08.
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In other news, VP Daniel M. Elkort sold 4,100 shares of the stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 75,173 shares in the company, valued at approximately $1,810,165.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Esben W. Pedersen sold 2,400 shares of the stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $23.99, for a total value of $57,576.00. Following the transaction, the insider now owns 145,811 shares of the company’s stock, valued at $3,498,005.89. The disclosure for this sale can be found here. In the last 90 days, insiders sold 8,700 shares of company stock valued at $211,034. 1.60% of the stock is owned by company insiders.
Institutional investors have recently added to or reduced their stakes in the company. California Public Employees Retirement System boosted its stake in shares of Pattern Energy Group by 2.3% during the 1st 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 last quarter. New York State Common Retirement Fund boosted its stake in shares of Pattern Energy Group by 19.6% during the 2nd quarter. New York State Common Retirement Fund now owns 83,338 shares of the utilities provider’s stock valued at $1,987,000 after buying an additional 13,637 shares during the last quarter. Advisor Group Inc. boosted its stake in shares of Pattern Energy Group by 31.0% during the 2nd quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock valued at $121,000 after buying an additional 1,193 shares during the last quarter. BSW Wealth Partners purchased a new position in shares of Pattern Energy Group during the 2nd quarter valued at approximately $207,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in shares of Pattern Energy Group during the 2nd quarter valued at approximately $285,000. Institutional investors own 95.32% of the company’s stock.
Pattern Energy Group (NASDAQ PEGI) opened at 22.88 on Tuesday. Pattern Energy Group has a 1-year low of $18.68 and a 1-year high of $26.56. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of 66.71 and a beta of 1.04. The stock has a 50 day moving average of $24.68 and a 200 day moving average of $23.86.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 7.34%. The ex-dividend date of this dividend is Thursday, September 28th. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42. Pattern Energy Group’s dividend payout ratio is currently 509.11%.
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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