Pattern Energy Group Inc (PEGI) Receives Average Rating of “Buy” from Analysts
Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) has been given a consensus recommendation of “Buy” by the fifteen analysts that are currently covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, four have issued a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $25.91.
PEGI has been the subject of several research analyst reports. BMO Capital Markets restated a “buy” rating and issued a $28.00 target price on shares of Pattern Energy Group in a report on Wednesday, August 2nd. Bank of America Corporation restated an “underperform” rating and issued a $21.00 target price on shares of Pattern Energy Group in a report on Tuesday, October 24th. National Bank Financial upped their target price on shares of 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 cut shares of Pattern Energy Group from a “buy” rating to a “hold” rating in a report on Tuesday, August 8th. Finally, BidaskClub upgraded shares of Pattern Energy Group from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 17th.
In related news, insider Esben W. Pedersen sold 2,400 shares of the stock in a transaction on Monday, October 2nd. The shares were sold at an average price of $23.99, for a total transaction of $57,576.00. Following the completion of the sale, the insider now owns 145,811 shares in the company, valued at approximately $3,498,005.89. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 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. In the last quarter, insiders have sold 11,600 shares of company stock valued at $277,803. 1.60% of the stock is owned by company insiders.
Pattern Energy Group (NASDAQ:PEGI) opened at $22.71 on Friday. Pattern Energy Group has a twelve month low of $18.68 and a twelve month high of $26.56. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.03 and a quick ratio of 1.03. The stock has a market cap of $2,171.92, a price-to-earnings ratio of 103.23, a PEG ratio of 7.52 and a beta of 1.02.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its earnings results on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.03. Pattern Energy Group had a negative net margin of 13.63% and a positive return on equity of 5.95%. The business had revenue of $107.76 million during the quarter, compared to analysts’ expectations of $124.02 million. During the same quarter in the prior year, the business posted ($0.04) EPS. The company’s revenue for the quarter was up 15.4% on a year-over-year basis. sell-side analysts expect that Pattern Energy Group will post 0.25 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 31st. Investors of record on Friday, September 29th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $1.68 dividend on an annualized basis and a yield of 7.40%. 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%.
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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