Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Tuesday, MarketBeat reports. They currently have a $25.00 price objective on the utilities provider’s stock, down from their previous price objective of $33.00. Morgan Stanley’s target price would suggest a potential upside of 15.96% from the company’s current price.
Several other equities research analysts have also recently commented on PEGI. BidaskClub upgraded shares of Pattern Energy Group from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 17th. National Bank Financial lifted their price target on shares of Pattern Energy Group from $27.00 to $34.50 and gave the stock an “outperform” rating in a research report on Saturday, September 23rd. Goldman Sachs Group upgraded shares of Pattern Energy Group from a “neutral” rating to a “buy” rating and set a $21.00 price target for the company in a research report on Tuesday, December 5th. Zacks Investment Research cut shares of Pattern Energy Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 11th. Finally, Bank of America lowered their price target on shares of Pattern Energy Group from $21.00 to $19.00 and set an “underperform” rating for the company in a research report on Friday, November 10th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $25.61.
Shares of Pattern Energy Group (NASDAQ PEGI) traded down $0.29 during trading hours on Tuesday, hitting $21.56. 2,613,313 shares of the stock traded hands, compared to its average volume of 941,437. Pattern Energy Group has a 12 month low of $18.68 and a 12 month high of $26.56. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.51 and a current ratio of 0.51. The firm has a market cap of $2,110.85, a PE ratio of 2,156.00, a price-to-earnings-growth ratio of 16.33 and a beta of 0.99.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Cubist Systematic Strategies LLC acquired a new position in Pattern Energy Group during the third quarter valued at approximately $107,000. Advisor Group Inc. grew its holdings in Pattern Energy Group by 31.0% during the second quarter. Advisor Group Inc. now owns 5,039 shares of the utilities provider’s stock valued at $121,000 after purchasing an additional 1,193 shares during the period. Point72 Asset Management L.P. acquired a new position in Pattern Energy Group during the third quarter valued at approximately $135,000. Ameritas Investment Partners Inc. grew its holdings in Pattern Energy Group by 7.9% during the second quarter. Ameritas Investment Partners Inc. now owns 6,179 shares of the utilities provider’s stock valued at $147,000 after purchasing an additional 451 shares during the period. Finally, Turner Investments LLC acquired a new position in Pattern Energy Group during the second quarter valued at approximately $167,000. Hedge funds and other institutional investors own 75.44% of the company’s stock.
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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.
