Pattern Energy Group Inc (PEGI) Given Average Recommendation of “Hold” by Brokerages

Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) has received a consensus rating of “Hold” from the seventeen research firms that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $25.42.

Several analysts recently commented on PEGI shares. Williams Capital started coverage on shares of Pattern Energy Group in a research report on Monday, October 16th. They issued a “buy” rating and a $28.00 price target for the company. 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 upgraded shares of Pattern Energy Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 15th. National Bank Financial upped their price target on shares of Pattern Energy Group from $27.00 to $34.50 and gave the company an “outperform” rating in a research report on Saturday, September 23rd. Finally, Bank of America reduced 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.

In other Pattern Energy Group news, insider Esben W. Pedersen sold 2,400 shares of the business’s stock in a transaction on Friday, December 1st. The shares were sold at an average price of $22.53, for a total value of $54,072.00. Following the transaction, the insider now directly owns 141,011 shares of the company’s stock, valued at approximately $3,176,977.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 7,700 shares of company stock worth $172,657 over the last three months. 1.60% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Ameritas Investment Partners Inc. increased its stake in Pattern Energy Group by 7.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,179 shares of the utilities provider’s stock valued at $147,000 after buying an additional 451 shares during the period. Legal & General Group Plc increased its stake in Pattern Energy Group by 2.4% in the 2nd quarter. Legal & General Group Plc now owns 25,151 shares of the utilities provider’s stock valued at $601,000 after buying an additional 584 shares during the period. Cbre Clarion Securities LLC grew its stake in shares of Pattern Energy Group by 2.3% during the 2nd quarter. Cbre Clarion Securities LLC now owns 31,600 shares of the utilities provider’s stock worth $753,000 after purchasing an additional 700 shares during the period. Advisor Group Inc. grew 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 worth $121,000 after purchasing an additional 1,193 shares during the period. Finally, K2 Principal Fund L.P. grew its stake in shares of Pattern Energy Group by 9.6% during the 2nd quarter. K2 Principal Fund L.P. now owns 17,554 shares of the utilities provider’s stock worth $418,000 after purchasing an additional 1,531 shares during the period. 75.44% of the stock is currently owned by institutional investors.

Shares of Pattern Energy Group (PEGI) opened at $21.17 on Friday. The firm has a market cap of $2,070.00, a P/E ratio of 529.25, a PEG ratio of 3.82 and a beta of 0.99. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.87. Pattern Energy Group has a 12-month low of $19.26 and a 12-month high of $26.56.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last issued its quarterly earnings data on Thursday, November 9th. The utilities provider reported ($0.26) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.14). Pattern Energy Group had a return on equity of 0.06% and a net margin of 1.01%. research analysts expect that Pattern Energy Group will post 0.11 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Friday, December 29th will be paid a $0.422 dividend. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42. This represents a $1.69 annualized dividend and a yield of 7.97%. The ex-dividend date is Thursday, December 28th. Pattern Energy Group’s payout ratio is currently 4,225.00%.

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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.

Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

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