Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) had its price objective decreased by equities researchers at National Bank Financial from $28.00 to $26.00 in a research note issued to investors on Wednesday. The firm presently has an “outperform” rating on the utilities provider’s stock. National Bank Financial’s price objective suggests a potential upside of 38.00% from the stock’s previous close.
Other research analysts have also issued reports about the company. Williams Capital started coverage on Pattern Energy Group in a research report on Monday, October 16th. They issued a “buy” rating and a $28.00 price target on the stock. Goldman Sachs Group upgraded Pattern Energy Group from a “neutral” rating to a “buy” rating and set a $21.00 price target on the stock in a research report on Tuesday, December 5th. BMO Capital Markets restated a “buy” rating and issued a $26.00 price target on shares of Pattern Energy Group in a research report on Tuesday. Morgan Stanley lowered Pattern Energy Group from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $33.00 to $25.00 in a research report on Tuesday, December 12th. Finally, Zacks Investment Research upgraded Pattern Energy Group from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 15th. Four investment analysts have rated the stock with a sell rating, three have given a hold rating and ten have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $24.86.
Pattern Energy Group (NASDAQ PEGI) traded down $0.20 during midday trading on Wednesday, hitting $18.84. The stock had a trading volume of 832,220 shares, compared to its average volume of 817,780. The firm has a market cap of $1,911.13, a PE ratio of 470.12, a P/E/G ratio of 3.40 and a beta of 0.88. Pattern Energy Group has a one year low of $18.51 and a one year high of $26.56. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.51 and a quick ratio of 0.51.
In other Pattern Energy Group news, insider Esben W. Pedersen sold 2,400 shares of Pattern Energy Group stock in a transaction dated Friday, December 1st. The stock was sold at an average price of $22.53, for a total transaction of $54,072.00. Following the transaction, the insider now directly owns 141,011 shares in the company, valued at $3,176,977.83. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Over the last quarter, insiders have sold 7,200 shares of company stock worth $155,112. Corporate insiders own 1.60% of the company’s stock.
Several institutional investors have recently modified their holdings of PEGI. Cohen & Steers Inc. lifted its holdings in shares of Pattern Energy Group by 25.5% in the third quarter. Cohen & Steers Inc. now owns 2,415,931 shares of the utilities provider’s stock valued at $58,224,000 after purchasing an additional 490,987 shares in the last quarter. CI Investments Inc. lifted its holdings in shares of Pattern Energy Group by 15.9% in the fourth quarter. CI Investments Inc. now owns 3,320,400 shares of the utilities provider’s stock valued at $71,355,000 after purchasing an additional 456,300 shares in the last quarter. Advisors Capital Management LLC bought a new stake in shares of Pattern Energy Group in the fourth quarter valued at about $7,621,000. Brookfield Asset Management Inc. lifted its holdings in shares of Pattern Energy Group by 10.0% in the second quarter. Brookfield Asset Management Inc. now owns 2,465,908 shares of the utilities provider’s stock valued at $58,787,000 after purchasing an additional 224,508 shares in the last quarter. Finally, Convergence Investment Partners LLC lifted its holdings in shares of Pattern Energy Group by 522.7% in the third quarter. Convergence Investment Partners LLC now owns 230,316 shares of the utilities provider’s stock valued at $5,551,000 after purchasing an additional 193,331 shares in the last quarter. Institutional investors own 75.68% of the company’s stock.
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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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