Pattern Energy Group (PEGI) Downgraded by BidaskClub to “Strong Sell”

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) was downgraded by analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a research report issued on Friday.

A number of other equities research analysts have also issued reports on the company. Bank of America reaffirmed an “underperform” rating and set a $21.00 target price on shares of Pattern Energy Group in a research report on Tuesday, October 24th. Goldman Sachs Group raised Pattern Energy Group from a “neutral” rating to a “buy” rating and set a $21.00 target price on the stock in a research report on Tuesday, December 5th. Morgan Stanley lowered Pattern Energy Group from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $33.00 to $25.00 in a research report on Tuesday, December 12th. Raymond James Financial cut their target price on Pattern Energy Group from $27.00 to $25.00 and set an “outperform” rating on the stock in a research report on Monday, November 13th. Finally, Wells Fargo & Co cut their target price on Pattern Energy Group from $27.00 to $25.00 and set an “outperform” rating on the stock in a research report on Friday, November 10th. Four equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $24.86.

Shares of Pattern Energy Group (NASDAQ PEGI) opened at $18.74 on Friday. The stock has a market capitalization of $1,834.76, a price-to-earnings ratio of 468.62, a PEG ratio of 3.26 and a beta of 0.88. 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 52-week low of $18.20 and a 52-week high of $26.56.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last announced its earnings results on Thursday, November 9th. The utilities provider reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.14). The company had revenue of $92.03 million for the quarter, compared to analyst estimates of $112.38 million. Pattern Energy Group had a return on equity of 0.06% and a net margin of 1.01%. research analysts anticipate that Pattern Energy Group will post 0.11 EPS for the current fiscal year.

In related news, insider Esben W. Pedersen sold 2,400 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $20.51, for a total transaction of $49,224.00. Following the transaction, the insider now directly owns 132,128 shares of the company’s stock, valued at $2,709,945.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 7,200 shares of company stock worth $155,112 over the last three months. 1.60% of the stock is owned by insiders.

Large investors have recently bought and sold shares of the stock. California Public Employees Retirement System raised its position in Pattern Energy Group by 4.4% during the third quarter. California Public Employees Retirement System now owns 163,178 shares of the utilities provider’s stock valued at $3,933,000 after buying an additional 6,878 shares during the period. Vanguard Group Inc. increased its position in Pattern Energy Group by 0.7% in the 2nd quarter. Vanguard Group Inc. now owns 5,870,834 shares of the utilities provider’s stock worth $139,961,000 after purchasing an additional 38,599 shares during the last quarter. New York State Common Retirement Fund increased its position in Pattern Energy Group by 19.6% in the 2nd quarter. New York State Common Retirement Fund now owns 83,338 shares of the utilities provider’s stock worth $1,987,000 after purchasing an additional 13,637 shares during the last quarter. Advisor Group Inc. increased its position in Pattern Energy Group by 31.0% in 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 last quarter. Finally, State Street Corp increased its position in Pattern Energy Group by 8.2% in the 2nd quarter. State Street Corp now owns 1,430,421 shares of the utilities provider’s stock worth $34,101,000 after purchasing an additional 108,889 shares during the last quarter. 75.68% of the stock is currently owned by hedge funds and other institutional investors.

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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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