National Bank Financial Cuts Pattern Energy Group (PEGI) Price Target to $25.00

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) had its price target cut by equities research analysts at National Bank Financial from $26.00 to $25.00 in a research report issued on Wednesday. The brokerage currently has an “outperform” rating on the utilities provider’s stock. National Bank Financial’s price target would indicate a potential upside of 35.28% from the stock’s current price.

Several other equities research analysts have also recently weighed in on PEGI. BidaskClub cut Pattern Energy Group from a “sell” rating to a “strong sell” rating in a research report on Friday, February 9th. ValuEngine cut Pattern Energy Group from a “hold” rating to a “sell” rating in a research report on Friday, February 2nd. Goldman Sachs Group raised Pattern Energy Group from a “neutral” rating to a “buy” rating and set a $21.00 price objective for the company in a research report on Tuesday, December 5th. BMO Capital Markets reissued a “buy” rating and issued a $26.00 price objective on shares of Pattern Energy Group in a research report on Tuesday, February 6th. Finally, Wells Fargo & Co reduced their price objective on Pattern Energy Group from $27.00 to $25.00 and set an “outperform” rating for the company in a research report on Friday, November 10th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and ten have assigned a buy rating to the company. Pattern Energy Group presently has a consensus rating of “Hold” and a consensus price target of $24.79.

Shares of Pattern Energy Group (NASDAQ PEGI) traded down $0.55 during trading on Wednesday, reaching $18.48. The company’s stock had a trading volume of 2,784,800 shares, compared to its average volume of 907,201. The company has a market capitalization of $1,820.00, a PE ratio of 462.00, a P/E/G ratio of 3.32 and a beta of 0.88. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.87. Pattern Energy Group has a 52-week low of $18.15 and a 52-week high of $26.56.

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 value of $49,224.00. Following the completion of the transaction, the insider now directly owns 132,128 shares in the company, valued at $2,709,945.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 7,200 shares of company stock valued at $155,112 over the last 90 days. 1.60% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. California Public Employees Retirement System raised its stake 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 worth $3,933,000 after acquiring an additional 6,878 shares in the last quarter. Vanguard Group Inc. raised its stake in Pattern Energy Group by 0.7% during the second quarter. Vanguard Group Inc. now owns 5,870,834 shares of the utilities provider’s stock worth $139,961,000 after acquiring an additional 38,599 shares in the last quarter. New York State Common Retirement Fund raised its stake in Pattern Energy Group by 19.6% during the second quarter. New York State Common Retirement Fund now owns 83,338 shares of the utilities provider’s stock worth $1,987,000 after acquiring an additional 13,637 shares in the last quarter. Advisor Group Inc. raised its stake 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 worth $121,000 after acquiring an additional 1,193 shares in the last quarter. Finally, Brookfield Asset Management Inc. raised its stake in Pattern Energy Group by 10.0% during the second quarter. Brookfield Asset Management Inc. now owns 2,465,908 shares of the utilities provider’s stock worth $58,787,000 after acquiring an additional 224,508 shares in the last quarter. Institutional investors and hedge funds own 76.86% 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.

Analyst Recommendations for Pattern Energy Group (NASDAQ:PEGI)

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