Pattern Energy Group (PEGI) Upgraded at Zacks Investment Research

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.

According to Zacks, “Pattern Energy Group Inc. is a premium power company. It engages in developing, constructing, owning and operating wind power. The company’s project situated primarily in the United States, Canada and parts of Latin America. Pattern Energy Group Inc. is based in San Francisco, United States. “

Several other research analysts have also recently commented on PEGI. Bank of America reaffirmed an “underperform” rating and issued a $21.00 target price on shares of Pattern Energy Group in a research report on Tuesday, October 24th. Wells Fargo & Co dropped their price objective on Pattern Energy Group from $27.00 to $25.00 and set an “outperform” rating for the company in a research note on Friday, November 10th. BMO Capital Markets dropped their price objective on Pattern Energy Group from $28.50 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 10th. Raymond James Financial dropped their price objective on Pattern Energy Group from $27.00 to $25.00 and set an “outperform” rating for the company in a research note on Monday, November 13th. Finally, Goldman Sachs Group upgraded Pattern Energy Group from a “neutral” rating to a “buy” rating and set a $21.00 price objective for the company in a research note on Tuesday, December 5th. Three 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’s stock. Pattern Energy Group currently has an average rating of “Hold” and a consensus price target of $24.86.

Pattern Energy Group (NASDAQ:PEGI) opened at $18.48 on Wednesday. The company has a market capitalization of $1,863.15, a price-to-earnings ratio of 462.12, a P/E/G ratio of 3.32 and a beta of 0.88. Pattern Energy Group has a 12-month low of $18.20 and a 12-month 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 news, insider Esben W. Pedersen sold 2,400 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $22.53, for a total value of $54,072.00. Following the completion of the sale, the insider now directly owns 141,011 shares in the company, valued at $3,176,977.83. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 7,200 shares of company stock valued at $155,112. 1.60% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC bought a new position in Pattern Energy Group during the third quarter worth about $107,000. Ameritas Investment Partners Inc. bought a new position in Pattern Energy Group during the first quarter worth about $115,000. IFP Advisors Inc boosted its holdings in Pattern Energy Group by 139.6% during the fourth quarter. IFP Advisors Inc now owns 5,337 shares of the utilities provider’s stock worth $115,000 after buying an additional 3,110 shares during the last quarter. Advisor Group Inc. boosted 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 worth $121,000 after buying an additional 1,193 shares during the last quarter. Finally, BNP Paribas Arbitrage SA boosted its holdings in Pattern Energy Group by 146.8% during the third quarter. BNP Paribas Arbitrage SA now owns 5,531 shares of the utilities provider’s stock worth $124,000 after buying an additional 3,290 shares during the last quarter. Institutional investors and hedge funds own 76.86% 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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