$132.87 Million in Sales Expected for Pattern Energy Group Inc (PEGI) This Quarter

Equities research analysts predict that Pattern Energy Group Inc (NASDAQ:PEGI) (TSE:PEG) will announce sales of $132.87 million for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Pattern Energy Group’s earnings. The lowest sales estimate is $123.90 million and the highest is $142.02 million. Pattern Energy Group reported sales of $81.06 million in the same quarter last year, which would suggest a positive year over year growth rate of 63.9%. The firm is expected to report its next earnings results on Wednesday, March 7th.

On average, analysts expect that Pattern Energy Group will report full year sales of $132.87 million for the current fiscal year, with estimates ranging from $424.60 million to $442.64 million. For the next year, analysts anticipate that the company will report sales of $573.20 million per share, with estimates ranging from $544.90 million to $598.15 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research analysts that that provide coverage for Pattern Energy Group.

A number of research firms recently issued reports on PEGI. National Bank Financial decreased their price objective on shares of Pattern Energy Group from $26.00 to $25.00 and set an “outperform” rating for the company in a report on Wednesday. Zacks Investment Research upgraded shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a research report on Wednesday. BidaskClub lowered shares of Pattern Energy Group from a “sell” rating to a “strong sell” rating in a research report on Friday, February 9th. BMO Capital Markets reiterated a “buy” rating and set a $26.00 target price on shares of Pattern Energy Group in a research report on Tuesday, February 6th. Finally, ValuEngine lowered shares of Pattern Energy Group from a “hold” rating to a “sell” rating in a research report on Friday, February 2nd. Three investment 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 has an average rating of “Hold” and an average price target of $24.79.

In other news, insider Esben W. Pedersen sold 2,400 shares of the firm’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $21.59, for a total value of $51,816.00. Following the completion of the transaction, the insider now directly owns 134,528 shares in the company, valued at $2,904,459.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 7,200 shares of company stock valued at $155,112 over the last 90 days. 1.60% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in PEGI. New York State Common Retirement Fund boosted its position in shares of Pattern Energy Group by 19.6% in the second quarter. New York State Common Retirement Fund now owns 83,338 shares of the utilities provider’s stock valued at $1,987,000 after acquiring an additional 13,637 shares during the period. UBS Asset Management Americas Inc. boosted its position in shares of Pattern Energy Group by 7.2% in the second quarter. UBS Asset Management Americas Inc. now owns 41,791 shares of the utilities provider’s stock valued at $996,000 after acquiring an additional 2,824 shares during the period. Northern Trust Corp boosted its position in shares of Pattern Energy Group by 3.7% in the second quarter. Northern Trust Corp now owns 865,975 shares of the utilities provider’s stock valued at $20,646,000 after acquiring an additional 30,896 shares during the period. Vanguard Group Inc. boosted its position in shares of Pattern Energy Group by 0.7% in the second quarter. Vanguard Group Inc. now owns 5,870,834 shares of the utilities provider’s stock valued at $139,961,000 after acquiring an additional 38,599 shares during the period. Finally, California Public Employees Retirement System boosted its position in shares of Pattern Energy Group by 2.0% in the second quarter. California Public Employees Retirement System now owns 156,300 shares of the utilities provider’s stock valued at $3,726,000 after acquiring an additional 3,000 shares during the period. Institutional investors own 76.86% of the company’s stock.

Shares of Pattern Energy Group (PEGI) opened at $18.57 on Thursday. Pattern Energy Group has a 1-year low of $18.15 and a 1-year high of $26.56. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.87. The stock has a market cap of $1,809.30, a PE ratio of 1,848.00, a P/E/G ratio of 3.22 and a beta of 0.88.

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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.

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