Pattern Energy Group (NASDAQ:PEGI) Rating Lowered to Market Perform at Raymond James

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) was downgraded by Raymond James from an “outperform” rating to a “market perform” rating in a report released on Tuesday, The Fly reports.

PEGI has been the topic of a number of other research reports. Bank of America reissued a “neutral” rating and issued a $23.50 target price (up previously from $23.00) on shares of Pattern Energy Group in a research note on Tuesday. TheStreet cut shares of Pattern Energy Group from a “b-” rating to a “c” rating in a research note on Tuesday, May 14th. Finally, Royal Bank of Canada reaffirmed a “buy” rating and set a $24.00 price objective on shares of Pattern Energy Group in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $23.36.

NASDAQ PEGI traded up $0.66 on Tuesday, reaching $25.81. The company’s stock had a trading volume of 4,028,045 shares, compared to its average volume of 787,620. The stock has a market capitalization of $2.29 billion, a price-to-earnings ratio of 17.80 and a beta of 1.05. The company’s 50-day moving average price is $23.33. Pattern Energy Group has a 52 week low of $17.23 and a 52 week high of $26.07. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.36 and a current ratio of 0.36.

Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its earnings results on Tuesday, August 6th. The utilities provider reported ($0.07) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.11). The business had revenue of $135.00 million during the quarter, compared to the consensus estimate of $137.90 million. Pattern Energy Group had a negative net margin of 12.36% and a negative return on equity of 3.00%. The business’s revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.34 EPS. As a group, equities analysts forecast that Pattern Energy Group will post -0.15 EPS for the current year.

A number of institutional investors have recently modified their holdings of PEGI. Norges Bank bought a new stake in Pattern Energy Group during the fourth quarter worth about $16,363,000. Bank of Montreal Can grew its stake in shares of Pattern Energy Group by 512.3% during the first quarter. Bank of Montreal Can now owns 615,965 shares of the utilities provider’s stock valued at $13,551,000 after purchasing an additional 515,374 shares during the last quarter. Intact Investment Management Inc. grew its stake in shares of Pattern Energy Group by 36.1% during the first quarter. Intact Investment Management Inc. now owns 1,739,904 shares of the utilities provider’s stock valued at $50,701,000 after purchasing an additional 461,400 shares during the last quarter. BlackRock Inc. grew its stake in shares of Pattern Energy Group by 6.1% during the second quarter. BlackRock Inc. now owns 7,208,754 shares of the utilities provider’s stock valued at $166,451,000 after purchasing an additional 414,175 shares during the last quarter. Finally, Gilman Hill Asset Management LLC bought a new stake in shares of Pattern Energy Group during the first quarter valued at approximately $5,619,000. 81.61% of the stock is currently owned by hedge funds and other institutional investors.

Pattern Energy Group Company Profile

Pattern Energy Group Inc operates as an integrated renewable energy company. The company operates in two segments, Operating Business and Development Business. The Operating Business segment holds interest in 24 renewable energy projects with an operating capacity that totals approximately 4 gigawatts located in the United States, Canada, and Japan.

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