Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) was downgraded by stock analysts at Wells Fargo & Co from an “outperform” rating to a “market perform” rating in a research note issued on Wednesday, The Fly reports.
Several other analysts have also commented on the stock. TheStreet lowered shares of Pattern Energy Group from a “b-” rating to a “c” rating in a research report on Tuesday, May 14th. Bank of America upped their price objective on shares of Pattern Energy Group from $23.00 to $23.50 and gave the company a “neutral” rating in a report on Tuesday. Royal Bank of Canada restated a “buy” rating and set a $24.00 price objective on shares of Pattern Energy Group in a report on Thursday, August 8th. Finally, Raymond James downgraded shares of Pattern Energy Group from an “outperform” rating to a “market perform” rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Pattern Energy Group has an average rating of “Hold” and an average price target of $23.36.
PEGI stock opened at $25.81 on Wednesday. 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 firm’s 50-day moving average price is $23.33. Pattern Energy Group has a one year low of $17.23 and a one year high of $26.07. The company has a current ratio of 0.36, a quick ratio of 0.36 and a debt-to-equity ratio of 1.08.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last released its quarterly earnings results on Tuesday, August 6th. The utilities provider reported ($0.07) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.04 by ($0.11). The firm had revenue of $135.00 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.34 earnings per share. As a group, sell-side analysts expect that Pattern Energy Group will post -0.15 EPS for the current year.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Principal Financial Group Inc. increased its holdings in shares of Pattern Energy Group by 9.3% in the 4th quarter. Principal Financial Group Inc. now owns 58,085 shares of the utilities provider’s stock worth $1,082,000 after buying an additional 4,922 shares during the last quarter. Two Sigma Advisers LP purchased a new stake in shares of Pattern Energy Group in the 4th quarter valued at $784,000. Legal & General Group Plc boosted its stake in shares of Pattern Energy Group by 7.0% in the 4th quarter. Legal & General Group Plc now owns 36,949 shares of the utilities provider’s stock valued at $688,000 after purchasing an additional 2,429 shares in the last quarter. Macquarie Group Ltd. boosted its position in Pattern Energy Group by 2,250.0% during the 4th quarter. Macquarie Group Ltd. now owns 4,700 shares of the utilities provider’s stock valued at $88,000 after buying an additional 4,500 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Pattern Energy Group by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,026,095 shares of the utilities provider’s stock valued at $37,725,000 after buying an additional 83,674 shares during the period. Hedge funds and other institutional investors own 81.61% of the company’s stock.
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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