Pattern Energy Group Inc. (PEGI) Receives Consensus Recommendation of “Buy” from Analysts

Shares of Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) have received an average recommendation of “Buy” from the eleven brokerages that are covering the firm. Two investment analysts have rated the stock with a hold recommendation and nine have given a buy recommendation to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $28.17.

Several research analysts have issued reports on PEGI shares. Zacks Investment Research lowered Pattern Energy Group from a “hold” rating to a “sell” rating in a research note on Thursday, August 18th. Wells Fargo & Co. reiterated a “buy” rating on shares of Pattern Energy Group in a research note on Thursday, August 18th. Oppenheimer Holdings Inc. assumed coverage on Pattern Energy Group in a research note on Thursday, September 8th. They set an “outperform” rating and a $36.00 price objective for the company. RBC Capital Markets restated an “outperform” rating on shares of Pattern Energy Group in a report on Sunday, September 25th. Finally, Credit Suisse Group AG assumed coverage on Pattern Energy Group in a report on Thursday, November 17th. They set an “outperform” rating and a $22.00 target price on the stock.

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Pattern Energy Group (NASDAQ:PEGI) traded down 0.64% during mid-day trading on Wednesday, reaching $20.03. The company’s stock had a trading volume of 264,879 shares. Pattern Energy Group has a 12 month low of $14.56 and a 12 month high of $25.13. The stock’s 50 day moving average is $20.28 and its 200 day moving average is $22.38. The company’s market cap is $1.75 billion.

Pattern Energy Group (NASDAQ:PEGI) last released its quarterly earnings data on Monday, November 7th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. Pattern Energy Group had a positive return on equity of 0.16% and a negative net margin of 7.83%. The firm earned $91.90 million during the quarter, compared to analyst estimates of $98.36 million. During the same period in the prior year, the company posted ($0.40) earnings per share. The business’s revenue for the quarter was up 2.5% compared to the same quarter last year. Equities research analysts predict that Pattern Energy Group will post ($0.38) EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Tuesday, January 31st. Investors of record on Friday, December 30th will be issued a $0.408 dividend. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.40. The ex-dividend date is Wednesday, December 28th. This represents a $1.63 annualized dividend and a yield of 8.10%.

In other news, Director Alan R. Batkin purchased 5,000 shares of the firm’s stock in a transaction that occurred on Monday, November 21st. The shares were acquired at an average price of $19.02 per share, for a total transaction of $95,100.00. Following the completion of the acquisition, the director now directly owns 26,277 shares in the company, valued at $499,788.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Esben W. Pedersen sold 1,200 shares of the firm’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $23.01, for a total value of $27,612.00. Following the completion of the transaction, the insider now owns 127,053 shares in the company, valued at approximately $2,923,489.53. The disclosure for this sale can be found here. 1.79% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA boosted its position in Pattern Energy Group by 146.8% in the third quarter. BNP Paribas Arbitrage SA now owns 5,531 shares of the company’s stock valued at $124,000 after buying an additional 3,290 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Pattern Energy Group by 639.5% in the second quarter. JPMorgan Chase & Co. now owns 6,508 shares of the company’s stock valued at $149,000 after buying an additional 5,628 shares in the last quarter. BlackRock Inc. boosted its position in Pattern Energy Group by 105.4% in the second quarter. BlackRock Inc. now owns 7,924 shares of the company’s stock valued at $183,000 after buying an additional 4,067 shares in the last quarter. Teacher Retirement System of Texas boosted its position in Pattern Energy Group by 13.8% in the second quarter. Teacher Retirement System of Texas now owns 8,304 shares of the company’s stock valued at $191,000 after buying an additional 1,010 shares in the last quarter. Finally, LPL Financial LLC boosted its position in Pattern Energy Group by 1.6% in the third quarter. LPL Financial LLC now owns 12,895 shares of the company’s stock valued at $279,000 after buying an additional 200 shares in the last quarter.

About Pattern Energy Group

Pattern Energy Group Inc (Pattern Energy) is an independent power company focused on owning and operating power projects. The Company holds interests in over 16 wind power projects located in the United States, Canada and Chile with total capacity of over 2,280 megawatts (MW). Each of its projects has contracted to sell its output pursuant to a power sale agreement.