Pattern Energy Group Inc. (PEGI) Lifted to “Hold” at Zacks Investment Research
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. “
PEGI has been the topic of a number of other reports. Oppenheimer Holdings Inc. began coverage on Pattern Energy Group in a research report on Thursday, September 8th. They set an outperform rating and a $36.00 price target on the stock. RBC Capital Markets reaffirmed an outperform rating on shares of Pattern Energy Group in a research report on Sunday, September 25th. Wells Fargo & Co. reaffirmed a buy rating on shares of Pattern Energy Group in a research report on Thursday, August 18th. Finally, BMO Capital Markets reaffirmed an outperform rating and set a $25.00 price target (up from $23.00) on shares of Pattern Energy Group in a research report on Tuesday, July 5th. Two research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $27.20.
Pattern Energy Group (NASDAQ:PEGI) opened at 21.73 on Friday. The stock’s market capitalization is $1.66 billion. The company’s 50-day moving average price is $23.41 and its 200 day moving average price is $22.10. Pattern Energy Group has a 52-week low of $14.56 and a 52-week high of $25.13.
Pattern Energy Group (NASDAQ:PEGI) last issued its quarterly earnings results on Friday, August 5th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by $0.08. The business had revenue of $93.40 million for the quarter, compared to analyst estimates of $103 million. Pattern Energy Group had a negative return on equity of 0.21% and a negative net margin of 14.90%. The business’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.21 earnings per share. On average, equities research analysts predict that Pattern Energy Group will post ($0.36) earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 31st. Shareholders of record on Friday, September 30th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 7.36%. This is a positive change from Pattern Energy Group’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Wednesday, September 28th. Pattern Energy Group’s dividend payout ratio is presently -219.18%.
In other Pattern Energy Group news, Director Patricia S. Bellinger purchased 2,000 shares of the stock in a transaction on Tuesday, August 16th. The shares were bought at an average price of $23.01 per share, for a total transaction of $46,020.00. Following the completion of the transaction, the director now owns 12,865 shares of the company’s stock, valued at approximately $296,023.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Daniel M. Elkort sold 11,290 shares of the stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $23.80, for a total value of $268,702.00. Following the transaction, the vice president now owns 60,796 shares in the company, valued at approximately $1,446,944.80. The disclosure for this sale can be found here. 1.79% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of PEGI. Credit Capital Investments LLC acquired a new position in shares of Pattern Energy Group during the second quarter worth about $827,000. Cohen & Steers Inc. increased its position in shares of Pattern Energy Group by 39.2% in the second quarter. Cohen & Steers Inc. now owns 2,365,703 shares of the company’s stock worth $54,340,000 after buying an additional 666,523 shares in the last quarter. Beach Investment Counsel Inc. PA increased its position in shares of Pattern Energy Group by 83.1% in the second quarter. Beach Investment Counsel Inc. PA now owns 1,404,478 shares of the company’s stock worth $32,261,000 after buying an additional 637,498 shares in the last quarter. Gluskin Sheff & Assoc Inc. acquired a new position in shares of Pattern Energy Group during the second quarter worth about $8,287,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Pattern Energy Group by 34.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,373,109 shares of the company’s stock worth $31,539,000 after buying an additional 350,136 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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Pattern Energy Group Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Pattern Energy Group Inc. and related companies with MarketBeat.com's FREE daily email newsletter.