Pattern Energy Group Inc. Forecasted to Post FY2017 Earnings of $0.30 Per Share (NASDAQ:PEGI)
Pattern Energy Group Inc. (NASDAQ:PEGI) (TSE:PEG) – Investment analysts at National Bank Financial boosted their FY2017 earnings per share (EPS) estimates for Pattern Energy Group in a research note issued on Wednesday. National Bank Financial analyst R. Merer now expects that the utilities provider will earn $0.30 per share for the year, up from their previous forecast of $0.29.
Several other research analysts also recently weighed in on PEGI. ValuEngine raised shares of Pattern Energy Group from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. BidaskClub downgraded shares of Pattern Energy Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday. BMO Capital Markets reissued a “buy” rating and issued a $28.00 target price on shares of Pattern Energy Group in a research note on Wednesday, August 2nd. Royal Bank Of Canada boosted their target price on shares of Pattern Energy Group from $24.00 to $25.00 and gave the company an “outperform” rating in a research note on Tuesday, June 20th. Finally, Raymond James Financial, Inc. boosted their target price on shares of Pattern Energy Group from $26.00 to $27.00 and gave the company an “outperform” rating in a research note on Thursday, June 22nd. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Pattern Energy Group has a consensus rating of “Buy” and a consensus target price of $25.40.
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Pattern Energy Group (PEGI) traded up 0.55% during trading on Friday, reaching $23.71. 85,686 shares of the company’s stock were exchanged. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of 69.13 and a beta of 1.05. The stock has a 50-day moving average price of $24.46 and a 200 day moving average price of $22.01. Pattern Energy Group has a 52 week low of $18.68 and a 52 week high of $25.42.
Pattern Energy Group (NASDAQ:PEGI) (TSE:PEG) last posted its quarterly earnings data on Tuesday, August 8th. The utilities provider reported $0.16 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.13 by $0.03. The company had revenue of $107.76 million during the quarter, compared to analysts’ expectations of $124.02 million. Pattern Energy Group had a net margin of 7.77% and a return on equity of 1.09%. The firm’s revenue for the quarter was up 15.4% on a year-over-year basis. During the same period in the prior year, the business posted ($0.04) earnings per share.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 31st. Shareholders of record on Friday, September 29th will be issued a $0.42 dividend. This is a boost from Pattern Energy Group’s previous quarterly dividend of $0.42. The ex-dividend date is Thursday, September 28th. This represents a $1.68 annualized dividend and a yield of 7.12%. Pattern Energy Group’s payout ratio is 506.08%.
In other Pattern Energy Group news, major shareholder Renewable Energy Gp Ii L. R/C sold 8,700,000 shares of Pattern Energy Group stock in a transaction dated Wednesday, June 21st. The stock was sold at an average price of $21.91, for a total value of $190,617,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Esben W. Pedersen sold 1,200 shares of Pattern Energy Group stock in a transaction dated Friday, June 2nd. The shares were sold at an average price of $23.00, for a total value of $27,600.00. Following the completion of the sale, the insider now owns 144,867 shares of the company’s stock, valued at approximately $3,331,941. The disclosure for this sale can be found here. Insiders sold a total of 8,707,300 shares of company stock valued at $190,790,306 in the last 90 days. 1.60% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in Pattern Energy Group by 5.8% in the first quarter. Vanguard Group Inc. now owns 5,832,235 shares of the utilities provider’s stock valued at $117,403,000 after buying an additional 321,163 shares during the period. BlackRock Inc. boosted its stake in Pattern Energy Group by 2.6% in the second quarter. BlackRock Inc. now owns 5,157,269 shares of the utilities provider’s stock valued at $122,951,000 after buying an additional 130,085 shares during the period. CI Investments Inc. boosted its stake in Pattern Energy Group by 0.3% in the second quarter. CI Investments Inc. now owns 2,866,800 shares of the utilities provider’s stock valued at $68,345,000 after buying an additional 7,700 shares during the period. Wellington Management Group LLP boosted its stake in Pattern Energy Group by 13.5% in the first quarter. Wellington Management Group LLP now owns 2,475,915 shares of the utilities provider’s stock valued at $49,841,000 after buying an additional 293,671 shares during the period. Finally, FMR LLC boosted its stake in Pattern Energy Group by 6.8% in the first quarter. FMR LLC now owns 2,442,853 shares of the utilities provider’s stock valued at $49,175,000 after buying an additional 155,900 shares during the period.
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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